National Brokerage Houses and Voluntary Carriers

Cost: $2,000; published 2019

Brokers are the lifeblood of the voluntary benefits market, accounting for the majority of the industry’s sales. One key segment of brokers is the large national brokerage firm. Competition among carriers for this segment’s business is increasing at a rapid pace — especially as these brokers have become very active in the voluntary market and have established centers of excellence and practice leaders to further the brokerage company’s voluntary efforts. The purpose of this report is to explore carrier best practices for working with this important segment. With this information, carriers can determine how their efforts stack up and where they may need to make changes.

This report is in two sections. The first section covers carriers doing business with national brokerage firms while the second section covers those that are not.


View Table of Contents

1. Executive Summary

A. Report Objectives

B. Methodology

C. Key Findings

D. Recommendations

2. Detailed Carrier Findings – Those Working with Large National Brokers

A. General Carrier Practices

1. Large National Broker Target Market

2. Number of Large National Brokers

3. Percent of Voluntary Sales from Large National Brokers

4. Top Broker Partners

5. Large National Broker Future Targets

6. Large National Brokers Not Targeted

B. Carrier Approach to Large National Brokers

1. Carrier Team Structure and Organization

2. Corporate and Local Relationship Responsibilities

3. Carrier Approach to Broker Center of Excellence

C. Large National Brokers – Centers of Excellence

1. Special Requests

2. Preferred Carrier List Process

3. Center of Excellence Evaluation

4. Center of Excellence Responsibilities

D. Relationship Management

1. Interaction with Large National Broker Partners

2. Communication Practices

3. Sales Measurement by Office

4. Special Services Offered

5. Future Offerings to Large National Brokers

6. Pursuing New or Expanding Existing Broker Relationships

E. Voluntary Support from Carrier

1. Types of Voluntary Support Provided

2. Voluntary Enrollment Support and Role

3. Benefit Administration Technology Funding

4. Unique Marketing Support

F. Commissions and Pricing Offerings

1. Commissions for Large National Brokers

2. Preferred Pricing Arrangements

3. Special Products or Underwriting Offers

G. Large National Brokers – Trends and Challenges

1. Biggest Challenges with Large National Brokers

2. Changes Needed to Increase Sales

3. Successful Carrier Characteristics for Large National Broker Relationships

4. Carrier Characteristics that Undermine Large National Broker Relationships

5. Future Changes in Large National Broker Relationship Approach

3. Detailed Carrier Findings – Those Not Working with Large National Brokers

A. Reasons for Not Currently Working with Large National Brokers

B. Likelihood of Working with this Channel in the Future


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