THE 2018 BenefitsPRO/East-bridge Broker Survey found
that the most frequently
sold products were very
similar for benefit brokers
and voluntary brokers, and
that both broker types are
selling more supplemental
health products today than they
have in the past.
With growing similarities in
products offered, how can you
meaningfully differentiate yourself among current and prospective clients beyond your product
portfolio? You could consider focusing
on non-product issues, such as better
aligning client needs during carrier selection or helping design more effective
enrollment solutions.
Eastbridge’s 2018 Employer View-
point study found that while employers
find things like the price/value of prod-
ucts offered and the carrier’s financial
rating to be important in selecting a
voluntary carrier, they are especially dis-
cerning about the following: the quality
of enrollment and communication mate-
rials; availability of tools, calculators and
benefits advice; carrier help with devel-
oping a communications and enrollment
strategy; and the recommendation of a
broker/agent. All these factors
have increased in importance
over time.
Employers are looking to
you for carrier recommenda-
tions, so are you aligning your
selection criteria to employers’
In Eastbridge’s 2018 Employer
Viewpoint study, almost half of the
employers surveyed prefer to offer only
one or two voluntary products at any
given enrollment, as opposed to as
many products as possible. Employers
feel limiting the number of products
increases the overall understanding of
benefits and increases participation.
Does your product strategy align with
employers’ sentiments? This is another
area where employers are looking for
your expertise and where you can show
your value.
Focusing on areas beyond product
portfolio differentiation allows brokers
to demonstrate their sophistication
around voluntary services, technology and enrollment strategy. For many
producers, this may mean breaking out
of their comfort zone, forging new enrollment partnerships and naming new
preferred carriers to meet the diverse
needs of their employer clients.
What makes you stand out from your competition?
PLOT POINTS
By Bonnie Brazzell
and Nick Rockwell
Top five voluntary
products sold in 2017
Importance factors
in choosing a
voluntary carrier
Preference for number of voluntary
products offered at one time
Bonnie
Brazzell and
Nick Rockwell,
Eastbridge
Consulting
Group, Inc.
Quality enrollment and
communication materials
36%
62%
Availability of tools,
calculators and benefits
advice to help employees
make informed benefits
decisions
22%
54%
Carrier help with developing
a communications and
enrollment strategy
29%
51%
Recommendation of
broker/agent
32%
No preference; defer to broker recommendation
25%
1–2; Limiting number of products increases
overall understanding of benefits and
increases participation
48%
As many as possible; employees appreciate
having a large number of voluntary choices
7%
Don’t know
2014 2018
Benefit brokers
1 Dental
2 Accident (tied)
2 Critical illness (tied)
4 Short-term disability
5 Term life
Voluntary brokers
1 Accident
2 Short-term disability
3 Critical illness
4 Cancer
5 Term life
