This Spotlight™ Report compares the services of 15 technology platform platforms to better understand their capabilities and offerings in the voluntary market. This report updates the report from 2018, including 11 of the 16 companies from that report plus four new companies.
This report provides profiles the capabilities of 15 leading enrollment and benefit administration platform providers.
AS COVID-19 CONTINUES to have far-reaching impacts on the workforce and in turn, the employee beneﬁts landscape, brokers are concerned about the effects it will have on voluntary beneﬁts. Eastbridge’s recent survey of brokers found that the top concern for voluntary was a potential for reduced enrollment volume, with 71% of brokers agreeing this was of concern. Around half of brokers expressed concern that employer and/or employee interest in voluntary may be reduced, while one-third felt that COVID-19 may divert their time towards answering coverage questions on existing business.
EMPLOYERS CONTINUE TO promote wellness programs and beneﬁts as an integral part of their overall beneﬁts strategies to encourage employees to adopt healthy behaviors and to reduce long-term health care costs. In addition to employee wellness programs (e.g., weight loss, tobacco-cessation), wellness beneﬁts are commonly offered with today’s voluntary supplemental health products to encourage employees to receive preventative health screenings.
GENERATIONAL demographics are shifting quickly, and your employer clients expect you to know how these changes will impact vol-untary beneﬁt strategies. They want to know which products they should offer in order to meet the needs of their increasingly diverse workforce, and they want to offer their employees personalized enrollment communications based on age, gender or life stage. These desires require a solid awareness of generational demographics so that you can appropriately guide employers to make the most informed decisions for their unique employee populations.
IN THE 2019 BenefitsPRO/Eastbridge survey, brokers said that, increasingly, their “goto” voluntary products are accident, critical illness and hospital indemnity, rather than just life and disability. But despite this finding, 72 percent of all employers do not offer a hospital indemnity/supplemental medical plan. Maybe more important, just 27 percent of employees currently own a hospital indemnity plan. That means 73 percent do not own it, but when asked about products they might like to purchase on a voluntary basis, 43 percent of those employees are interested in buying one.
THE VOLUNTARY BENEFITS market has, at times, seen certain trends that overshadow market realities. It was just a few years ago that there was still an expectation of growth in private exchanges. For a time, it was frequently forecast that such platforms would be the most common destination for benefit enrollment. While this concept may see more adoption in the future, the original forecast for growth has not yet come about. It’s important that we recognize that sometimes getting ahead of the market might have us living in “future possibility,” rather than “present reality.”