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Recent News

Employees working for employers with between 50-99 employees are most likely to own more than one voluntary product, finds Eastbridge Consulting Group

Avon, Connecticut (March 31, 2020)

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While employees in groups with 50-99 employees have the highest percentage of owning at least one voluntary product (54%), these employees also have the highest percentage of owning multiple voluntary products (77%) compared to the other employer size segments. Employees in this segment also have the highest ownership rates of voluntary whole life or universal life and voluntary AD&D.

 

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Our Most Recent Report

Takeovers and the Voluntary Market

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This report provides comparative data on takeover business and trends experienced by voluntary carriers including takeover business approaches and preferences, detailed takeover practices, takeover percentages by product and future trends and strategies regarding takeovers.

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Recently Published Articles

Why hospital indemnity plans are a “go-to” product

Plot Points, March 2020

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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.

Don’t get caught up in trends too soon

Plot Points, January/February 2020

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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.”

Keeping an eye on the market

Plot Points, December 2019

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BROKER RECRUITMENT IS considered a pivotal factor in a voluntary insurancecompany’s success. Historically, employee benefit brokers preferred to source a client’s voluntary products from one carrier to streamline administration. This is a preference that many insurance carriers have catered to in their recruitment efforts. However, a recent Eastbridge report, Voluntary/Worksite Marketing: An Executive Perspective, found that producers are increasingly likely to seek “best-of-breed” products, resulting in less business going to any one carrier. This statistic almost doubled from 12 percent in our 2017 study to 22 percent this year. These changes suggest that the ease of one-carrier administration is becoming less important than having the right product design.

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