Eastbridge report examines brokers’ successes and challenges in voluntary benefits market
Joint survey by Eastbridge and BenefitsPRO shows pandemic still affecting business
AVON, Conn., June 2, 2022 /PRNewswire/ — Voluntary benefit sales are up, but brokers say the lingering pandemic is still impacting their business success, according to Eastbridge’s new Brokers and the “New Normal” in Voluntary Benefits Spotlight™ Report.
Many brokers — especially those who primarily sell voluntary products — say their sales grew in 2021 compared to the previous year, and four out of 10 report increases in quote requests and enrollment activity, the report shows. However, brokers also say they still have challenges gaining access to employers and employees.
“The continuing prevalence of work-from-home arrangements can make it more difficult to educate and enroll employees,” said Nick Rockwell, Eastbridge president. “For voluntary benefits in particular, that education component is essential to a successful enrollment.”
The Brokers and the “New Normal” in Voluntary Benefits report includes data from a survey of benefits brokers conducted annually by Eastbridge and BenefitsPRO. Key topics covered include brokers’ current focus on voluntary benefits, sales performance, characteristics of the most commonly used carriers, enrollment changes due to COVID-19, competitive pressures and more.
Other key findings in the report include:
- Accident, critical illness and short-term disability are the products brokers sell most often. About 60% of brokers also sell nontraditional products such as identity theft protection, wellness and discount health programs, and pet insurance on a regular basis.
- Lower price isn’t necessarily the main driver for brokers to switch voluntary carriers. Instead, better benefit features and better integration with clients’ enrollment and administrative needs are key reasons.
- A solid majority of brokers expect employers and employees to be more enthusiastic about voluntary benefits as a result of COVID-19. Many brokers say the pandemic has already had a positive impact on their business by helping people realize they need these benefits.
Information about obtaining the Brokers and the “New Normal” in Voluntary Benefits report is available on Eastbridge’s website here. For more information, email [email protected]eastbridge.com or call (860) 676-9633.
About Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.
BenefitsPRO.com combines established resources and news reporting capabilities with proprietary market data and relevant content aggregated from across the web to provide benefits brokers/consultants, benefits managers and retirement advisors with the news, resources and tools they need in the complex and ever-changing benefits market.
CONTACT: Bonnie Brazzell
EMAIL: [email protected]
SOURCE Eastbridge Consulting Group