Latest news with #GingerBatesEMAIL
Yahoo
22-07-2025
- Business
- Yahoo
Latest Eastbridge report examines market potential for voluntary sales
Large percentage of employees in many highly populated states lack voluntary coverage AVON, Conn., July 22, 2025 /PRNewswire/ -- Large states already generating high voluntary benefits sales may still offer strong market opportunities, according to Eastbridge Consulting Group's new "U.S. State ESI and EPI Data for 2024"report. The report shows many states producing some of the country's highest sales and in-force premium are still relatively under-penetrated due to the large number of workers in those states. "Some of the largest, most highly populated states can still offer some of the greatest potential to voluntary carriers," said Danielle Lehman, Eastbridge senior consultant. "For example, California and New York were in the top five in the country in new sales premium last year, but still rank relatively low compared to the number of people employed in those states." The "U.S. State ESI and EPI Data for 2024"report uses state-by-state data on sales and in-force premium reported by voluntary carriers that participate in Eastbridge's survey for its annual "U.S. Voluntary/Worksite Sales Report." The latest version includes state sales data for 42 carriers representing 88% of all voluntary sales last year, and two indexes: Eastbridge Sales Index (ESI) — A state-by-state measure of sales coverage that offers a useful picture of relative sales penetration in contrast to raw sales numbers. Eastbridge Premium Index (EPI) — An overall penetration measure based on in-force premium per employed person by state. The report also includes data by product and employer size. Carriers can use this information to compare their own sales and in-force results to the industry and help identify potential opportunities for growth. The "U.S. State ESI and EPI Data for 2024"report is offered at no charge to all companies that provide annual results by state. All carriers involved in the voluntary/worksite industry are eligible to participate. More information is available on Eastbridge's website or by contacting Eastbridge at info@ About Eastbridge Consulting GroupEastbridge Consulting Group, part of NMG Consulting, specializes in research, consulting and insights for companies in the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at NMG is a consulting firm providing strategic insights and analytics across insurance, wealth management and asset management. It operates internationally offering expertise in business strategy, performance benchmarking and distribution strategies. CONTACT: Ginger BatesEMAIL: gbates@ View original content to download multimedia: SOURCE Eastbridge Consulting Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-06-2025
- Business
- Yahoo
Eastbridge research shows supplemental health products driving voluntary benefits sales growth
Critical illness, hospital indemnity products led industry growth in 2024 AVON, Conn., June 17, 2025 /PRNewswire/ -- Supplemental health products produced industry-leading sales last year, significantly surpassing the voluntary/worksite market's average growth of 2%, according to Eastbridge Consulting Group's recent "U.S. Voluntary/Worksite Sales Report." The report shows critical illness product sales grew 13% over the previous year, followed by hospital indemnity/supplemental medical products with a 7% increase. Other supplemental health products also matched or exceeded the industry's average growth: Cancer sales were up 3% and accident sales increased 2%. The more traditional voluntary lines of life and disability coverage remained relatively stable or decreased slightly. "These sales trends may indicate employees are meeting their basic core needs with their employer-provided coverage, and are looking at supplemental health products more for protection against unexpected medical costs," said Danielle Lehman, Eastbridge senior consultant. Total sales across all voluntary lines rose for the fourth straight year in 2024, while in-force premium grew at a significantly stronger 4.5% rate. Eastbridge's "U.S. Voluntary/Worksite Sales Report" provides the industry's most comprehensive, reliable and current source of data available on voluntary/worksite sales and in-force premium. The new report includes data from 2000 through 2024 from 61 companies, primarily on group and individual life and health products. Other key findings in the report include: Term life insurance continues to hold the highest share of voluntary sales overall, with sales up slightly by 1%. Long-term disability sales decreased for the second straight year. Group voluntary products continue to dominate the market, accounting for 78% of all voluntary sales in 2024. Group sales increased 3% over 2023, while individual sales fell 1%. All participants in the study for the "U.S. Voluntary/Worksite Sales Report" receive a free copy of the complete findings, including company-specific results. Carriers interested in participating in next year's study can contact Eastbridge at info@ About Eastbridge Consulting GroupEastbridge Consulting Group, part of NMG Consulting, specializes in research, consulting and insights for companies in the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at NMG is a consulting firm providing strategic insights and analytics across insurance, wealth management and asset management. It operates internationally offering expertise in business strategy, performance benchmarking and distribution strategies. CONTACT: Ginger BatesEMAIL: gbates@ View original content to download multimedia: SOURCE Eastbridge Consulting Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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
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
