Small businesses represent 92% of all U.S. businesses and employ over one-quarter of the nation’s labor force—a group of workers who, like those employed by larger employers, look to their company for benefits. Yet, small employers are less likely than larger employer to offer many benefits on any basis (employer-funded, shared cost, employee-funded), and 56% of employers with 10-49 employees and just over 70% with 50-99 employees offer at least one voluntary product. This compares to 80-90% of large employers. Not only is this small employer market “large” in terms of the sheer number of prospects, but it has significant potential in terms of unmet benefit needs.
Eastbridge’s Voluntary and the Small Case Market Spotlight™ Report takes an in-depth look at the small case market from the viewpoint of four key players—employers, employees, carriers and brokers. It looks at the reasons employers offer voluntary benefits and which ones they offer most, and why employees purchase these benefits. It also looks at how brokers enroll products in the small case market and which carriers they use. The study found, for example, that dental, short-term disability and vision ranked as the top three voluntary products offered among employer groups with 10-100 employees, while dental, vision and accident are the most frequently owned voluntary products among employees in small cases. It also cited “aid in employee recruiting and retention” and “employee interest in the product” as the top reasons for offering voluntary among the small employers surveyed.
Voluntary and the Small Case Market, a Spotlight™ Report
This report is a great tool for those who focus on the small case market and those who may be assessing it’s potential. The report is now available for $2,000. To purchase, call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.