New Eastbridge report examines critical role of strong administrative capabilities in voluntary benefits market

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Dec 13, 2022, 08:00 ET

Report shows need for efficient, seamless system integration

AVON, Conn., Dec. 13, 2022 /PRNewswire/ -- Voluntary carriers must be able to seamlessly integrate multiple administration systems with multiple vendors to meet customer needs and succeed in the market, according to Eastbridge's new Administrative Practices of Voluntary Carriers Spotlight™ Report.

The report shows the majority of carriers use separate but integrated systems for their administrative functions. Only a handful of those surveyed for the report use a single system to manage all administrative functions.

The Administrative Practices of Voluntary Carriers Spotlight™ Report uses survey data from 35 voluntary carriers to compare detailed information on key carrier administrative practices such as administration structure and capabilities, policy issue, service standards and capabilities, and voluntary administration current and future trends.

"Strong enrollment capabilities and products are necessary, but they're not enough to compete long-term in today's voluntary marketplace," said Ginger Bates, Eastbridge director of research. "Back-end administration — the quality and reliability of policy issue, billing, and service support processes in particular — is equally important."

Other key findings in the report include:

Call centers remain important despite the increase in self-service capabilities. Customers expect the convenience and efficiency of self-service options, but they also want the ability to have personal interaction.
A majority of carriers surveyed outsource some of their billing or administrative functions, and some outsource all those functions for their voluntary business.

Information about purchasing the Administrative Practices of Voluntary Carriers 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.

CONTACT:
EMAIL:

Ginger Bates
[email protected]

SOURCE Eastbridge Consulting Group