In the voluntary/worksite arena, there are three separate “customer” or “stakeholder” groups—the broker or producer, the employer, and the employee. Any carrier that wants to succeed in the competitive marketplace must have a deep understanding of all three groups when developing their products, marketing plans and strategies. Eastbridge Consulting Group has partnered with carriers to understand all of these constituencies for over two decades in MarketVision™—The Employer Viewpoint. The new Spotlight™ Report explores and updates Eastbridge’s data about employer attitudes and opinions regarding voluntary products.
This report pulls together research from multiple surveys and puts all the small case (10 to 99 employees) market information together in one place. This report provides an overall market review followed by perspectives of the key stakeholders – the employer, employee, carrier and broker.
WE HAVE conducted research on employee attitudes about voluntary benefits for years now. Historically, we’ve taken a high-level view; however, we have always believed there were meaningful segments inside this community, and that identifying them may allow more specific strategies to be developed. This led us to take a different look at this critical constituency.
THIS IS THE LAST in our series of columns on the voluntary industry sales results for 2017. The first article looked at overall voluntary sales for the year, while the second reviewed sales by distribution segment. This column takes a closer look at sales by product line and platform.
LAST MONTH, we reported that voluntary new business annualized premium (sales) for 2017 were $8.145 billion, up almost 7 percent over 2016 sales. This month, we spotlight sales by distribution segment.
ACCORDING TO OUR annual U.S. Voluntary/Worksite Sales Report, new business annualized premium (voluntary sales) increased at a rate of almost 7 percent again in 2017, while total sales for the year were $8.145 billion.
NEARLY EVERY benefits broker will tell you that they now sell voluntary. Understandably, many brokers are primarily tuned in to the employer’s voice during the sales process. For some producers, this remains a default mode, born from their roots focusing on medical and other employerpaid group distribution.
AT ONE TIME, carriers defined the voluntary business processes we all lived by, and they designed them however they pleased. For many of the carriers, if the broker wasn’t happy with those services, the carrier could afford to ignore the complaint. After all, there were lots of other brokers.