Brokers have seen mixed impacts to their voluntary business as a result of COVID-19, according to Eastbridge Consulting Group

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May 18, 2021, 10:30 ET

AVON, Conn., May 18, 2021 /PRNewswire/ -- Over the past 12 months, brokers have seen significant variability in quote activity, sales, and enrollment activity/requests due to COVID-19, according to Eastbridge's 2021 Brokers and Voluntary Benefits in a COVID-19 World Spotlight™ Report. The study found, for example, that a third of brokers have seen voluntary sales decrease, just under a third have seen no change, and just over a third have seen increased sales.

COVID-19 also drove a majority of brokers to change their most frequently used enrollment method. The study found that Benefit Brokers most commonly used online, self-service enrollments for the 2020 enrollment season, while Voluntary Brokers most frequently used the call center. The resulting impact to participation as a result of the change in enrollment method varied for Benefit Brokers and Voluntary Brokers.

Looking ahead, brokers voice optimism for their voluntary business. Both Benefit Brokers and Voluntary Brokers are expecting increased sales in 2021, with less than 10% of brokers expecting sales to be lower in 2021. They also expect employers and employees to be more enthusiastic about voluntary benefits as a result of COVID-19, though to varying degrees depending on the broker type.

The Brokers and Voluntary Benefits in a COVID-19 World Spotlight™ Report covers these COVID-19 related topics and the following:

Brokers' current focus on voluntary (NBAP, new group growth, cross-sales with voluntary)
Most commonly sold voluntary products by brokers today and recent changes in product mix
Most frequently sold non-traditional products on a regular basis
Voluntary carriers used most frequently by brokers and their reasoning
Carrier administrative pain points and frequency of carrier switching
Carrier selection criteria
Trends in technology funding and future expected changes in enrollment methods
Competitive pressures felt by brokers and what they need from carriers to be more successful
Trends in off-cycle enrollments and P&C licensing

The report is currently available for purchase for $1,500. For additional information or to purchase the report, visit the report page by clicking here, e-mail [email protected], or call (860) 676-9633.

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.

FOR FURTHER INFORMATION, CONTACT:
Erin Marino [email protected]

SOURCE Eastbridge Consulting Group