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:
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
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.