With various channels available to employees for insurance coverage purchase (e.g.: online directly from a carrier, through an exchange or through associations), it is crucial for brokers, employers and carriers to understand the employees’ perspective from many angles. This study uncovers the value of purchasing insurance products at the worksite from the employees’ perspective as well as their preferences for being introduced to and learning about voluntary benefits as well as carriers website functionality, to name a few.
This report examines employee attitudes towards benefits, including voluntary products. The report also looks at changes that have occurred in employee attitudes since the 2015 study.
FOR TWO DECADES, industry voluntary sales increased year after year. Growth was largely driven by new brokers entering the business, primarily from the ranks of the traditional medical and group brokers. But these new entrants did not begin growing their sales and increasing productioneach year as one might expect. Instead, they sold a few cases each year, with results changing only slightly from year-to-year.
MORE COMPANIES are turning to the insights data analytics can provide to their business— and voluntary benefit manufacturers are no exception. A recent Eastbridge survey on the topic revealed that 50 percent of carriers are currently using data analytics for at least some piece of their voluntary business. Another 20 percent are planning to implement analytics in the near future. These carriers are looking to use this data to help them better understand customer needs, increase persistency and provide better customer service.
AS A GROUP, voluntary brokers and executives have historically overreacted to industry developments. Some of these developments promised great benefits through chasing a new trend, while others warned of doom based on a new threat.