Eastbridge Study Highlights Unique Services Offered by Voluntary Carriers to Large Employers
In a detailed analysis of the voluntary benefits market, the latest Spotlight™ Report from Eastbridge Consulting Group reveals that voluntary carriers are actively targeting large employers, defined as groups with over 1,000 employees. This segment accounts for a significant portion of the workforce in the U.S., with more than half of employees falling under large employer categories. According to the report, most carriers are strategically bundling multiple products for larger clients, often providing discounts for purchasing several products simultaneously.
One of the standout findings of the report is the level of specialized service that these voluntary carriers offer to their large clients. Carriers typically provide dedicated service teams to manage these accounts, as well as support resources tailored to the unique needs of larger groups. This personalized approach sets them apart in a market where competition is fierce, especially amidst rising challenges such as price competition and the rapid pace of technological advancement.
Ginger Bates, Eastbridge's Director of Research, noted that while catering to larger accounts can be complex, the competition within this space drives carriers to enhance their offerings. The report highlights that carriers are willing to adapt their underwriting guidelines for larger cases, which almost always culminates in higher guaranteed issue amounts, increased benefit limits, and lowered participation minimums – a combination that larger employers find attractive.
Moreover, the report emphasizes that online benefit administration is becoming increasingly pivotal for large employers when choosing a voluntary carrier. Essential functionalities that these employers prioritize include the ability for employees to file and track claims digitally, as well as for employers to manage coverages efficiently. This shift towards digital-first solutions mirrors broader trends in workforce management and employee service expectations.
In terms of product offerings, the report shows that while employees at larger companies predominantly own voluntary life insurance, the most commonly sold supplemental health products include accident, critical illness, and hospital indemnity coverage. This trend underscores the protective insurance orientation that larger firms are leaning towards for their workforce’s health and welfare needs.
An additional key takeaway is the pronounced emphasis on Integration capabilities, notably API/data integration, which nearly all surveyed carriers identified as crucial in managing large accounts. The demand for seamless claims integration is particularly significant among large employers, indicating a clear preference for efficiency and ease of use in the claims process.
This Spotlight™ Report serves as a vital resource for both voluntary carriers and large employers alike, shedding light on the dynamics of the voluntary benefits marketplace specifically tailored for larger workforces. As competition stiffens and the landscape evolves, understanding these insights will be critical for stakeholders aiming to navigate the complexities of the large case market effectively.
For those looking to further explore the findings and implications of this report, comprehensive details about purchasing the full Spotlight™ Report are available through Eastbridge Consulting Group’s official website. Eastbridge, which operates under the umbrella of NMG Consulting, specializes in delivering research and consultancy specifically focused on the voluntary or worksite benefits market throughout the United States and Canada. Companies interested in optimizing their voluntary benefits strategies can gain significant insights from this well-researched report, marking a step forward in adapting to the changing needs of the workforce.
One of the standout findings of the report is the level of specialized service that these voluntary carriers offer to their large clients. Carriers typically provide dedicated service teams to manage these accounts, as well as support resources tailored to the unique needs of larger groups. This personalized approach sets them apart in a market where competition is fierce, especially amidst rising challenges such as price competition and the rapid pace of technological advancement.
Ginger Bates, Eastbridge's Director of Research, noted that while catering to larger accounts can be complex, the competition within this space drives carriers to enhance their offerings. The report highlights that carriers are willing to adapt their underwriting guidelines for larger cases, which almost always culminates in higher guaranteed issue amounts, increased benefit limits, and lowered participation minimums – a combination that larger employers find attractive.
Moreover, the report emphasizes that online benefit administration is becoming increasingly pivotal for large employers when choosing a voluntary carrier. Essential functionalities that these employers prioritize include the ability for employees to file and track claims digitally, as well as for employers to manage coverages efficiently. This shift towards digital-first solutions mirrors broader trends in workforce management and employee service expectations.
In terms of product offerings, the report shows that while employees at larger companies predominantly own voluntary life insurance, the most commonly sold supplemental health products include accident, critical illness, and hospital indemnity coverage. This trend underscores the protective insurance orientation that larger firms are leaning towards for their workforce’s health and welfare needs.
An additional key takeaway is the pronounced emphasis on Integration capabilities, notably API/data integration, which nearly all surveyed carriers identified as crucial in managing large accounts. The demand for seamless claims integration is particularly significant among large employers, indicating a clear preference for efficiency and ease of use in the claims process.
This Spotlight™ Report serves as a vital resource for both voluntary carriers and large employers alike, shedding light on the dynamics of the voluntary benefits marketplace specifically tailored for larger workforces. As competition stiffens and the landscape evolves, understanding these insights will be critical for stakeholders aiming to navigate the complexities of the large case market effectively.
For those looking to further explore the findings and implications of this report, comprehensive details about purchasing the full Spotlight™ Report are available through Eastbridge Consulting Group’s official website. Eastbridge, which operates under the umbrella of NMG Consulting, specializes in delivering research and consultancy specifically focused on the voluntary or worksite benefits market throughout the United States and Canada. Companies interested in optimizing their voluntary benefits strategies can gain significant insights from this well-researched report, marking a step forward in adapting to the changing needs of the workforce.
Topics Financial Services & Investing）
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