Inflation could slow rather than stop industry bounce-back
The voluntary benefits market will likely continue its trend of healthy sales growth for the next several years, according to a new report from Eastbridge Consulting Group. However, lingering concerns about the impact of inflation could hold growth well below 2021’s strong double-digit results.
Eastbridge’s Forecasting Voluntary Sales Spotlight™ Report analyzes the current sales environment and projects future sales potential in the voluntary market. It offers several different scenarios dependent on the industry’s rate of recovery from the pandemic, inflation and other factors based on Eastbridge’ longstanding expertise in the industry. The report is designed to help carriers develop their own predictions for future opportunities, update their business plans and determine what investments to make.
Despite the uncertain economy, the report shows continued opportunity for carriers and producers in the voluntary market.
“After more than two decades of near-continuous growth, the voluntary benefits market is still only half tapped,” said Nick Rockwell, Eastbridge president. “Even during previous economic downturns, we’ve seen strong demand and need for the added protection voluntary benefits provide employees.”
About 54 million employees work in businesses that have yet to offer them voluntary benefits, and another 14 million employees have access to voluntary benefits at work but haven’t yet purchased coverage. The continuing move away from employer-funded benefits also could help fuel voluntary growth, the report states.
About Eastbridge Consulting Group — Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.