Eastbridge Published Articles

Specific media inquiries may be directed to (860) 676-9633 or email info@eastbridge.com

The curve is a game changer

Plot Points, January 2018

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FOR TWO DECADES, industry voluntary sales increased year after year. Growth was largely driven by new brokers entering the business, primarily from the ranks of the traditional medical and group brokers. But these new entrants did not begin growing their sales and increasing productioneach year as one might expect. Instead, they sold a few cases each year, with results changing only slightly from year-to-year./p>

Don’t get squeezed out of the information game

Plot Points, December 2017

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MORE COMPANIES are turning to the insights data analytics can provide to their business— and voluntary benefit manufacturers are no exception. A recent Eastbridge survey on the topic revealed that 50 percent of carriers are currently using data analytics for at least some piece of their voluntary business. Another 20 percent are planning to implement analytics in the near future. These carriers are looking to use this data to help them better understand customer needs, increase persistency and provide better customer service.

Don’t jump the gun

Plot Points, November 2017

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AS A GROUP, voluntary brokers and executives have historically overreacted to industry developments. Some of these developments promised great benefits through chasing a new trend, while others warned of doom based on a new threat.

What makes you different?

Plot Points, October 2017

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IN A PREVIOUS COLUMN, we discussed how many employers are expanding their benefits offering to include non-traditional products. This article examines the topic further by uncovering the interest in these products from the broker and employee perspectives.

What does voluntary really mean to your shop?

Plot Points, September 2017

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DESPITE THE growing similarities between employee benefit broker and voluntary broker segments, and some convergence between the two groups, notable differences remain. As for parallels, both segments sell the same go-to products, infrequently use private exchanges, and see a relatively low threat from “eBrokers.” They also both expect the new administration in Washington to have a positive impact on their business.

Who’s selling voluntary?

Plot Points, August 2017

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THIS IS THE LAST in our series of columns on voluntary market sales results for 2016. The first article looked at overall voluntary sales for the year, while the second reviewed sales by product and platform. This article spotlights sales by distribution segment.

Another solid year for voluntary sales

Plot Points, July 2017

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LAST MONTH, WE REPORTED voluntary new business annualized premium (sales) for 2016 were $7.630 billion, up almost 7 percent over 2015 sales. This column takes a closer look at these results by product line and platform.

Voluntary turns in another year of growth

Plot Points, June 2017

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ACCORDING TO OUR annual U.S. Voluntary/Worksite Sales Report, new business annualized premium (voluntary sales) increased again last year. Total sales for 2016 were $7.630 billion, up almost 7 percent over 2015 sales.

Standing out when everyone’s carrying the same bag

Plot Points, May 2017

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THERE HAVE LONG been two general categories of brokers in the benefits industry. Employee benefit brokers have traditionally focused on advising employers on their health care plan and other employer-paid programs, while voluntary brokers have focused on payroll-deducted benefits. The product portfolio for these two broker groups was once so distinct that they might both have advised the same client because of little to no competition between them.

Voluntary productivity takes off

Plot Points, April 2017

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OVER THE YEARS, we have reported on the growth of voluntary and its increasing popularity among employers, employees and brokers. Today, almost all brokers offer voluntary products, but many still only sell voluntary defensively, offering these products when asked, or in order to shift clients’ benefit costs, or when a competitor approaches an existing client. But this picture is changing. Based on our marketing practices surveys, roughly 30 percent of traditional employee benefit brokers (EBBs) now offer voluntary offensively, positioning products based on employee needs, and using them as key tools in their clients’ benefit strategies.

Enrollment postmortem

Plot Points, March 2017

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WITH THE DUST of open enrollment season finally beginning to settle, brokers should begin taking stock of 2016. Many will look back on a mix of outcomes—enrollments that they considered successful and others they probably wish could be “do-overs.” Most will use participation results as the basis for measuring their success—and rightfully so. While that’s a great starting point, it?

Employers expanding voluntary offerings

Plot Points, February 2017

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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 emplyers adding more products to their benefits.

Best of breed

Plot Points, January 2017

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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?

 

Published Article Archive

2016 Published Articles

Hospital indemnity: Do you know what’s new?

Plot Points, December 2016

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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.

Private exchange use low, but positive

Plot Points, November 2016

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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.

Get Better or Get Left Behind

Benefits Selling, October 2016

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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.

What's in Your Bag of Benefits?

Benefits Selling, September 2016

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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.

Voluntary Sales By Distribution Segment

Benefits Selling, August 2016

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This is the last in our series of columns on the voluntary industry sales results for 2015. This article spotlights sales by distribution segment.

Voluntary Sales Keep Growing

Benefits Selling, July 2016

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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.

Voluntary Sales Keep Growing

Benefits Selling, June 2016

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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.

