Latest Eastbridge report shows big growth potential in small market

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Feb 16, 2023, 08:00 ET

Research reveals more small employers now offer voluntary benefits

AVON, Conn., Feb. 16, 2023 /PRNewswire/ -- Employees in small companies are more likely than ever to have access to voluntary benefits at work, according Eastbridge Consulting Group's newest study.

Eastbridge's "Voluntary and the Small Market" Spotlight™ Report shows the number of small employers offering their employees at least one voluntary benefit has increased significantly over the last few years. Nearly two-thirds (64%) of employers with 10–49 employees offer at least one voluntary benefit, up from 53% in 2017, while the number jumped from 74% to 83% for employers with 50–99 employees.

"Small employers are still less likely than large employers to offer many types of benefits, but the gap is narrowing," said Ginger Bates, Eastbridge director of research. "Small businesses account for more than 90% of all businesses and 30 million employees. There's a small business on nearly every street corner, so for carriers, access to employees can be much easier than at larger firms."

The "Voluntary and the Small Market" Spotlight™ Report compiles research from multiple surveys to analyze the results and opportunities for selling voluntary benefits in the small employer market.

Other key findings in the report include:

Short-term disability and vision coverage lead the list of voluntary benefits small employers are most likely to offer. Dental and term life insurance also rank highly.
Small employers can still be tech-savvy. More than one in five small employers (21%–22%) say they won't select a carrier that doesn't offer online administration, and at least another 40% say the availability of online services would impact their choice of a carrier.

Information about purchasing the "Voluntary and the Small Market" Spotlight™ Report is available on Eastbridge's website. Those interested can email [email protected] or call (860) 676-9633.

About Eastbridge Consulting Group

Eastbridge 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 https://www.linkedin.com/company/eastbridge-consulting-group.