An updated study released by Eastbridge Consulting Group, entitled Voluntary/Worksite and COVID-19: Updated Carrier Views, found that while most carriers have seen decreases in voluntary quote activity, sales, and enrollment activity, over 80% have seen account-level lapses stay the same or decrease, and close to 75% have seen employee-level lapses stay the same or decrease.
In addition, close to half of carriers surveyed have made or plan to make product changes as a result of COVID-19, and around a quarter are exploring telemedicine and tele-dentistry options.
Notably, 75% of carriers are making changes to their enrollment and/or communication methods, with a majority planning to move to online self-service enrollments and to reduce in-person meetings (group and/or individual).
Voluntary/Worksite and COVID-19: Updated Carrier Views updates the study conducted in April 2020 and includes other topics including plans to provide relief to employers and/or employees, expected impact to participation as a result of enrollment changes, adjustments to 2020 sales expectations and claims experience, and other modifications being considered.
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Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.