Employees in Large Businesses Own More Voluntary Products than Employees in Smaller Firms But are Interested in Purchasing More, According to Eastbridge Consulting Group

News provided by

Mar 09, 2021, 11:00 ET

AVON, Conn., March 9, 2021 /PRNewswire/ -- Large employers (defined as those with 1,000+ employees) represent just over half of employees in the United States, or 61 million workers. Most of these employers (85%) offer voluntary products to their employees and the percentage that are planning to add a new voluntary benefit as a result of COVID-19 ranged from 25% for those with 1,000-2,499 employees to 34% for those with 10,000+ employees. And while there is opportunity for more employees to purchase voluntary (42% of those employed by a large business own a voluntary product), more than half of employees working for large businesses that own at least one voluntary product, own multiple products. What's more, around a third express interest in purchasing a variety of products like critical illness and identity theft.

Eastbridge's Voluntary Benefits and the Large Case Market Spotlight™ Report analyzes the opportunities and current results for selling voluntary benefits in the large case market and updates Eastbridge's previous report published in 2017. Specifically, the report looks at the size of the market, products offered, employer perspective on products and carriers, employee attitudes and products owned, key players in the market, and carrier practices.

Following are a few key findings from the report:

Larger employers are more likely to use multiple carriers for their voluntary benefits compared to employers overall; among the largest employers (10,000+ employees), almost half use four or more carriers.
Product bundling and discounting are growing trends amongst carriers in the large case market, with flexibility to offer on a case-by-case basis.
Close to 80% of large employers prefer all benefits to be enrolled on a single platform or as a part of their benefits administration platform, regardless of the number of carriers used.
Carriers serving the large case market face a variety of challenges such as increased competition as more carriers target large cases, increasing pressure to pay technology fees, reduce pricing and add services such as medical claims integration.

The Voluntary Benefits and the Large Case Market Spotlight™ Report is now available for purchase for $2,000. For more 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.

CONTACT:
Erin Marino ([email protected])

SOURCE Eastbridge Consulting Group