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Eastbridge report examines
today’s voluntary product buyer
AVON,
CONNECTICUT, USA (June
13,
2007)
Carriers
that want to succeed in the worksite market must consider
the needs, wants, and expectations of brokers, employers
and employees when developing their marketing plans and
strategies. Eastbridge’s MarketVision™—The
Employee Viewpoint Revisited study focuses specifically
on one of these customer groups, the employee. This new
study provides important information that every carrier
can use to understand and improve their employee value
proposition.
One portion of the study looked specifically
at current voluntary product owners. Overall, 65 percent of those
surveyed own at least one voluntary product. The highest percent
of ownership is among those employed in companies with 500 to
2,000 employees. There were some differences in the top products
owned by employer size, with employees in smaller companies typically
owning cancer coverage while more employees in larger companies
own voluntary dental.
There were also some variations in buying
reasons by occupation. For example, employer endorsement is more
important to blue collar workers than to professional/managerial
employees. And while cost was a highly rated factor for all employee
groups, it is a more important motivator to the administrative/clerical
group. The convenience of buying at work is also more important
to this group.
- The study results are based on interviews
with over 400 employees nationwide in accounts ranging from
10 to over 2,000 employees. The report covers the following
topics:
- How employee contributions toward health insurance
has impacted their voluntary product purchases
- How employees rank the importance of various
types of insurance
- How important “choice” in benefits
is to employees
- The percentage of employees who own at least
one voluntary product
- Which voluntary products they do buy and which
ones they’d like to buy
- Why employees buy voluntary products
- How they enroll in voluntary products and
how satisfied they are with the enrollment process
- What changes have occurred in employeesattitudes
about benefits over the past several years
MarketVision™—The Employee
Viewpoint Revisited is available for purchase for $2,750.
For more information on this report or to order a copy, 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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