New Eastbridge report shows product enhancement is a top trend for voluntary benefit carriers

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Mar 14, 2024, 08:00 ET

Broker demand for annual guaranteed-issue open enrollments also emerges as a growing trend

AVON, Conn., March 14, 2024 /PRNewswire/ -- Voluntary benefit carriers continue to enhance and expand their products with more features, benefits, options and value-added services, according to Eastbridge Consulting Group's latest research.

The "Voluntary Product Trends" Frontline™ Report shows nearly all carriers surveyed (95%) agree carriers are adding more features to their product offerings, and a strong majority (73%) agree carriers are adding more value-added services to their products. The report also shows carriers nearly universally agree (98%) brokers expect an open enrollment period with guaranteed-issue coverage every year, up significantly from 84% just two years ago.

"A third major trend the research reveals is increasing carrier concern about state and federal regulation affecting voluntary products," said Ginger Bates, Eastbridge director of research. "This issue was added to this year's survey as a new option and emerged with the third-strongest level of agreement as a major trend at 93%."

The "Voluntary Product Trends" Frontline™ Report identifies current product trends in the voluntary/worksite market and has been conducted biannually since 2002. This year's report includes data from 39 carriers collected in January 2024.

Other key findings in the report include:

Carriers surveyed say the pressure to improve their products while also lowering prices are the top two pain points in their voluntary business.
The products carriers are most likely to enhance or change this year are hospital indemnity, critical illness and personal injury accident coverage.
Mental health is the nontraditional product voluntary carriers are most likely to offer, usually as a built-in or optional benefit in another product.

The "Voluntary Product Trends" Frontline™ Report is available only to members of Eastbridge's Information Partner™ program and survey participants. Email [email protected] or call (860) 676-9633 to learn more about becoming an Information Partner™.

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