More brokers are selling non-traditional products on a regular basis, according to Eastbridge’s latest report

AVON, CONNECTICUT, USA (May 28, 2020)

Over half of brokers surveyed in Eastbridge’s 2020 Brokers and Voluntary Benefits—Growth in a Changing Market Spotlight™ Report are selling non-traditional products on a regular basis, though the specific products vary by broker type. Fifty percent of Benefit Brokers are selling wellness programs regularly while the largest percentage of Voluntary Brokers (59%) are selling legal plans regularly. In addition, around a third of Benefit Brokers expect the most sales growth from wellness programs, ID theft coverage, discount health, and financial wellness programs over the next one to two years, while the largest percentage of Voluntary Brokers (51%) expect the most sales growth from ID theft coverage.

A joint effort between BenefitsPRO and Eastbridge for the past eight 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: 

  • Twenty-nine percent of Benefit Brokers and 40% of Voluntary Brokers have changed their top three carriers in the past one to three years.
  • A third of Voluntary Brokers feel competition from other brokers is the biggest threat to their voluntary business.
  • Over three quarters of Voluntary Brokers and over half of Benefit Brokers expect employer enthusiasm for voluntary benefits will increase over the next 12 months.

In addition to providing information 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, current voluntary goals, and the frequency of requesting technology funding from carriers.  

Brokers and Voluntary Benefits — Growth in a Changing Market, a Spotlight™ Report

The report is currently available for $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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