Rounding out employer’s top five reasons for selecting a voluntary carrier are the “price/value of the products offered,” “ease of administration for billing and service,” and “carrier support of claims integration across all products,” according to Eastbridge’s The Employer Viewpoint MarketVision™ Report.
The importance of several voluntary carrier selection criteria has increased for employers since 2016. Some of these criteria include availability of tools, calculators and benefits advice; the range of voluntary products available from the same carrier; carrier help with developing a communications and enrollment strategy; and the recommendation of the broker or agent.
What’s more, other areas of carrier support became significantly more important in selecting a voluntary carrier as the size of the employer increases. Two of these areas were “financial support from the carrier to build their products on my ben-admin system” and the availability of a “carrier website giving employees access to claims forms, status and coverage information.”
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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.