New Eastbridge report shows broker sales bouncing back post-pandemic

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May 16, 2023, 08:00 ET

Voluntary sales equal or higher than recent years for most brokers

AVON, Conn., May 16, 2023 /PRNewswire/ -- More than half of voluntary and benefit brokers saw 2022 sales at least as high as before the pandemic, and nearly a third say their sales exceeded that level, according Eastbridge Consulting Group's newest research.

Eastbridge's "Voluntary Benefits: Brokers Back in Business" Spotlight™ Report uses new survey results to update a decade of research into broker practices and trends conducted jointly by Eastbridge and BenefitsPRO magazine. Topics include brokers' current focus on voluntary business, sales performance compared to pre-pandemic results, most frequently sold voluntary and nontraditional products, enrollment methods and technology platforms brokers use most often, brokers' view of employer and employee enthusiasm for voluntary benefits, and top issues affecting the industry.

"Nearly half the brokers we surveyed say employee participation in their benefits enrollments was up last year compared to before the pandemic," said Nick Rockwell, Eastbridge president. "About a third of brokers are still relying on online, self-service enrollments, but onsite meetings — either individually, as a group or both — appear to be seeing a bounce-back."

Other key findings in the report include:

More than 70% of brokers sell nontraditional products such as identity theft protection, discount health programs and wellness programs on a regular basis.
Product price and product features/benefits are the top criteria brokers use to select carriers. Service/administration and integration with clients' enrollment/administrative needs are also key considerations.

Information about purchasing the "Voluntary Benefits: Brokers Back in Business" 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: Ginger Bates
EMAIL: [email protected]

SOURCE Eastbridge Consulting Group