Of the 36 worksite executives participating in Eastbridge’s Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report, a third selected “keeping up with technology” as their first, second, or third most formidable obstacle facing their business today. This was closely followed by “product competition,” “movement to self-service enrollment and private exchange platforms,” and concern about “mind share of employees/proliferation of new voluntary offerings,” all receiving the same number of mentions. Compared to our 2017 study, the top five obstacles have shifted in both topic of concern and priority.
The percentage of voluntary executives that agree that “employers are becoming more sophisticated about voluntary products” increased 13 percentage points in 2019 compared to our 2017 study. Executives also agree that “brokers are getting smarter about, and more demanding of, the voluntary business.” Other changes with majority agreement were on topics like increased carrier competition for broker business, increased competition from nontraditional product lines, and increasing diversity of consumer segments.
Despite obstacles and potential changes, executives are optimistic about future growth rates. Almost half of executives believe industry growth will be between 3% and 4% and almost all executives estimate their own company’s growth to be at or above 5%.
The Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report tracks the executives’ thoughts and insights on the obstacles facing the industry today as well as what they might expect for the future. The survey also explores the executives’ opinions on other topics based on market trends. The first survey was conducted in 2003, and subsequent surveys have been conducted every two years. This year’s report summarizes the responses from 36 key executives and, where appropriate, notes any trends or changes from the last study’s findings.
Eastbridge Information Partners as well as survey participants receive the Frontline™ Report free of charge. For more information regarding the Information Partner program or about Eastbridge reports, email us at email@example.com visit us at eastbridge.com or call 860-676-9633.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.