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For years we've asked brokers in our research surveys what platform they prefer for their voluntary products. |
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A recent Eastbridge study revealed some interesting tendencies among employee benefits brokers. |
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Brokers can help employers provide the best options for employee-paid benefits. But what does "best of breed" mean for voluntary products? |
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Many businesses succeed or fail based on their ability to master a "Goldilocks" ingredient. |
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Take a look at the selling behavior of the four phases of broker maturity. |
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Last month we talked about sales growth in the voluntary market in 2008. This month we're going to look at the product trends. |
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New voluntary sales (United States) totaled an estimated $5.225 billion in 2008, an increase of just under four percent over 2007 results. |
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The increase in voluntary sales at U.S. work sites shows the line is recession-proof.
Copyrighted A.M. Best Company, Inc. 2009
All Rights Reserved, Reprinted with Permission |
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Brokers writing voluntary cases with traditional group carriers are far more likely to be taking over an existing case than are their individual counterparts. |
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During a recent industry meeting, we were repeatedly asked by attendees if we thought the new COBRA subsidies are going to negatively impact voluntary. |
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The plan administrator can control the success or failure of your voluntary efforts. |
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Brokers have to rethink their approach to account-level advice. |
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Brokers selling voluntary can be divided into two camps. |
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HR officers are changing their attitudes toward their benefits programs, signaling a shift in benefits management. The tipping point is at hand. |
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Voluntary/work-site insurance carriers recorded another year of healthy growth in 2007. |
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Eastbridge president, Gil Lowerre, is named to the Benefits Selling 10 most influential players in the benefits industry. |
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There are signs that carrier attention is expanding, focusing more on support for brokers, employers and employees, and hopefully ending the belief of many brokers that they were being forced to choose between two evils. |
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In the employer-paid benfits arena, success is defined at the account-level sale . After that sale, the typical sales rep often hands off the case to an account manager or an enrollment coordinator to handle the implementation. |
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As voluntary sales soar, we will see more products, options and designs, with more manufacturers, vendors and administrators squeezing into the marketplace, adding more choice and flexibility to benefit packages. |
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The voluntary market is growing rapidly and becoming the heart of the benefits business. Unfortunately, not all brokers take full advantage of the ongoing transition and, surprisingly, it’s the larger and smaller brokers who lag furthest behind the curve. |
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Brokers miss the chance to move into voluntary benefits because they view them as an afterthought instead of an opportunity. |
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Learn how seven of the top ten sellers experienced double-digit sales growth in 2006. |
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Look at how
the Eastbridge predictions made in 2002 about the voluntary
benefits market are panning out. |
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Competition
has been intense in the worksite market for a number
of years and it shows no signs of letting up. |
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Brokers of supplemental life insurance understand
the desire of employers to maintain attractive benefits
offerings while keeping control of benefits costs and have
expanded their voluntary life offerings. |
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Brokers selling voluntary benefits need to be sure their
portfolio is broad enough to satisfy the growing appetite
employees have for voluntary products. |
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Worksite carriers recorded another year of
growth in 2004 with new U.S. worksite sales totaling an estimated
$4.22 billion. |
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An expert predicts benefits industry changes
by 2020 for brokers, carriers and third-party administrators. |
