In addition to overall product trends, the study asked key players in the market about their areas of greatest pressure for voluntary, plans and reasons for new product introductions or revisions, use of combined participation rates, and most common voluntary product pricing methods. The report also looked at which products these carriers offer most frequently, the profitability of these products, and which are growth products for their company and the industry overall.
This report examines the claims structure and practices of 28 carriers active in the voluntary market.
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.