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

AVON, CONNECTICUT, USA (June 4, 2020)

According to Eastbridge’s 2020 Brokers and Voluntary Benefits—Growth in a Changing Market Spotlight™ Report, a majority of both broker types, 59% of Benefit Brokers and 65% of Voluntary Brokers, rank administration and service as their most important criteria used to select a voluntary carrier. This is closely followed by product features/benefits. In addition, of the brokers that feel administration and service is an important selection criteria, over 90% of Voluntary Brokers and close to 70% of Benefit Brokers named billing accuracy as most important, followed by timely claims payments (61% of Voluntary Brokers and 69% of Benefit Brokers). A few other key findings from the report include: 

  • More brokers (51%) are actively selling voluntary or cross-selling to all accounts today as compared to only 37% in 2014.
  • Short-term disability, accident, critical illness, and dental insurance were listed in the top five most frequently sold products by both Benefit Brokers and Voluntary Brokers again this year.
  • Around a third of brokers use third-party platforms to handle their enrollments and listed over 40 platforms used most frequently.

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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