Overall participation rates vary widely among those voluntary carriers tracking this data.

AVON, CONNECTICUT, USA (October 2, 2014)

Most carriers today do not extensively track participation rates and, for those that do, only product and employer size rates are tracked.  The overall rates reported by the carriers in Eastbridge Consulting Group’s Voluntary Participation Rates Spotlightâ„¢ Report varied significantly, ranging from a low of just two percent to a high of 42 percent. The average was around 20 percent, which was slightly below the average reported in a similar Eastbridge study conducted in 2011.

The recently published report compared the participation rates experienced by 18 carriers in the voluntary market. Following are a few key findings from the report.

  • Average participation levels for smaller cases are higher than for larger cases.
  • Dental and vision products continue to have the highest participation rates among all voluntary products.
  • Participants generally believe that personalized enrollment kits improve persistency.
  • They also believe that the “right” sequencing of products in an enrollment can make a difference in the participation results.

Although participants were not able to provide data on all measures because of not being tracked separately or at all, this report provides a valuable snapshot for carriers to compare their own results to others in the industry. Where appropriate, the report also compares findings to the previous report published in 2010.

The cost of the report is $1,000. To purchase, call (860) 676-9633 or email info@eastbridge.com.

Report Summary

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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