Customized marketing materials and products as well as more generous guaranteed issue limits are a few of the specialized offerings that carriers provide for their large employer business (defined as those with 1,000+ employees), according to Eastbridge’s Voluntary Benefits in the Large Case Market Spotlight™ Report. The market opportunity of this segment is significant, with large businesses employing 53% of all employees in the U.S., 87% of which are currently offering voluntary products to their employees, and a third planning to offer a new voluntary benefit in the next 18 months. Large employers also have specific behaviors and preferences for enrollment, product, and administrative support that carriers must be aware of to win business in this competitive market segment.
The Voluntary Benefits in the Large Case Market Spotlight™ Report analyzes the opportunities for selling voluntary benefits in the large employer market and updates Eastbridge’s prior report published in 2017. Specifically, the report looks at:
With this information, carriers can better determine how their current efforts in this market compare to their competitors or, if not currently in this market, assess if it is one the company should pursue and if so, how to compete effectively.
Voluntary Benefits in the Large Case Market, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.