Medical Brokers and Voluntary
Distribution is key to the success of a voluntary carrier. And with over 100 carriers involved in worksite vying for the same producers, success doesn’t come that easy. Carriers are constantly on the look out for “new” distribution. One that has come to the attention of many in recent years is the medical broker – that is, the broker selling primarily medical products.
The objective of Eastbridge’s most recent study, Medical Brokers and Voluntary, is to understand the role that worksite marketing and voluntary benefits play for the medical broker. [Note: For the purposes of this study, medical broker is defined as someone selling group medical coverage. To qualify for the interview, the broker must have medical insurance in at least 10 percent of his/her groups. In actuality, the majority have it in 75 percent or more.] A total of 644 brokers were interviewed for the study.
Specifically, the report helps answer these questions:
- What percentage of medical brokers currently sells worksite products?
- How much do they sell, how often, under what circumstances, etc.?
- Where does worksite marketing “fit” in their selling cycle?
- What carriers do they use most frequently and why?
- What do they need/want from a carrier?
- How can insurers best compete for their business?
- For those brokers that don’t already sell worksite products, why not, and what would it take to get them to do so?
With this information, carriers can learn what is needed to earn this segment’s business and, in turn, be able to use this knowledge to attract medical brokers to their product offerings.
The report is now available for purchase for $3000.
Published 2008.
Table of Contents
1. Executive Summary
A. Study Objectives and Purpose
B. Methodology
C. Key Findings
D. Recommendations
2. Aggregate Findings
A. Overall Results
1. Clients Served
2. Other Lines Offered
B. Account Trends
1. Defined Contribution Plans
2. Consumer-Driven Health Plans
3. Moving Benefits to Voluntary
4. Increasing Employee Contribution
5. Employer Interest in Voluntary
6. Percent Selling Voluntary
C. Brokers Who Do Not Currently Sell Voluntary
D. Brokers Who Currently Sell Worksite
1. Likelihood to Sell Voluntary
2. Nature of Worksite Sales Efforts
3. Voluntary Sales Premium
4. Years of Experience in Voluntary
5. Percent of Income from Voluntary
6. Number of Voluntary Cases
7. Competition for Voluntary
8. Product Preferences
9. Choosing a Carrier
a. Use of Medical Carriers for Voluntary
b. Importance Factors in Choosing Voluntary Carriers
c. Most Frequently Used Carriers
d. Preferred Carriers
10. Sales Reps
11. Enrollment
a. Enrollment Meetings
b. Enroller Source
c. Satisfaction with Carrier Enrollers or Enrollment Companies
12. Reasons for Carrier Enrollers or Enrollment Companies
E. Demographics of Respondents
1. Independent or Part of a Larger Organization
2. Number of Producers
3. Region
F. Segment Comparison at a Glance
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