#United States #Eastbridge #Connecticut #voluntary benefits #market potential

Exploring the Untapped Potential of Voluntary Benefits in Major U.S. States

According to the recent findings from the Eastbridge Consulting Group, the landscape of voluntary benefits in the United States holds significant growth potential, especially in densely populated states that are already showing high sales figures. The report titled "U.S. State ESI and EPI Data for 2024" indicates that states like California and New York, despite being top contenders in terms of new sales premiums, still lag when it comes to the extent of coverage among employees.

The sheer volume of workers in these major states suggests that there remains a considerable market that has yet to be fully tapped. As noted by Danielle Lehman, a senior consultant at Eastbridge, "Some of the largest, most highly populated states can still offer some of the greatest potential to voluntary carriers." This statement underscores a clear message to benefit carriers: the opportunity for expansion is ripe, underlining the paradox of high sales potential juxtaposed with low coverage levels.

The Eastbridge report utilizes comprehensive data gathered from various voluntary carriers involved in an annual survey about the voluntary/worksite insurance landscape. With participation representing 88% of all voluntary sales from the previous year, the data helps outline which states are not only producing the highest sales but also are poised for growth in the coming years.

The report's significance is amplified by two indexes – the Eastbridge Sales Index (ESI) and the Eastbridge Premium Index (EPI). The ESI provides a visual representation of sales coverage across states, allowing for an analysis that focuses on relative sales penetration rather than merely looking at raw sales numbers. On the other hand, the EPI measures the penetration of in-force premium per employed person, offering a more nuanced look at how voluntary benefits are distributed across different states.

Carriers looking to improve their standing in the industry can leverage this information, which includes additional insights by product type and employer size, to benchmark their own performance against wider industry results. This makes the findings of the report instrumental for strategic planning and market entry decisions.

Moreover, since Eastbridge offers this report at no charge to participating companies that provide their annual results by state, it's an invaluable resource for many in the industry. All carriers involved in the voluntary/worksite market are encouraged to engage and contribute to these findings, gaining insights that are critical for navigating the marketplace.

The potential for voluntary benefits remains robust especially in states with significant employee populations that have minimal coverage. This opens a dual path for carriers: the urgency to innovate and the imperative to educate potential clients about the importance and benefits of voluntary coverage.

In conclusion, the Eastbridge Consulting Group continues to be a leading force in analyzing trends and providing essential insights for companies engaged in the voluntary benefits space. Its efforts not only shed light on current market conditions but also serve as a catalyst for future growth in the industry. Industry stakeholders should note these insights carefully, as they present a roadmap to capitalize on the underutilized market segments in some of America’s largest states. For further inquiries or more information regarding the report, interested carriers can reach out through Eastbridge’s official channels.