Large employer market accounts for more than half of U.S. employees
Most voluntary carriers sell multiple products – often in bundles with discounts for multiple product sales – to their larger customers, according to new research from Eastbridge Consulting Group.
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Eastbridge's “Voluntary Benefits in the Large Case Market” Spotlight™ Report shows most carriers offer special services, such as a dedicated service team and support resources, to these large accounts. Carriers also tend to have more liberal underwriting guidelines for large cases, with higher guaranteed issue amounts, higher benefit limits, and lower or no participation minimums.
“Despite the greater complexities of working with larger accounts, carriers often mention increased competition as a significant challenge in this market,” said Ginger Bates, Eastbridge director of research. “Price competition, keeping up with technology, and technology funding requests are among the key challenges carriers face in the large employer market.”
The “Voluntary Benefits in the Large Case Market” Spotlight™ Report analyzes the current results and opportunities for selling voluntary benefits in the large employer market, defined as groups with 1,000 or more employees. It covers topics including the size of this market, products sold, employer criteria for selecting voluntary products and carriers, employee attitudes and ownership, and carrier practices. Carriers can use this information to better understand and improve their effectiveness in the large case market.
Other key findings in the report include:
— Online benefit administration is an extremely important factor for large employers when selecting a voluntary carrier. Essential services include the ability for employees to file claims and check the status of their claim, employers to view and/or change employee coverages, and employers to view the company's bill.
— Employees in large companies are most likely to own voluntary life insurance, but carriers surveyed say they most often sell supplemental health products – accident, critical illness and hospital indemnity coverage – in this market.
— Nearly all carriers surveyed state API/data integration is very or extremely important when working in the large case market. Carriers also see claims integration as more important to larger case employers than smaller ones.
Information about purchasing the “Voluntary Benefits in the Large Case Market” Spotlight™ Report is available on Eastbridge's website or by emailinginfo@eastbridge.com.
About Eastbridge Consulting GroupEastbridge 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 aconsulting 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.
CONTACT: Ginger BatesEMAIL:gbates@eastbridge.com
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SOURCE Eastbridge Consulting Group
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