Average participation rates have either stayed the same or increased for most voluntary carriers, finds Eastbridge’s latest report

AVON, CONNECTICUT, USA (November 10, 2020)

Some of the reasons carriers participating in Eastbridge Consulting Group’s 2020 Voluntary Participation Rates Spotlight™ Report cite for increased average participation rates include a renewed focus on voluntary products corporately; more effective enrollment technology; working conditions and marketing/education tools, as well as targeted distribution strategies.
The recently published report compared the participation rates experienced by 29 carriers in the voluntary market. Following are a few key findings from the report:

• Average participation levels for smaller cases continue to be higher than for larger cases.
• Active enrollments (where an employee must make a yes/no decision) are either required or preferred by more than half the carriers surveyed.
• Average participation on a product level has increased for seven of the 11 voluntary product lines compared to the 2017 study. 
• Ideal working conditions are achieved less than 50% of the time for about half of the carriers.

Participants were not able to provide data on all measures because of not being tracked separately or at all; however, this report provides a valuable snapshot for carriers to compare their own results to others’ in the industry. Where appropriate, the report also compares findings to the previous report published in 2017.

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.

Press Release Index