Benefit Brokers continue to sell higher amounts of voluntary than in the past, according to the latest Eastbridge and BenefitsPRO survey.

AVON, CONNECTICUT, USA (May 31, 2018)

Although Benefit Brokers still do not sell as much voluntary as Voluntary Brokers, the percentage of Benefit Brokers surveyed who sell between $100,000 and $500,000 of new voluntary premium annually increased by 13 percentage points over the past three years, according to Eastbridge’s 2018 Brokers and Voluntary Benefits – The Competition Intensifies Spotlight™ Report. In addition, more brokers say they actively sell or cross-sell voluntary to all accounts. That percentage has increased from 48 percent to 57 percent over the past three years.

A joint effort between BenefitsPRO and Eastbridge for the past six years, this annual survey tracks brokers’ degree of focus on voluntary, as well as their opinions and practices across a variety of topics, such as commonly sold products, most frequently used carriers and enrollment methods. Some of the key findings of the report include:

  • Brokers most commonly offer three products per enrollment.
  • The use of voluntary sales goals continues to differ by broker type.
  • Brokers cite billing as the top carrier administrative pain point.
  • Benefit Brokers and Voluntary Brokers differ in the factors they say they need to be more successful.

In addition to covering the above issues in more detail, the report also covers the factors used when choosing a voluntary product and carrier, the number of voluntary carriers used, and the prevalence of selling non-traditional voluntary products.

Brokers and Voluntary Benefits — The Competition Intensifies, a Spotlight™ Report

The cost of the report is $1,500. To purchase, call (860) 676-9633 or email us at 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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