AVON, Conn., June 04, 2020 (GLOBE NEWSWIRE) -- According to Eastbridge’s 2020 Brokers and Voluntary Benefits—Growth in a Changing Market Spotlight™ Report, a majority of both broker types, 59% of Benefit Brokers and 65% of Voluntary Brokers, rank administration and service as their most important criteria used to select a voluntary carrier. This is closely followed by product features/benefits. In addition, of the brokers that feel administration and service is an important selection criteria, over 90% of Voluntary Brokers and close to 70% of Benefit Brokers named billing accuracy as most important, followed by timely claims payments (61% of Voluntary Brokers and 69% of Benefit Brokers). A few other key findings from the report include:
- More brokers (51%) are actively selling voluntary or cross-selling to all accounts today as compared to only 37% in 2014.
- Short-term disability, accident, critical illness, and dental insurance were listed in the top five most frequently sold products by both Benefit Brokers and Voluntary Brokers again this year.
- Around a third of brokers use third-party platforms to handle their enrollments and listed over 40 platforms used most frequently.
The Brokers and Voluntary Benefits—Growth in a Changing Market Spotlight™ Report is currently available for purchase for $1,500. For additional information or to purchase the report, visit the report page by clicking here, e-mail info@eastbridge.com, or call (860) 676-9633.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.
FOR FURTHER INFORMATION, CONTACT:
Erin Marino emarino@eastbridge.com