While traditional voluntary products like accident, life, dental and vision still dominate the voluntary market, non-traditional products like pet insurance, student loan consolidation, legal services and identity protection are growing in popularity. Eastbridge’s 2017 Non-Traditional Voluntary Products — A Closer Look at Legal Services and Identity Protection Providers Spotlight™ Report found that legal services and identity protection plans are the top two non-traditional products owned by employees and offered by employers and are in the top four most frequently offered by both benefit and voluntary brokers.
Compared to 2014 results, the frequency of employers offering legal services has remained the same while pet insurance and identity protection have shown the most growth. With the number of recent data security breaches in the news, it’s not surprising that our study found identity protection has the greatest non-traditional product purchase interest (tied with employee purchase programs) among those employees who own at least one voluntary product.
The objective of the Non-Traditional Voluntary Products Spotlight™ Report is to provide carriers with an overview of the non-traditional market as well as detailed information on providers of the two most prevalent non-traditional products, legal services and identity protection. With this information, carriers can assess partnership opportunities for offering these products through their existing distribution channels. The cost of the report is $2,000. To purchase, call (860) 676-9633 or email firstname.lastname@example.org.
Non-Traditional Voluntary Products, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.