The New Benefit Brokers and Voluntary Carriers—Who is Winning the Battle?

Cost: $3,000; published 2013

For nearly 10 years now, Benefit Brokers have dominated the voluntary market from a distribution standpoint. In 2010, for example, the segment accounted for over half of all voluntary sales. In the past, Benefit Brokers viewed voluntary as more of an after-thought or as an ancillary product—something they only offered when asked by a client. The passing of healthcare reform recently, however, seems to be changing this mindset to some degree. Today more Benefits Brokers see voluntary as key to their future success—and carriers need to find ways to jump on this momentum and capture the Brokers’ interest in their offering.

The objective of this new report, The New Benefit Brokers and Voluntary Carriers—Who is Winning the Battle? is to update Eastbridge’s picture of the role that worksite marketing and voluntary benefits play for Benefit Brokers. It gives an updated profile of these brokers including their level of activity, and perhaps more importantly, a look at what carriers need to do to attract more business from Benefit Brokers. 
The report answers the following questions and more:

  • Do Benefit Brokers see voluntary differently today?
  • Are they moving up the learning curve?
  • Where do voluntary products “fit” in their selling cycle?
  • Which voluntary products do they sell today?
  • Which products do they expect to sell in the future?
  • What carriers do they use most frequently and why?
  • What do they need/want from a carrier?
  • What do Benefit Brokers feel they need in order to be more successful in selling voluntary?
  • What reasons are given by those who do not sell voluntary?

View Table of Contents

1. Executive Summary

A. Study Background and Objectives

B. Key Findings

C. Eastbridge Analysis and Recommendations

1. Small Benefit Brokers

2. Medium Benefit Brokers

3. Large Benefit Broker

D. Methodology

2. Findings for Those Selling Voluntary

A. Focus on Voluntary

1. Voluntary New Business Annualized Premium

2. Voluntary as Percentage of Total Income

3. New Voluntary Cases Written Per Year

4. Case Mix

B. Voluntary Products

1. Most Commonly Sold Voluntary Products

2. Products Likely to Sell in the Future

3. Top Products Sales Opportunities

4. Voluntary Product Features

C. Carriers

1. Importance Factors

2. Most Frequently Used Carriers

3. Using the Same Carrier for Core and Voluntary

4. Number of Carriers Used

D. Enrollment

1.Enrollment Meetings

2. Enroller Source

3. Preferred Enrollment Methodology

 E. Needed to be More Successful with Voluntary

3. Those Who Don’t Sell Voluntary

A. Reasons for Not Selling

B. Getting Them to Sell Voluntary

C. Intentions to Enter the Market

4. Demographics

A. Number of Producers

B. Geographic Scope

C. Geographic Area

D. Business Lines Offered

E. Target Market Size


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