How important is improving your voluntary product participation results?

Ginger Bates, Director of Research at Eastbridge Consulting Group (November 17, 2020)

In the most recent Voluntary Participation Rates Spotlight™ Report, 59% of the carriers surveyed indicate that improving participation rates for their voluntary products is extremely important (24%) or very important (35%).  

 

  • So now that we know participation is something that most carriers want to improve – the next question is - what are carriers actually doing about it? Well – we also asked the participating carriers about what they have in the works and/or planned to impact voluntary participation and some of the most frequent changes mentioned include: 
  • Development of better point-of-sale materials 
  • Designing enrollment technologies to improve online engagement (especially in light of COVID-19 and the increasing trend towards more online, self-service enrollments) 

Other strategies mentioned include renewed commitments to position and push employers and brokers for better working conditions and access to employees, and continued development of partnerships with enrollment technology and ben admin platforms.   

Do these strategies align with yours? What actions are you taking to improve participation rates in voluntary products, especially in light of the changes COVID-19 has brought to the enrollment environment?

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