Eastbridge

New Eastbridge report shows voluntary carriers increasingly follow domicile state for multistate accounts

Retrieved on: 
Tuesday, December 5, 2023
Research, Multistate Tax Commission, Insurance, Airline, Eastbridge

AVON, CONN., Dec. 5, 2023 /PRNewswire/ -- The number of voluntary carriers using the employer's primary location as the governing state for multistate accounts has nearly doubled in the past decade, according to new Eastbridge Consulting Group research.

Key Points: 
  • The "Situs State Regulation Practices of Voluntary Carriers" Frontline™ Report shows 81% of carriers surveyed default to the employer's situs state for multistate accounts, up from 47% in 2012.
  • The "Situs State Regulation Practices of Voluntary Carriers" Frontline™ Report analyzes data collected from 38 voluntary carriers in September and October 2023.
  • A third of carriers vary their practices by state, especially for multistate accounts based in New York, New Mexico and Washington.
  • The "Situs State Regulation Practices of Voluntary Carriers" Frontline™ Report is available only to members of Eastbridge's Information Partner™ program and survey participants.

New Eastbridge report examines employee preferences and needs for voluntary benefits

Retrieved on: 
Thursday, October 19, 2023
Internet, Information, Workforce, Research, Health insurance, Eastbridge

AVON, Conn., Oct. 19, 2023 /PRNewswire/ -- Company size can have a significant impact on how employees want to learn about voluntary benefits available to them at work, according to recent Eastbridge Consulting Group research.

Key Points: 
  • The "MarketVision™—The Employee Viewpoint©" Report shows employees in larger firms are more likely to want to learn about their benefits on their own through employer-provided information, while those in small companies would rather talk with someone in person.
  • "Our research shows strong employee interest in and ownership of voluntary benefits across the board, but employees in different company sizes and different generations sometimes have quite different opinions on aspects of their benefits experience," said Ginger Bates, Eastbridge research director.
  • "It's important for carriers that want to succeed in the voluntary market to understand these differences and be able to address them."
  • The "MarketVision™—The Employee Viewpoint©" Report examines employee attitudes and opinions about voluntary products, including types of benefits they own, preferred payment and enrollment methods, most common and most useful benefits education methods, online capabilities they need and more.

Eastbridge research shows strong interest in voluntary benefits in large case market

Retrieved on: 
Wednesday, October 11, 2023
Online, AVON, Long-term care, Insurance, Research, Health insurance, Life insurance, Eastbridge

AVON, Conn., Oct. 11, 2023 /PRNewswire/ -- Companies with 1,000 or more employees usually offer more comprehensive benefits packages than smaller firms, but employees at these large companies still express strong interest in buying additional coverage such as long-term care, critical illness and even nontraditional products such as identity theft protection, pet and auto/homeowners' insurance, according to recent Eastbridge Consulting Group research.

Key Points: 
  • The "Voluntary Benefits in the Large Case Market" Spotlight™ Report shows more than a third of large company employees who don't already own long-term care or critical illness insurance are interested in buying it on a voluntary basis, with employees in the 1,000–2,499 case size showing the strongest interest.
  • The "Voluntary Benefits in the Large Case Market" Spotlight™ Report analyzes the opportunities and current results for selling voluntary benefits to employers with 1,000 or more employees.
  • "Since most of these large employers offer voluntary benefits, they have a big impact on the industry, so it's critical for those doing business in this market to understand large employers' needs and preferences."
  • For more information about the "Voluntary Benefits in the Large Case Market" Spotlight™ Report and how to obtain a copy, visit Eastbridge's website , email [email protected] or call (860) 676-9633.

New Eastbridge report examines three scenarios for future of voluntary benefit sales

Retrieved on: 
Thursday, September 21, 2023
Research, Environment, Regulation, Tourism, Eastbridge

AVON, Conn., Sept. 21, 2023 /PRNewswire/ -- Voluntary benefit sales are projected to return to historical levels over the next four years, according to models in Eastbridge Consulting Group's most recent research.

Key Points: 
  • The "Forecasting Voluntary Sales" Spotlight™ Report analyzes the current sales environment and future potential sales for the voluntary market.
  • The report includes projections based on Eastbridge's current views of the sales environment and offers three different scenarios.
  • "Voluntary sales are affected by many different factors, including government regulation, economic conditions, and the lingering effects of the pandemic," said Danielle Lehman, Eastbridge senior consultant.
  • For more information about the "Forecasting Voluntary Sales" Spotlight™ Report and how to obtain a copy, visit Eastbridge's website , email [email protected] or call (860) 676-9633.

New Eastbridge report examines employer benefits by size and industry

Retrieved on: 
Wednesday, August 16, 2023
Workforce, Cancer, Research, Life, Education, Disability, Health insurance, Retail, Eastbridge

AVON, Conn., Aug. 16, 2023 /PRNewswire/ -- Small companies with fewer than 50 employees are much less likely than larger firms to offer voluntary benefits to their employees, according to Eastbridge Consulting Group's most recent research.

Key Points: 
  • Eastbridge's 2023 "Employer Size and Industry Demographics for the Voluntary/Worksite Market" report shows companies with more than 50 employees are significantly more likely than the smallest employers to include voluntary products in their benefits packages.
  • The "Employer Size and Industry Demographics for the Voluntary/Worksite Market" report delves deeper into data collected from 1,016 employers nationwide in March and April and May 2022 to identify how benefit offerings, needs and attitudes vary by employer size and industry.
  • The report examines employer preferences and practices in seven different size groups between 10 and more than 10,000 employees, and in eight different industry segments, including business services, personal services, construction, manufacturing, retail/wholesale trade, finance/insurance/real estate, health care, and education.
  • For more information about the "Employer Size and Industry Demographics for the Voluntary/Worksite Market" report and how to obtain a copy, visit Eastbridge's website , email [email protected] or call (860) 676-9633.

New Eastbridge report examines compensation of voluntary brokers

Retrieved on: 
Wednesday, July 26, 2023
Research, Airline, Insurance, Eastbridge

AVON, Conn., July 26, 2023 /PRNewswire/ -- Most voluntary benefits carriers offer numerous options for commission schedules, bonuses and other compensation to attract, compete for and reward the business partners they depend on to market their products, according to Eastbridge Consulting Group's most recent research.

Key Points: 
  • Eastbridge's 2023 "Voluntary Carrier Commission and Compensation Practices" SpotlightTM Report shows 71% of carriers offer multiple commission schedule variations, 79% offer a bonus program, and 68% pay the same commissions for takeover business as new business.
  • "Recruiting the right type of broker is essential to voluntary carriers' success," said Nick Rockwell, Eastbridge president.
  • The "Voluntary Carrier Commission and Compensation Practices" SpotlightTM Report compiles data from 28 voluntary carriers surveyed in April and May on practices and trends for commissions, vesting, advances, bonuses and compensation reporting.
  • The report is designed to help carriers compare their compensation programs with others in the voluntary industry to determine if they need to make changes to stay competitive.

Eastbridge study shows largest carriers capture growing share of voluntary market

Retrieved on: 
Tuesday, July 18, 2023
Competition, Cancer, Research, Hospice and palliative medicine, Pharmaceutical industry, Renewable energy, Eastbridge

AVON, Conn., July 18, 2023 /PRNewswire/ -- The top 15 voluntary benefits companies outpaced the industry's overall sales growth rate last year and increased their dominance in the worksite market, according to Eastbridge Consulting Group's most recent research.

Key Points: 
  • Eastbridge's "Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles" SpotlightTM Report shows the 15 largest carriers averaged 6.3% sales growth in 2022, exceeding the industry average of 5.4%.
  • "More than half of the largest carriers saw sales increase by double digits last year, while only two carriers had sales decreases compared to 2021," said Nick Rockwell, Eastbridge president.
  • The report also provides a competitive analysis of 10 of the top carriers in the voluntary/worksite industry.
  • Term life insurance continues to be the top-selling product with 21% of all voluntary business, although sales dropped slightly from 2021.

