New Eastbridge report explores trends in voluntary products
AVON, Conn., June 7, 2022 /PRNewswire/ -- Voluntary benefits carriers are nearly unanimous in agreeing they're under more pressure to increase technology funding and add more features, benefits or options to their plans, according to Eastbridge's new Voluntary Product Trends Frontline™ Report.
- The report includes data from a survey of 37 voluntary benefits carriers in March and April 2022 to identify current product trends in the voluntary/worksite market.
- It shows 97% of carriers strongly agree or agree they face increased tech funding pressure, up considerably from 82% two years ago.
- The percentage that agree carriers are adding more options to their voluntary products also is up significantly, from 82% in 2020 to 95% this year.
- Other key findings in the report include:
Most carriers (87%) plan to introduce new products or revise existing products this year, either to catch up with competitors or create differentiation.