Latest news with #GingerBates
Yahoo
22-04-2025
- Health
- Yahoo
Latest Eastbridge study shows continued focus on wellness benefits in voluntary coverage
Supplemental health products are most likely to include wellness benefits AVON, Conn., April 22, 2025 /PRNewswire/ -- Virtually all voluntary carriers offer a wellness benefit with at least one of their products, almost always as an optional benefit rather than embedded into their products, according to a new study from Eastbridge Consulting Group. Eastbridge's "Voluntary Wellness Benefits" Frontline™ Report shows accident, critical illness or hospital indemnity plans are the most likely to include a wellness benefit. "Carriers are expanding the wellness tests they cover with new screenings and preventive exams, and many take extra steps to encourage employees to take advantage of them," said Ginger Bates, Eastbridge director of research. "About half of carriers continue to promote these benefits even after the enrollment with customizable communication campaigns." The "Voluntary Wellness Benefits" Frontline™ Report identifies and benchmarks the wellness benefits carriers offer with voluntary products and the trends for wellness benefits in the voluntary/worksite market. It includes data collected in January and February 2025 from 41 carriers providing 42 responses. Carriers can use this information to compare their offerings to competitors active in the market and evaluate opportunities to become more successful. Other key findings in the report include: Employee use of wellness benefits varies widely, but averages 20% for carriers that track this information. Very few carriers require waiting periods or require insureds to incur a charge before paying wellness benefit claims. All carriers that track loss ratios for their wellness benefits say they are as expected or lower than expected. None say they are higher than expected. The "Voluntary Wellness Benefits" Frontline™ Report and other Frontline™ reports are available exclusively to survey participants and members of Eastbridge's Information Partner™ program. For information on the program or to participate in future Frontline™ report surveys, contact Eastbridge at info@ About Eastbridge Consulting GroupEastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at CONTACT: Ginger BatesEMAIL: gbates@ View original content to download multimedia: SOURCE Eastbridge Consulting Group
Yahoo
09-04-2025
- Business
- Yahoo
New Eastbridge research shows employers and employees continue to keep voluntary benefits coverage
Carriers' ability to track lapse rates varies widely AVON, Conn., April 9, 2025 /PRNewswire/ -- Voluntary carriers report stable persistency in their voluntary business over the last four years despite inflation and other economic pressures, according to a new study from Eastbridge Consulting Group. Eastbridge's "Voluntary Lapse Rates" Spotlight™ Report shows average first-year lapse rates are virtually unchanged at both the account and employee levels now compared to a similar study in 2021. "Sales are important, but keeping that business also is critical for carriers' long-term success," said Ginger Bates, Eastbridge director of research. "These stable lapse rates appear to indicate employers and their employees continue to see value in the protection voluntary benefits provide." The "Voluntary Lapse Rates" Spotlight™ Report compiles data on information carriers track related to voluntary lapse rates and provides benchmarks on results at the account and employee levels. The report covers topics including account-level lapse rates by year and case size, reasons why accounts lapse, how lapse results compare to pricing expectations, employee-level lapse rates by group and individual products, five-year lapse rates for supplemental health products (accident, critical illness and hospital indemnity), trends in account-level and employee-level lapses, carriers' concerns for the future and changes carriers anticipate making to improve lapse rates. Other key findings in the report include: Voluntary carriers are mixed in their ability to track the amount of their business they keep and the reasons why coverage lapses. Few carriers track lapse rates at the employee level or by group size, and many lack this data by product. Universal life and whole life insurance have the lowest employee-level lapse rates. Voluntary carriers are concerned about the impact of heaped commissions and takeovers on account retention. Information about purchasing the "Voluntary Lapse Rates" Spotlight™ Report is available on Eastbridge's website. For more information contact Eastbridge at info@ About Eastbridge Consulting GroupEastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at CONTACT: Ginger Bates EMAIL: gbates@ View original content to download multimedia: SOURCE Eastbridge Consulting Group Sign in to access your portfolio
Yahoo
03-04-2025
- Business
- Yahoo
New Eastbridge research shows significant shift toward online benefits enrollment for mid-size companies
Strong majority of mid-size employers offer at least one voluntary benefit AVON, Conn., April 3, 2025 /PRNewswire/ -- Employees at mid-size companies are most likely to enroll in their benefits on the internet or intranet using a computer, tablet or smartphone, according to the latest research from Eastbridge Consulting Group. Eastbridge's "Voluntary and the Mid-Size Case Market" Spotlight™ Report shows 36% to 41% of employees in firms with 100–999 employees most recently self-enrolled online, compared to 28% to 29% just two years ago. Self-enrolling on paper and submitting it to the human resources department trails as the second-most common method. "Employees we surveyed also show a strong preference for online self-enrollment for their future benefits enrollments. In fact, this shift is even stronger, from 28% to 30% two years ago to 43% to 46% in this year's report," said Ginger Bates, Eastbridge director of research. "However, nearly as many employees still express a preference for individual, personal enrollment methods, including on a computer, on paper, on the phone or in a virtual meeting with a benefits counselor." The "Voluntary and the Mid-Size Case Market" Spotlight™ Report consolidates research from multiple surveys to analyze the opportunities for selling voluntary benefits to employers in medium-sized companies, defined as those with 100–999 employees. The report covers topics including products sold in this market, employer preferences that affect carrier service, differences in employee attitudes about owning voluntary benefits, and opinions of brokers who focus on the mid-size market. Voluntary carriers can use this information to better position themselves to compete in this market segment. Other key findings in the report include: Half or more mid-size employers are considering adding a new employer-funded benefit to their benefits program in the next 12 months or so, and four in 10 say they may add a new voluntary coverage. Employees in mid-size companies who don't already have a particular type of coverage express significant interest in buying it on a voluntary basis, including critical illness, cancer, identity theft, long-term care and hospital indemnity insurance. Mid-size firm employees increasingly prefer to pay for voluntary benefits through payroll deduction. The preference for credit card payment has dropped significantly for these employees. Information about purchasing the "Voluntary and the Mid-Size Case Market" Spotlight™ Report is available on Eastbridge's website. For more information contact Eastbridge at info@ About Eastbridge Consulting GroupEastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at CONTACT: Ginger BatesEMAIL: gbates@ View original content to download multimedia: SOURCE Eastbridge Consulting Group
