Most of the providers participating in Eastbridge’s 2020 Voluntary Vision Products survey reported increases in 2019 sales compared to 2018, but are less optimistic about 2020 sales, expecting slightly higher or similar results as a result of the pandemic. Despite the expected short-term challenge in sales, carriers anticipate future growth, citing the development of plans with more flexible options and benefits, expanded network scope, and product bundling with medical, dental, or other voluntary product lines.
This report examines the current voluntary/worksite efforts of Voluntary Brokers and Benefit Brokers and examines what brokers need from carriers to increase their success as well as current and emerging trends in the voluntary/worksite market.
AS COVID-19 CONTINUES to change the benefits landscape, employers anticipate continuing to make changes to their benefits packages. Eastbridge research found that, as a result of COVID-19 changes, almost a third of employers—a percentage similar to that reported in 2018—are planning to add new voluntary benefits and/or move employer-paid products to voluntary this year.
PARTICIPATION RATES FOR voluntary Most important factors limiting participation products have been stable in 2020, according to a survey of voluntary carriers. And although this survey preceded the results of the fourth quarter of 2020, the findings are still useful.