The Voluntary Benefits in the Large Case Market Spotlight™ Report analyzes the opportunities for selling voluntary benefits in the large employer market and updates Eastbridge’s prior report published in 2017. With this information, carriers can better determine how their current efforts in this market compare to their competitors or, if not currently in this market, assess if it is one the company should pursue and if so, how to compete effectively.
This report examines the current voluntary/worksite efforts of Voluntary Brokers and Benefit Brokers and examines what brokers need from carriers to increase their success in the voluntary market.
RECENT EASTBRIDGE research has found that while just over half of carriers offer a universal life/whole life (UL/WL) product today, almost a quarter of carriers see UL/WL as a growth product for the industry over the next few years. In addition, UL/WL was the top product (tied with hospital indemnity) listed as most likely to be added to carriers’ voluntary portfolios in the next two years.
EVERY BROKER HAS his or her own set of features that top the list in voluntary carrier selection. For some, it’s brand, ratings or perhaps familiarity, while for others it might be the price and benefits found in specific products. For many, they simply expect ease in working through a carrier with an array of products and services under one roof.