wells fargo overview
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Wells Fargo 2008 Annual Benefits Enrollment Marketing Strategy February 27, 2008 Brooke Kamps Gretchen Lennon Heather Wales. Wells Fargo Overview. Demographics 150,000 benefit-eligible team members 137,000 enrolled in medical coverage 292,000 total covered lives - PowerPoint PPT PresentationTRANSCRIPT
Wells Fargo 2008Annual Benefits EnrollmentMarketing Strategy
February 27, 2008
Brooke KampsGretchen LennonHeather Wales
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Wells Fargo Overview
Demographics 150,000 benefit-eligible team members 137,000 enrolled in medical coverage 292,000 total covered lives Team members in every state, most west of Mississippi River
21 Medical Plan Options National PPO & HSA HDHP - UnitedHealthcare BCBS PPO in five states - AK, TX, NE, WI, MI National CDHP - Definity HMOs in many locations - Kaiser & Health Net in CA EPP in 25 states - CIGNA
Team Member Choice All team members - national PPO, CDHP and HSA HDHP Majority of team members - HMO or EPO options + PPO and CDHP CA team members – seven medical plan options to consider
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Changes for 2008
Team members had a lot to consider . . .
Medical Eliminated five medical plan options in nine states Health Net replaced PacifiCare in CA Expanded CIGNA EPP New high deductible health plan with health savings account Other changes, e.g. increased ER copay to $100 for most options Rates
Dental New Delta Dental option with richer benefits Enhancements to both Delta Dental options
Long Term Care (LTC) Current participants - buy-up opportunity without proof of good health New participants - open enrollment without proof of good health
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Marketing Objectives
Team members will be engaged if they………..
Know the basics When annual benefits enrollment begins & ends What you need to do, if anything Where to find online tools, e.g. plan comparison tool, provider directory, etc. How to get started + detailed instructions on how to enroll
Know the details What’s new for 2008 What changes apply to everyone or plans available to everyone What changes are happening in their state or to their plan(s)
Understand and value Wells Fargo’s benefits Variety of marketing materials – print, online & in person High degree of customization Materials that are easy to read, web site easy to navigate, access to meetings
Beyond annual enrollment - connect benefits with wellness and well being Enrolling in benefits is just the start Shared responsibility – team member, dependents & Wells Fargo Materials included preventive care information & wellness messaging
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Marketing Inventory
Group Benefits, Team Member Marketing & HR Systems joint effort
Print Personalized enrollment guides – all team members Subject specific letters to targeted audiences – 10 letters Benefit meeting posters – customized meeting information
Online Teamworks Annual Benefits Enrollment website – at work & at home 15 Teamworks center image promotion images 45 different e-mail messages – general, targeted & personalized Online confirmation statements 8 virtual benefit meetings – 3,200 attendees 1 recorded session – 500 attendees
In Person Meetings 41 meetings - 13,000 attendees
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Marketing Materials
Marketing Campaign Consistencies From Head to Toe We’ve Got You Covered theme No stock photos Uplifting wellness messages Easy-to-read and straightforward
Personalized Guides General information & state specific changes Personalized information
• 2007 – current elections, rates, covered dependents• 2008 – available options & rates• individualized plan comparison charts
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Personalized Annual Benefits Enrollment Guide
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Plan Comparison Chart Highlights
One page summary of most frequently used benefits
Print – personalized guide contains plans available to you
Online – all comparison charts available, sorted by state
Consumer focused – changed from plan pays to you pay format
Additional features
• plan phone number & web site for additional information
• 24-hour nurse line phone number
• health management programs – aka disease management programs
• health risk assessment URL
• highlights section to promote miscellaneous features
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Plan Comparison Chart – Health Net CA
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Team Member Engagement Results
Were team members engaged?
27,431 team members changed plans from 2007 to 2008, including either to or from waiving coverage
The largest net increase was to CIGNA, with a gain of 2,787 team members
The largest net decrease was from HMO's, with a loss of 795 team members
9,945 team members switched from one HMO to another HMO (due primarily to elimination of PacifiCare)
Enrollment increased by 3,645 team members
Enrollment increased from 82% to 84% of eligible team members
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What we learned
Final thoughts………
Annual Benefits Enrollment is a marketing campaign based on• our culture• our objectives• Wells Fargo demographics, number of plans and choices• what’s new, what’s changing• expertise of Team Member Marketing, Group Benefits & HR Systems• formal feedback from team members
Team members like communication variety – print, online & in person In person meetings – appreciated + great feedback opportunity Online meetings popular – more state specific, more promotion Personalized materials – keep raising the bar Too many team members still wait until the last few days to enroll
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Questions?
Thank you.