Most carriers today offer multiple voluntary enrollment methods, and process ease and flexibility are critical to success in the voluntary/worksite market. In fact, 100% of the carriers surveyed in Eastbridge’s Enrollment Practices of Voluntary Carriers Spotlight™ Report accept three or more enrollment methods for their voluntary/worksite cases, up from 90% in 2016 and 80% in 2012.
In addition, self-service online enrollment requests and usage continue to increase. Almost all (97%) of the carriers surveyed now accept enrollment using online self-enrollment, compared to 90% in 2016 and 81% in 2012. While many of the carriers have developed their own platforms, most have also developed key partnerships with one or more third-party enrollment platforms to meet the needs of their broker and employer clients.
Although self-service enrollment methods are in demand by brokers and employers, most carriers still prefer more interactive enrollment methods or a mix of self-service and personal interaction. Key reasons cited by those that prefer individual and group meetings include higher participation rates, better benefits education and needs-assessment opportunities, and increased employee engagement with benefits overall. For the carriers that prefer electronic enrollment methods, convenience, increased accuracy, quick turnaround and lower overall enrollment costs are cited as key reasons. Carriers that prefer a mix of enrollment methods including a self-enroll option along with a more interactive method (group or individual meetings, webinars, etc.), indicate enrollment time and costs can be lowered while still maintaining a more personal and interactive approach to increase employee engagement and participation levels.
The objective of Eastbridge’s 2019 Enrollment Practices of Voluntary Carriers Spotlight™ Report is to look at voluntary carriers’ current enrollment services, structure and responsibilities; their development of third-party partnerships and internal technology capabilities; the use and participation rates of various enrollment methods; and current as well as future challenges and trends for voluntary enrollments.
With this information, carriers can enhance or fine-tune their enrollment strategies to better meet the demands of brokers, employers and employees, and potentially differentiate their enrollment processes and capabilities from competitors’.
Enrollment Practices of Voluntary Carriers, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.