A strong majority of employers with 100–999 employees now include voluntary coverage in their benefits packages, and more plan to within the next year, according Eastbridge Consulting Group’s newest research.
Eastbridge’s “Voluntary and the Mid-Size Case Market” Spotlight™ Report shows more than three-fourths of companies with 100–499 employees and 89% of companies with 500–999 employees offer at least one voluntary benefit. In addition, most mid-size employers surveyed say they’re likely to add a new voluntary benefit or move some benefit to voluntary over the next 12 months.
“Employers are responding to employee interest in voluntary benefits,” said Ginger Bates, Eastbridge director of research. “Our research shows it’s the most important reason mid-size employers decide to offer voluntary benefits. They also indicate letting employees choose what best helps their unique situations has a positive impact on recruitment and retention.”
The “Voluntary and the Mid-Size Case Market” Spotlight™ Report compiles research from multiple surveys into one report to analyze the results and opportunities for selling voluntary benefits in firms with 100–999 employees. It also includes the perspectives of key stakeholders in this market, including employers, employees and brokers. Carriers can use this information to better position themselves to compete in the mid-size case market.
Other key findings in the report include:
- Voluntary benefits are increasingly popular with employees in mid-size firms. More than half of these employees now own at least one voluntary product, and most of those with voluntary coverage own multiple products.
- Accident and critical illness insurance continue to be the top-selling voluntary products for brokers focused on the mid-size market. More than half of these brokers also are embracing nontraditional products such as identity theft and legal plans.
- The price and value of coverage, ease of billing and service administration, and a reputation for quality service and products are key factors mid-size employers consider when choosing a voluntary carrier.
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