Over the past 12 months, brokers have seen significant variability in quote activity, sales, and enrollment activity/requests due to COVID-19, according to Eastbridge's 2021 Brokers and Voluntary Benefits in a COVID-19 World Spotlight™ Report. The study found, for example, that a third of brokers have seen voluntary sales decrease, just under a third have seen no change, and just over a third have seen increased sales.
COVID-19 also drove a majority of brokers to change their most frequently used enrollment method. The study found that Benefit Brokers most commonly used online, self-service enrollments for the 2020 enrollment season, while Voluntary Brokers most frequently used the call center. The resulting impact to participation as a result of the change in enrollment method varied for Benefit Brokers and Voluntary Brokers.
Looking ahead, brokers voice optimism for their voluntary business. Both Benefit Brokers and Voluntary Brokers are expecting increased sales in 2021, with less than 10% of brokers expecting sales to be lower in 2021. They also expect employers and employees to be more enthusiastic about voluntary benefits as a result of COVID-19, though to varying degrees depending on the broker type.
The Brokers and Voluntary Benefits in a COVID-19 World Spotlight™ Report covers these COVID-19 related topics and the following:
Brokers and Voluntary Benefits in a COVID-19 World, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.