Almost half of voluntary executives describe their policy administration system as outdated and the percentage that think it holds them back increased 7 percentage points to 16% in 2019 compared to 2017, found Eastbridge’s bi-annual survey, Voluntary/Worksite Marketing: An Executive Perspective. Just over half of executives plan to make some kind of change, either major or minor, over the next five years. In fact, 63% expect to make major changes, which represents an increase of 18 percentage points compared to our 2017 study. 19% expect to make minor tweaks/changes.
Perhaps these plans for administrative updates are a result of increasing expectations from employers. Almost all surveyed voluntary executives agreed in both the 2017 and 2019 studies that “employers are expecting better administrative solutions and processes” and 51% felt this would be in the top two most impactful changes to their business. Other Eastbridge research found that around 60% of employers cite “administrative support” as an extremely or very important factor in choosing a carrier.
The Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report tracks the executives’ thoughts and insights on the obstacles facing the industry today, as well as what they might expect for the future. The survey also explores the executives’ opinions on other topics based on market trends. The first survey was conducted in 2003, and subsequent surveys have been conducted every two years. This year’s report summarizes the responses from 36 key executives and, where appropriate, notes any trends or changes from the previous study’s findings.
Eastbridge Information Partners as well as survey participants receive the Frontline™ Report free of charge. For more information regarding the Information Partner program or about Eastbridge reports, email us at [email protected] visit us at eastbridge.com or call 860-676-9633.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.