In addition, the recent Eastbridge report shows that employers with 50+ employees are also more likely to move certain benefits to voluntary or shift more costs of group plans to employees. More than a third of these employers also indicated that they may add a new voluntary product, move certain benefits to voluntary or shift more costs for group plans to employees, according to the report, MarketVision™ — The Employer Viewpoint: A Closer Look at Employer Demographics in the Voluntary/Worksite.
The objective of Eastbridge’s 2019 Enrollment Practices of Voluntary Carriers Spotlight™ Report is to look at voluntary carriers’ current enrollment services, structure and responsibilities; their development of third-party partnerships and internal technology capabilities; the use and participation rates of various enrollment methods; and current as well as future challenges and trends for voluntary enrollments.
With this information, carriers can enhance or fine-tune their enrollment strategies to better meet the demands of brokers, employers and employees and potentially differentiate their enrollment processes and capabilities from competitors.
RECENT EASTBRIDGE research has found that while just over half of carriers offer a universal life/whole life (UL/WL) product today, almost a quarter of carriers see UL/WL as a growth product for the industry over the next few years. In addition, UL/WL was the top product (tied with hospital indemnity) listed as most likely to be added to carriers’ voluntary portfolios in the next two years.
EVERY BROKER HAS his or her own set of features that top the list in voluntary carrier selection. For some, it’s brand, ratings or perhaps familiarity, while for others it might be the price and benefits found in specific products. For many, they simply expect ease in working through a carrier with an array of products and services under one roof.