New Eastbridge report shows online services now nearly universal in voluntary benefits market

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Dec 19, 2022, 08:00 ET

Carriers lag in ability to track use of online capabilities

AVON, Conn., Dec. 19, 2022 /PRNewswire/ -- Nearly all voluntary carriers offer their customers online services, but a surprising number don't track or don't know if customers use these services, according to a new Eastbridge study.

Eastbridge's Online Services of Voluntary Carriers Spotlight™ Report shows 97% of carriers offer an employee website or portal and 94% offer a similar service for employers or plan administrators. Fewer — but still a strong majority at 69% — offer online services for their brokers and producers. However, less than a quarter of carriers with an employee website can provide numbers on use of their site, and only about one in five track broker use.

"Most carriers are investing significant resources to develop and support online services, and our research shows this trend will continue to grow," said Ginger Bates, Eastbridge director of research. "Tracking the use of portals and online tools could help carriers better understand the features customers value most and justify the expense required to meet those needs."

The Online Services of Voluntary Carriers Spotlight™ Report uses survey data from 35 voluntary carriers to compare their online practices, including services and capabilities they offer employers/plan administrators, brokers/producers and employees/policyholders. The report also examines recent changes and improvements to online services, obstacles and challenges carriers face in providing online services, and trends they see and plans they have for future for online capabilities.

Other key findings in the report include:

The most common online services for employees include the ability to file and track claims. Employer services tend to focus on bill reconciliation and payment, while brokers most typically can view commission statements and account-level data.
Better decision-support tools, improved electronic file exchanges and new chat capabilities lead the list of online service enhancements carriers plan to make.

Information about purchasing the Online Services 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: Ginger Bates
EMAIL: [email protected]

SOURCE Eastbridge Consulting Group