As evidence of the continued importance of maintaining or increasing participation levels, the strong sentiment across almost 70 percent of the carriers is that improving their participation rates is extremely or very important. Notably, no carriers felt that improvement was not important. Even though the majority of carriers have experienced increases in participation levels over the past 2-3 years and expect this trend to continue, they have not realized this without concerted effort, according to Eastbridge’s 2017 Voluntary Participation Rates Spotlight™ Report.
Beyond sentiment, eighty (80) percent of the carriers surveyed plan to take action and change their current rules and process in order to improve rates. Carriers noted a variety of strategies like investing in enrollment capabilities and expanding partnerships, enhancing marketing materials and producer training, and improving tracking capabilities. The monitoring and effort to maximize participation rates will continue to remain top of mind for carriers as the key opportunity to secure both initial and ongoing revenue in each employer group.
Eastbridge’s 2017 Voluntary Participation Rates Spotlight™ Report includes additional detail on carriers’ overall participation rates and results segmented by variables such as product, case size, and enrollment method. It also provides commentary on the number of products typically enrolled, basis for participation and profitability results. The report is now available for purchase for $2,000. For more information or to order, call (860) 676-9633 or email us at firstname.lastname@example.org.
Voluntary Participation Rates, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.