Latest report focuses on sales metrics, broker communication, direct-to-consumer marketing and more
Most voluntary carriers use multiple methods to track the effectiveness of their sales and marketing efforts, but many say they’re dissatisfied with those tracking abilities, according to Eastbridge’s 2022 Marketing and Sales Practices of Voluntary Carriers Frontline™ Report.
Most carriers track account close ratios, monitor turnaround times for customized benefit communication materials, and use digital metrics such as open and click-through rates for social media and emails as well as views/impressions and reshares. Other common measurements are lead and proposal generation and content engagement rates, the report shows.
“Despite using multiple methods, only a third of carriers say they’re satisfied with the ability to track their marketing initiatives, and nearly that many are dissatisfied or very dissatisfied,” said Nick Rockwell, Eastbridge president. “It’s not surprising, then, that access to high-quality employer and employee data to create a better sales process is one of the biggest obstacles carriers cite in marketing their voluntary products.”
Email is the universal go-to method for voluntary carriers to reach brokers they partner with: 100% of carriers surveyed use it, 60% say it’s the most effective method and 87% say brokers prefer it. However, the report shows a strong majority of carriers (77%) also use social media to communicate with brokers — even though only 7% of carriers say it’s the most effective method, and only 20% say brokers prefer it.
The Marketing and Sales Practices of Voluntary Carriers Frontline™ Report surveys 32 voluntary carriers about their methods to market and sell voluntary products to brokers, employers and employees. The report provides carriers with a benchmark they can use to compare their own marketing and sales practices against other carriers active in the voluntary market, and insight into changes and challenges they expect in the future.
Other findings in the report include:
This report is an Eastbridge Frontline™ Report. Information about obtaining the Marketing and Sales Practices of Voluntary Carriers Frontline™ Report is available on Eastbridge’s website at eastbridge.com, email [email protected] or call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.