The majority of survey respondents in Eastbridge Consulting Group’s Technology Funding Practices of Voluntary Carriers Frontline™ Report said they are asked to pay or help subsidize employer benefits administration or technology fees at least some of the time. In fact, 62% said they receive requests frequently. By contrast, only 6% said they receive requests rarely. The report also looks at guidelines, decision-making factors, and requirements for paying fees, the types of fees and amounts paid, the length of time fees are paid, as well as who is paid and how fees are funded.
This report examines the voluntary/worksite marketplace; specifically, annual sales, inforce premium, leading players, products trends, and distribution channels. In addition, the report provides a competitive analysis on 12 of the top voluntary/worksite marketing players.
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.