Group companies are finding voluntary benefits an important part of their sales according to a new report by Eastbridge Consulting Group

AVON, CONNECTICUT, USA (January 14, 2009) – Over the past ten years, group companies have entered the voluntary market in increasing numbers. When Eastbridge first studied the strategies of group companies in 2004, most of those in the market still saw voluntary as a “one off” to their traditional group product strategy. “The market has changed dramatically over the past few years,” say Gil Lowerre, president of Eastbridge. ” In 2004, voluntary was primarily seen as an extension of the core group portfolio. Today, companies plan for and track voluntary separately and have specific voluntary sales goals,” says Bonnie Brazzell, vice president of Eastbridge. “We believe that having a separate strategy for voluntary is critical for any company that wants to be a leader in the voluntary market,” adds Lowerre.

“Another change,” says Brazzell, “is that group companies are now developing products specifically for the unique needs of the voluntary market.” In the past, carriers have simply used their traditional group plans on an employee-pay-all basis.

“All of the changes documented in our newest study of group companies, Group Companies and Voluntary/Worksite-Revisited, are positive signs for these carriers and the industry as a whole,” says Lowerre. “We are seeing both group and individual companies change to better meet the competition and the needs of the market.”

Group Companies and Voluntary/Worksite-Revisited is now available for purchase. The report looks at the practices of 15 group companies in the voluntary market. Specifically, the report includes data on:

  • Results
  • Products
  • Distribution
  • Enrollment
  • Administration
  • Expectations for the future

The report also updates similar data gathered in a previous study in 2004 and looks at how group companies and their voluntary offerings have changed since then.

The report is now available for sale for $2,000. More information, including a table of contents for the report, is available on Eastbridge’s website.

About Eastbridge Consulting Group, Inc.

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.