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THE GROWTH of voluntary products over the past few years has been consistent. Year over year, the growth rate is in the 3 percent to 5 percent range. This growth has been fueled by more benefit brokers offering voluntary and by employers adding more voluntary products to their benefits.
HOW MANY DIFFERENT insurance companies does your typical client use for their voluntary benefit offerings? Have you brought in one carrier to provide all voluntary products? Have you brought in several companies? And what does the number of carriers say about you?
NEARLY 50 PERCENT of carrier respondents in a 2016 Eastbridge survey indicated that hospital indemnity (HI) will be a growth product for their companies in the next one to two years, more than double the number from the same survey in 2014. Employers participating in a separate study ranked hospital indemnity second in terms of new sales product potential. This jump in expectations at both the carrier and employer levels suggest that many carriers may be preparing to bring more HI plans to market or at least focus on them more, and employers will be open to adding these products to their employee benefits offering.
A RECENT EASIBRIDGE survey of employers found that the use of private exchanges continues to be minimal among all size categories and that a positive correlation remains between use and employer size (with use increasing as employer size increases). Many times, it is the broker who influences these employers to adopt the exchange model, and to offer more options to their employees or to move to a defined contribution approach.
In a recent survey, brokers were asked about their perception of current sales competition. The responses showed between 20-percent and 40-percent of brokers sense that competition is higher than average. We believe that is just the tip of the iceberg.
The voluntary market is constantly changing, but the degree of change the last five years has occured faster than ever before. It's not your father's market when it comes to benefits.
This is the last in our series of columns on the voluntary industry sales results for 2015. This article spotlights sales by distribution segment.
Last month in our first of a three-part series, we reviewed the voluntary industry's overall sales for 2015, which were $7.138 billion, up 3.6 percent over 2014.
According to our annual U.S. Voluntary/Worksite Sales Report, new business annualized premium (voluntary sales) for 2015 was $7.138 billion, up 3.6 percent over 2014.
We have discussed the dangers faced by brokers who have not developed meaningful value-added, consultancy-based services for their employer clients. Those whose value propositions still revolve around shopping for products and services are simply waiting to be disintermediated.
Every year at this time, we write a series of articles on the voluntary market sales results for the prior year. This article is the first of three on this subject.
Takeover business is on the rise in the voluntary/worksite market. According to Eastbridge’s 2014 U.S. Voluntary/Worksite Sales Report, takeovers as a percent of new business annualized premium (NBAP) have increased from 12 percent in 2006 to 51 percent in 2014.
Those not experienced in the voluntary business often think that product dictates success in the market.
Damaged cases hurt you, the broker. When you think of the work that goes into closing a case, it hurts even more.
Some trends in the industry are obvious while others are more hidden—out of sight and under the surface.
There's no doubt about it: There's strong demand among both employers and employees for voluntary/worksite products.
Since the exchanges were announced, there's been a lot of talk about how these marketplaces have the potential to change the entire landscape of employee benefits. But what's really happening?
About a year ago, a voluntary insurance company released a research report that they claimed was definitive in terms of employee preferences regarding enrollment methodologies.
We've all heard how the Patient Protection and Affordable Care Act is creating more opportunity for voluntary sales. But is it true?
Not unexpectedly, most Major League Baseball rookies have a lower batting average than veteran players, especially early in the season.
This is the last in our series of columns on the industry results for 2013.
Last month we told you that voluntary sales, according to our annual U.S. Worksite/Voluntary Sales Report, were $6.644 billion.
It's that time again to tell you, in a series of articles, about our voluntary market sales results. To sum it up, it's good news.
Years ago, voluntary represented a (relatively) new approach to benefits, and it had seemingly unlimited potential in terms of new account prospects.
There's plenty of discussion about private exchanges these days.
Sometimes, payroll deduction for voluntary products isn't an option.
Based on industry trends, Eastbridge coined the term "groupification" more than 15 years ago to describe the underlying direction of the voluntary industry.
In years past, many people believed that blue-collar workers in lower- to middle-income jobs were the primary buyers of voluntary products.
Eastbridge research has identified eight different types of voluntary producers. Download Article >
We've written several articles about the change that has occurred in benefit managers' attitudes toward the types of coverages that are suitable for their employees. Download Article >
The latest Aflac WorkForces Report claimed 51 percent of brokers "are only slightly, or not at all confident about the future of their firm and their industry." Download Article >
The voluntary business is thriving and will continue for the foreseeable future. Download Article >
This is the last in our series of columns on the industry results for 2012. Download Article >
Last month we reviewed the voluntary industry's overall sales for 2012. Here we'll look at the sales by product line and platform. Download Article >
The results are all in, and 2012 turned out to be an extremely good year for voluntary sales. Download Article >
While crisis management has seemed to become the new "business-as-usual" for the world, the newest elements are blatant attempts by our leaders and the media to stampede us. Download Article >
We've been hearing so much about the avalanche of PPACA changes that are about to overwhelm us that it's sometimes difficult to maintain perspective. Download Article >
Much has been written about how health care reform will impact the benefits business—and many times this has been focused on the negatives. Download Article >
Companies identified two enrollment services among the items that were most important in choosing a voluntary provider. Download Article >