Brokers expect that employer enthusiasm for voluntary benefits will increase, according to the latest Eastbridge and BenefitsPRO survey.

AVON, CONNECTICUT, USA (June 4, 2019)

Almost 80% of Voluntary Brokers and almost 70% of Benefit Brokers expect employer enthusiasm to be much more or a little more 12 months from now. Brokers shared a similar sentiment for employee enthusiasm. Eastbridge’s Brokers and Voluntary Benefits – Optimism Amidst Change Spotlight™ Report found an array of other positive indicators for voluntary growth in a dynamic market based on beliefs, for example, around current employment levels and opportunities to expand coverage to part-time workers. A joint effort between BenefitsPRO and Eastbridge for the past seven years, this annual survey tracks brokers’ degree of focus on voluntary, as well as their opinions and practices on several topics, such as commonly sold products, most frequently used carriers and enrollment methods. A few of the key findings from the report include:

  • Brokers are using self-service enrollment methods more so today than in the past, but they are still not the predominant enrollment methods utilized.
  • Brokers tend to recommend best-of-breed products, even if it means selecting multiple carriers, than they are to recommend one carrier to simplify administration, though this varies by target case size.
  • A third of brokers have changed their top three carriers recently.
  • The frequency that a broker tends to recommend product bundles from one carrier varies by case size.

In addition to providing detail on the above topics in greater detail, the report covers many other topics like number of products offered per enrollment, number of carriers used per enrollment, prevalence of brokers selling non-traditional products, and the frequency of requesting technology funding from carriers. 

Brokers and Voluntary Benefits—Optimism Amidst Change, 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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