Carriers see positive momentum in key voluntary sales metrics in the wake of the COVID-19 pandemic, finds Eastbridge Consulting Group

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Jul 15, 2021, 08:00 ET

AVON, Conn., July 15, 2021 /PRNewswire/ -- An updated survey by Eastbridge Consulting Group, entitled Voluntary/Worksite and COVID-19: Updated Carrier Perspectives on 2020 Impacts and 2021 Expectations, found that while just over half of carriers reported lower than expected sales results in 2020, carriers are seeing improved sales metrics today. Consider these findings:

75% of carriers are seeing increased quote activity.
67% are seeing increased voluntary sales.
53% are seeing increased enrollment activity.

In addition, the following stats from the report highlight the overall optimism carriers feel towards the voluntary business:

Almost 60% of carriers think more employees will enroll as a result of the change in enrollment method, up from only 23% in our previous survey.
86% of carriers expect higher voluntary sales in 2021 as compared to 2020.
Most carriers (74%) expect an immediate sales recovery with increased sales in 2021 while the remaining 27% expect 2021 sales to be depressed but then increase thereafter.

Voluntary/Worksite and COVID-19: Updated Carrier Perspectives on 2020 Impacts and 2021 Expectations updates the studies conducted in September and April 2020 and includes topics including changes to relief plans for employers and employees; product changes and COVID-19 coverage; the effects of COVID-19 on sales metrics, participation and lapses; changes to enrollments and expectations for participation impacts; and any claims impact. This report adds data on 2020 sales results and expectations for 2021 and beyond.

This report is an Eastbridge Frontline™ Report. Eastbridge Information Partners™ as well as survey participants receive the Frontline™ Report free of charge. For more information regarding the Information Partner™ program or about Eastbridge reports, email the company at [email protected], visit the website at www.eastbridge.com 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