Group Companies and Voluntary/Worksite—Revisited
Over the past ten years, group companies have entered the voluntary market in increasing numbers and have changed the face of the voluntary/worksite market. While today there are fewer differences between individual (or “worksite”) companies and group (“voluntary”) companies, group companies still have some unique issues and challenges.
In 2004, Eastbridge did its first report specifically looking at the role voluntary plays in group companies. In addition to the role of voluntary, that study looked at whether voluntary was an accommodation line or a full-fledged business strategy. With this new study, Group Companies and Voluntary/Worksite—Revisited, we again look at group companies and gather data to see how they are faring and how the landscape may have changed since the 2004 study. Specifically we look at:
- Results
- Products
- Distribution
- Enrollment
- Administration
- Expectations for the future
With this information, group companies in the market can compare their situations with their peers and individual companies can stay up-to-date with key competitors that don’t “look like them” but are still formidable competition for both cases and brokers.
The cost of the report is $2,000. To purchase the report, call us at (860) 676-9633 or email info@eastbridge.com. Published 2008.
Table of Contents
1. Executive Summary
A. Report Objectives
B. Key Findings
C. Eastbridge Recommendations
D. Methodology
2. Findings
A. General Information
1. Length of Time in Voluntary
2. Reasons for Offering Voluntary
3. Definition of Voluntary
4. 2007 Voluntary Sales
5. Mix of Voluntary and Traditional
6. Growth Rate for Traditional Group Lines
7. Voluntary Program Structure
8. Tracking Voluntary
9. Percent of Voluntary Accounts with Core
10. Business Head of Voluntary
11. Obstacles
B. Products
1. Voluntary Products Offered
2. Voluntary Sales Materials
3. Product Pressures
4. Package Pricing
5. Commissions
6. Portfolio Expansion
B. Distribution
1. Broker Sales Activity
2. Impact of Voluntary on Brokers
3. Carrier of Choice
4. Competitors
5. Broker Concerns
6. Separate Voluntary Goals, Rewards, Penalties for Sales Reps
7. Voluntary Expertise
8. Ability of Sales Office to Quote
D. Enrollment
1. Typical Methods of Enrollment
2. Electronic Enrollment
3. Third-Party Systems
4. Enrollment Services
5. Personalized Enrollment Forms
6. Re-enrollment Practices
E. Administration
1. Administration Approach
2. Separate or Shared Units
3. Employee-level Recordkeeping
4. Employee Call Center
5. Website Capabilities
F. Summary/Future
1. Satisfaction with Voluntary Program
2. Growth Rates
3. Concerns over Cannibalization
4. Blurring of Lines
5. Merging of Brokers
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