Whether you are new to the voluntary market, an existing player or considering entering the market, it’s important to know the most recent trends and current results by line of business, distribution channel, etc. It’s also critical to know the top players in the market, including which products they sell through what channels, how they administer the business, and their service and technological capabilities.
Eastbridge Consulting Group’s recently released report, Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles, examines the current trends in the worksite marketplace and provides a competitive analysis on 12 of the top players in the market.
This report analyzes the current and potential sales 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.