51% of brokers say voluntary products generate more than half their sales revenue
More than half of brokers in the voluntary/worksite market saw higher sales in 2024 than the year before, according to the latest research from Eastbridge Consulting Group.
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Eastbridge's “Broker Perspectives on the Voluntary/Worksite Market” Spotlight™ Report combines data collected in a collaborative survey with Voluntary Advantage, a platform dedicated to the voluntary benefits industry, and the NMG Insights Survey with responses exclusively from brokers focused on voluntary benefits. Eastbridge used this new dual-survey approach to better align with brokers more actively selling voluntary benefits. Topics covered in the report include sales performance, voluntary products brokers sell most often, criteria brokers use to select voluntary carriers, communication and enrollment methods, claims integration, technology platforms and issues affecting the voluntary benefits industry.
The report also shows term life, short-term disability and accidental injury lead the list of voluntary products brokers sell most often, while identity theft, pet insurance and legal plans are the most common nontraditional products.
“Inflation continues to be one of the most pressing issues brokers are concerned about in the voluntary/worksite industry,” said Danielle Lehman, Eastbridge senior consultant. “Other concerns brokers mention include multiple new benefit offerings competing for employee wallet share, and lack of access to employees due to the continued shift to online, self-service benefits enrollments.”
Other key findings in the report include:
— More than half of brokers say it is important for carriers to offer claims integration capabilities, and 82% say medical claims integration is a way for carriers to differentiate themselves.
— Administration and service, product features or benefits, and claims management are the top three criteria brokers consider when selecting carriers. Service and better benefits also are the primary reasons brokers switch carriers.
— Nearly three-quarters (72%) of brokers surveyed used online self-service to enroll employees in their benefits last year.
Information about purchasing the “Broker Perspectives on the Voluntary/Worksite Market” Spotlight™ Report is available on Eastbridge's websiteor by emailinginfo@eastbridge.com.
About Eastbridge Consulting Group Eastbridge Consulting Group,part ofNMG Consulting,specializes in research, consulting and insights for companies in the voluntary/worksite benefits market in the United States and Canada.Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group. NMG is a consulting firm providing strategic insights and analytics across insurance, wealth management and asset management. It operates internationally offering expertise in business strategy, performance benchmarking and distribution strategies.
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SOURCE Eastbridge Consulting Group
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