New report examines ownership, preferences and practices of employers, employees and voluntary benefit carriers
Companies with 1,000 or more employees usually offer more comprehensive benefits packages than smaller firms, but employees at these large companies still express strong interest in buying additional coverage such as long-term care, critical illness and even nontraditional products such as identity theft protection, pet and auto/homeowners’ insurance, according to recent Eastbridge Consulting Group research.
The Voluntary Benefits in the Large Case Market Spotlight™ Report shows more than a third of large company employees who don’t already own long-term care or critical illness insurance are interested in buying it on a voluntary basis, with employees in the 1,000–2,499 case size showing the strongest interest. A third of large group employees also cite interest in buying identity theft protection.
The Voluntary Benefits in the Large Case Market Spotlight™ Report analyzes the opportunities and current results for selling voluntary benefits to employers with 1,000 or more employees. The report looks at products carrier sell in this market, large employers’ criteria for products and carriers, differences in employee attitudes and ownership, and carrier practices for underwriting and enrollment.
“Large employers make up a tiny portion of companies in the U.S., but account for more than half of all employees,” said Ginger Bates, Eastbridge research director. “Since most of these large employers offer voluntary benefits, they have a big impact on the industry, so it’s critical for those doing business in this market to understand large employers’ needs and preferences.”
Other key findings in the report include:
Voluntary Benefits in the Large Case Market, a Spotlight™ Report
About Eastbridge Consulting Group — is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn.