MarketVision™ — The Employer Viewpoint

Cost: $3,500; published 2016

It is 2016, and changes to the benefits landscape continue to be the only constant. Whether these reflect emerging federal and state regulations or the evolving needs of the various customer groups, it is vital to stay well-informed and ahead of your competitors. In the voluntary/worksite arena, the changes impact three separate “customer” or “stakeholder” groups — the broker or producer, the employer, and the employee. Carriers that wish to succeed in the market must consider the needs, wants and expectations of all three groups when developing their marketing plans and strategies for addressing this evolving marketplace.

Eastbridge Consulting Group has partnered with carriers to help understand these constituencies for over two decades. This Spotlight™ Report, MarketVision— The Employer Viewpoint, explores and updates Eastbridge’s data about employer attitudes and opinions regarding voluntary products.

The report includes answers to the following questions:

  • What types of benefits (voluntary and employer-paid) do employers offer?
  • What changes have occurred in the voluntary benefits offered?
  • What changes are being considered to the employer’s overall benefit plan?
  • Are employers using exchanges for getting benefits to employees?
  • What types of benefits would employers consider offering as voluntary?
  • What are the most important factors for employers in choosing a voluntary carrier?
  • What are the preferred enrollment methods for voluntary benefits currently and in the future?
  • What are the preferred methods to educate and communicate voluntary benefits?
  • How do employers prefer voluntary benefits to be administered?

View Table of Contents

1. Executive Summary

A. Key Findings

B. Eastbridge Recommendations

C. Study Objective

D. Methodology

2. Findings on All Employers

A. Benefit Changes

B. Private and Public Exchanges

1. Decision-Making Process with Private Exchange

2. Employees Sent to Exchanges

3. Private Exchanges Used and Employee Experience

C. Benefits Offered

1. Employer-Paid Benefits

2. Voluntary Benefits

3. Top Voluntary Products Offered

4. Non-Traditional Voluntary Products

5. New Sales Product Potential

3. Quantitative Findings on Those Offering Voluntary Products

A. Overview

B. Reasons for Offering Voluntary Products

C. Voluntary Carriers

1. Choosing a Carrier

2. Number of Voluntary Carriers

D. Brokers

E. Enrollment

1. Preferred Enrollment Method

2. Enrollment Process and Platform Preference

3. Allowable Methods for Education and Communication of Voluntary Benefits

4. Preferred Methods for Education and Communication of Voluntary Benefits

F. Voluntary Administration and Billing Preference

1. Advance versus Arears Billing

2. Employee Data Record Keeping

3. Online Administration for Voluntary

4. Other Coverage with Voluntary Carriers

5. Billing for Multiple Coverages

6. Payroll Service/Vendor Usage Preferences

4. Quantitative Findings on Those Not Offering Voluntary Products

A. Overview

B. Reasons for Not Offering

C. Reasons for Dropping Voluntary

 

 


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