Attention Shoppers, You're in Danger

Benefits Selling, May 2016

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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.

Know the Numbers

Benefits Selling, April 2016

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Are You Giving Them What They Need / Want?

Benefits Selling, March 2016

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Check the Back Door

Benefits Selling, February 2016

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Are You Giving Them What They Need?

Benefits Selling, January 2016

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2015 Published Articles

The Competitor in the Mirror

Benefits Selling, December 2015

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Are You Guilty of Love 'Em and Leave 'Em Marketing?

Benefits Selling, November 2015

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The Square Hole

Benefits Selling, October 2015

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The Other Side of Change

Benefits Selling, September 2015

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Who's Fueling Voluntary Sales?

Benefits Selling, August 2015

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Voluntary Product Winners and Losers

Benefits Selling, July 2015

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Another Good Year for Voluntary Sales

Benefits Selling, June 2015

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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.

Is That All There Is?

Benefits Selling, May 2015

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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.

In Voluntary, The Distributor (Not the Product) is King

Society of Actuaries, May 2015

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Those not experienced in the voluntary business often think that product dictates success in the market.

4 Steps to Avoid Damaged Cases

Benefits Selling, April 2015

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Damaged cases hurt you, the broker. When you think of the work that goes into closing a case, it hurts even more.

Watch Out for Icebergs!

Benefits Selling, March 2015

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Some trends in the industry are obvious while others are more hidden—out of sight and under the surface.

We're All on Board

Benefits Selling, February 2015

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There's no doubt about it: There's strong demand among both employers and employees for voluntary/worksite products.

Sea Change or Much Ado About Nothing?

Benefits Selling, January 2015

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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?

2014 Published Articles

Always Check the Source

Benefits Selling, December 2014

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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.

The Train is Leaving the Station

Benefits Selling, November 2014

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We've all heard how the Patient Protection and Affordable Care Act is creating more opportunity for voluntary sales. But is it true?

The Voluntary Sales Advantage

Benefits Selling, October 2014

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Lack of experience

Benefits Selling, September 2014

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Not unexpectedly, most Major League Baseball rookies have a lower batting average than veteran players, especially early in the season.

Voluntary sales up again in 2013, part three

Benefits Selling, August 2014

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This is the last in our series of columns on the industry results for 2013.

Voluntary sales by product and platform, part two

Benefits Selling, July 2014

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Last month we told you that voluntary sales, according to our annual U.S. Worksite/Voluntary Sales Report, were $6.644 billion.

Voluntary sales up again in 2013

Benefits Selling, June 2014

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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.

Voluntary still has room to move

Benefits Selling, May 2014

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Years ago, voluntary represented a (relatively) new approach to benefits, and it had seemingly unlimited potential in terms of new account prospects.

My exchange or yours?

Benefits Selling, April 2014

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There's plenty of discussion about private exchanges these days.

Is payroll deduction really necessary?

Benefits Selling, March 2014

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Sometimes, payroll deduction for voluntary products isn't an option.

The groupification challenge

Benefits Selling, February 2014

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Based on industry trends, Eastbridge coined the term "groupification" more than 15 years ago to describe the underlying direction of the voluntary industry.

Who buys voluntary products?

Benefits Selling, January 2014

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In years past, many people believed that blue-collar workers in lower- to middle-income jobs were the primary buyers of voluntary products.

2013 Published Articles

Carrier criteria

Benefits Selling, December 2013

Eastbridge research has identified eight different types of voluntary producers. Download Article >

Look, then leap into voluntary

Benefits Selling, November 2013

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 >

Are you the ostrich or the panther?

Benefits Selling, October 2013

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 >

What is voluntary, exactly?

Benefits Selling, September 2013

The voluntary business is thriving and will continue for the foreseeable future. Download Article >

Brokers driving voluntary sales

Benefits Selling, August 2013

This is the last in our series of columns on the industry results for 2012.  Download Article >

Voluntary sales up 6 percent in 2012

Benefits Selling, July 2013

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 >

Voluntary sales up 6 percent in 2012

Benefits Selling, June 2013

The results are all in, and 2012 turned out to be an extremely good year for voluntary sales.  Download Article >

Who's panicking?

Benefits Selling, May 2013

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 >

Dorothy, we're still in Kansas after all

Benefits Selling, April 2013

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 >

Are you taking full advantage of reform?

Benefits Selling, March 2013

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 >

The employer view of the enrollment challenge

Benefits Selling, February 2013

Companies identified two enrollment services among the items that were most important in choosing a voluntary provider.  Download Article >

The untapped small business market?

Benefits Selling, January 2013

Depending on who you talk to, the small business market is either a totally untapped opportunity for selling voluntary or it's a market that is not worth the effort.  Download Article >

 

Specific media inquiries may be directed to (860) 676-9633 or email info@eastbridge.com

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