Eastbridge’s Market Vision™ The Employer Viewpoint Spotlight™ Report found that most employers with 100 or more employees used an online platform in their most recent enrollment, but whether the platform was carrier-provided or a ben-admin system provider varied by the number of employees. While all employers showed the strongest preference for enrolling all products on one platform, regardless of the number of carriers, employers in the 100+ lives segment are more likely to indicate a preference for systems and enrollment integration overall, like having online enrollment be a part of their ben-admin system.
This report is designed to help carriers better understand the universal and whole life voluntary/worksite marketplace and to evaluate the competitiveness of their own universal and whole life offering.
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.