Voluntary sales were $7.463 billion in 2020, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. Despite a challenging year disrupted by the pandemic, Benefit Brokers fared the best, increasing their market share and posting the smallest decrease relative to other segments. Benefit Brokers generated more than…
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.