Press Release Archives
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Latest
spotlight report from Eastbridge Consulting Group
gives insight into what benefit managers are looking at
when choosing a voluntary carrier
AVON,
CONNECTICUT, USA (February 20, 2007)
Competition
has been intense in the worksite market for a number of
years and it shows no signs of letting up. To stay ahead
of the game, it is important that carriers really understand
all of their customers—including the employer/benefit
manager. The latest spotlight report from Eastbridge, Worksite
MarketVision™—The Employer Viewpoint Revisited,
provides some insight into what benefits managers look
for in a carrier.
Following
are some of the key findings uncovered in study.
- When
considering which carrier to use for their voluntary products,
most benefit managers look primarily at the price of the
product, the carrier’s reputation, and the administrative
and technical support offered.
- The
reputation of the carrier went up significantly in importance
(from 82 to 91 percent) in this most recent study.
- Benefits
managers are more interested in having “best of breed”
products from their carriers than they are in having a carrier
with a wide range of products.
- The
availability of personalized enrollment materials and carrier
help with the enrollment also ranked high in importance
to benefits managers.
“Most
of the employers in our study use multiple carriers for their
voluntary products,” says Bonnie Brazzell, vice president,
Eastbridge. Small employers are the most likely to use just
one carrier while larger employers use more. “The study
showed an increase in the percentage using more than five
carriers,” adds Brazzell. “Among the largest
employers (over 2,000 employees) almost one-third use more
than five carriers.”
Clearly,
voluntary benefits have become a mainstay in almost every
employer’s benefit program and their importance is
here to stay.
The Worksite
MarketVision™—The
Employer Viewpoint Revisited is
available for purchase for $2,750. The study results are
based on quantitative interviews conducted with benefit
managers during June and July of 2006. The interviews include
roughly the same number of employers from each of four
different size categories (10-100 employees; 101-500; 501-2,000;
2,000+). Qualitative interviews were conducted with additional
plan administrators. For more information on this report
call the company at (860) 676-9633 or email
info@eastbridge.com.
Eastbridge
Consulting Group, Inc. is a marketing advisory firm serving
insurance and financial services organizations in the United
States and Canada.
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