Voluntary dental plan sales have grown, more than doubling in volume since 2012, now comprising 14% of overall voluntary sales, second only to term life insurance according to Eastbridge’s U.S. Voluntary/Worksite Sales Report. In addition, three quarters of the participating carriers in Eastbridge’s Voluntary Dental Products Spotlight™ Report saw year over year increases in 2019, with almost half experiencing a double-digit increase. The report provides ...
This report examines the compensation practices for voluntary reps for 25 of the top voluntary/worksite marketing carriers.
THIS IS THE last in our series of columns on the voluntary industry sales results
for 2019. The ﬁrst article looked at overall voluntary sales for the year, while the second reviewed sales by product line and platform. This column spotlights sales by distribution segment.
IN LAST MONTH’S column, we reported that voluntary new business annualized premium (sales) for 2019 was $8.832 billion, up 4.5% over 2018 sales. This article highlights sales by product line and platform.
ACCORDING TO OUR annual U.S. Voluntary/Worksite Sales Report, new business annualized premium (voluntary sales) increased again last year. Total sales for 2019 were $8.832 billion, up 4.5% over 2018 sales. The top graph below shows the industry’s sales since 1997.
AS COVID-19 CONTINUES to have far-reaching impacts on the workforce and in turn, the employee beneﬁts landscape, brokers are concerned about the effects it will have on voluntary beneﬁts. Eastbridge’s recent survey of brokers found that the top concern for voluntary was a potential for reduced enrollment volume, with 71% of brokers agreeing this was of concern. Around half of brokers expressed concern that employer and/or employee interest in voluntary may be reduced, while one-third felt that COVID-19 may divert their time towards answering coverage questions on existing business.
EMPLOYERS CONTINUE TO promote wellness programs and beneﬁts as an integral part of their overall beneﬁts strategies to encourage employees to adopt healthy behaviors and to reduce long-term health care costs. In addition to employee wellness programs (e.g., weight loss, tobacco-cessation), wellness beneﬁts are commonly offered with today’s voluntary supplemental health products to encourage employees to receive preventative health screenings.