New Eastbridge report shows broker business continues to climb in voluntary market

AVON, CONNECTICUT, USA (May 15, 2024)

Nearly all brokers report higher or equal sales year-over-year in 2023

The vast majority of voluntary and benefit brokers saw 2023 sales higher or equal to the year before, including 11% who say sales were much higher, according Eastbridge Consulting Group’s newest research.

Eastbridge’s Rising Tide for Brokers in Voluntary Business Spotlight™ Report uses new survey results to update more than a decade of research into broker practices and trends conducted jointly by Eastbridge and BenefitsPRO magazine. Topics include brokers’ current focus on voluntary business, sales performance compared to 2022 results, voluntary and nontraditional products brokers sell most frequently, importance of claims integration, enrollment methods and technology funding, brokers’ view of employer and employee enthusiasm for voluntary benefits, and the biggest issues affecting the voluntary benefits industry.

“Most brokers we surveyed cite inflation as the biggest issue impacting the voluntary industry, up significantly from last year,” said Nick Rockwell, Eastbridge president. “Despite that concern, 85% of brokers expect their voluntary business line to increase going forward, including 18% who expect it to grow significantly.”

Other key findings in the report include:

• About 80% of brokers sell nontraditional products such as identity theft protection, discount health programs and wellness programs on a regular basis.
• The majority of brokers combine voluntary/worksite products and other product lines with a single carrier.
• Claims integration is growing in importance to brokers, with more than half of those surveyed saying it is extremely or very important for carriers to offer.

 

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.