Latest news with #Spotlight™Report
Yahoo
2 days ago
- Business
- Yahoo
Latest Eastbridge study shows voluntary carriers offer special services and underwriting for large employers
Large employer market accounts for more than half of U.S. employees AVON, Conn., Aug. 14, 2025 /PRNewswire/ -- Most voluntary carriers sell multiple products — often in bundles with discounts for multiple product sales — to their larger customers, according to new research from Eastbridge Consulting Group. Eastbridge's "Voluntary Benefits in the Large Case Market" Spotlight™ Report shows most carriers offer special services, such as a dedicated service team and support resources, to these large accounts. Carriers also tend to have more liberal underwriting guidelines for large cases, with higher guaranteed issue amounts, higher benefit limits, and lower or no participation minimums. "Despite the greater complexities of working with larger accounts, carriers often mention increased competition as a significant challenge in this market," said Ginger Bates, Eastbridge director of research. "Price competition, keeping up with technology, and technology funding requests are among the key challenges carriers face in the large employer market." The "Voluntary Benefits in the Large Case Market" Spotlight™ Report analyzes the current results and opportunities for selling voluntary benefits in the large employer market, defined as groups with 1,000 or more employees. It covers topics including the size of this market, products sold, employer criteria for selecting voluntary products and carriers, employee attitudes and ownership, and carrier practices. Carriers can use this information to better understand and improve their effectiveness in the large case market. Other key findings in the report include: Online benefit administration is an extremely important factor for large employers when selecting a voluntary carrier. Essential services include the ability for employees to file claims and check the status of their claim, employers to view and/or change employee coverages, and employers to view the company's bill. Employees in large companies are most likely to own voluntary life insurance, but carriers surveyed say they most often sell supplemental health products — accident, critical illness and hospital indemnity coverage — in this market. Nearly all carriers surveyed state API/data integration is very or extremely important when working in the large case market. Carriers also see claims integration as more important to larger case employers than smaller ones. Information about purchasing the "Voluntary Benefits in the Large Case Market" Spotlight™ Report is available on Eastbridge's website or by emailing 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
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