Eastbridge report shows strong growth in voluntary long-term disability market

Retrieved on: 
Thursday, June 29, 2023
Insurance, Eastbridge

AVON, Conn., June 29, 2023 /PRNewswire/ -- Demand for long-term disability coverage continues to grow in the voluntary/worksite market, according to Eastbridge Consulting Group's most recent research.

Key Points: 
  • Eastbridge's "Voluntary Long-Term Disability Products" Spotlight™ Report provides key competitive data on benefits and structure; administrative, underwriting and compensation practices; and current and future obstacles and trends in the voluntary long-term disability market based on written surveys and secondary sources collected from 19 VLTD carriers in March and April 2023.
  • Other key findings in the report include:
    All the carriers surveyed offer guaranteed issue underwriting for their VLTD plans, but often require higher participation than for most other voluntary products.
  • All carriers offer both a stand-alone and a buy-up version of their long-term disability plans.
  • Information about purchasing the "Voluntary Long-Term Disability Products" Spotlight™ Report is available on Eastbridge's website .

Eastbridge Consulting Group recognizes Sun Life as Voluntary Sales Growth Leader

Retrieved on: 
Tuesday, June 20, 2023
NBAP, Growth, Publishing, Education, Sun Life Financial, Renewable energy, Eastbridge

AVON, Conn. , June 20, 2023 /PRNewswire/ -- Eastbridge Consulting Group has named Sun Life U.S. the 2022 Voluntary Sales Growth Leader in the large carrier category for its outstanding sales growth. Sun Life U.S. reported sales growth of 32.7% in 2022 and 12.4% in 2021 to earn the annual recognition from Eastbridge for companies with more than $150 million in sales.

Key Points: 
  • AVON, Conn. , June 20, 2023 /PRNewswire/ -- Eastbridge Consulting Group has named Sun Life U.S. the 2022 Voluntary Sales Growth Leader in the large carrier category for its outstanding sales growth.
  • Sun Life U.S. reported sales growth of 32.7% in 2022 and 12.4% in 2021 to earn the annual recognition from Eastbridge for companies with more than $150 million in sales.
  • Eastbridge recognizes carriers that exhibited stronger-than-average growth in voluntary sales for the previous three years after publishing its annual "U.S. Voluntary/Worksite Sales Report."
  • All carriers participating in the survey with at least $10 million in annual sales are eligible to win the Voluntary Sales Growth Leader recognition.

Eastbridge Consulting Group recognizes MassMutual as Voluntary Sales Growth Leader

Retrieved on: 
Wednesday, June 14, 2023
NBAP, Growth, MassMutual, Publishing, Renewable energy, Eastbridge

AVON, Conn., June 14, 2023 /PRNewswire/ -- Eastbridge Consulting Group has named MassMutual the 2022 Voluntary Sales Growth Leader in the small carrier category for its outstanding sales growth. MassMutual reported sales growth of 32.5% in 2022 and 58.3% in 2021 to earn the annual recognition from Eastbridge for companies with $10 million to $49.9 million in sales.

Key Points: 
  • AVON, Conn., June 14, 2023 /PRNewswire/ -- Eastbridge Consulting Group has named MassMutual the 2022 Voluntary Sales Growth Leader in the small carrier category for its outstanding sales growth.
  • MassMutual reported sales growth of 32.5% in 2022 and 58.3% in 2021 to earn the annual recognition from Eastbridge for companies with $10 million to $49.9 million in sales.
  • Eastbridge recognizes carriers that exhibited stronger-than-average growth in voluntary sales for the previous three years after publishing its annual "U.S. Voluntary/Worksite Sales Report."
  • All carriers participating in the survey with at least $10 million in annual sales are eligible to win the Voluntary Sales Growth Leader recognition.