Voluntary Carriers Have Seen Increasing Enrollment Participation Rates, and While They Expect This Trend to Continue, Barriers Remain

AVON, Conn.--(BUSINESS WIRE)--Eastbridge’s 2017 Voluntary Participation Rates Spotlight™ Report found that carriers are seeing, on average, just under one -third of eligible employees purchase voluntary benefits during enrollments. Those rates have been increasing over the last 2-3 years, according to almost two-thirds of the survey participants, primarily because carriers are becoming more sophisticated at identifying the most important variables impacting enrollment conditions. The majority of carriers also expect this same upward trend to continue over the next 1-3 years. The primary factors attributed to both past and future anticipated success include the enhancement of marketing materials, targeted broker selection, and the implementation of case specific strategies.

There is strong consensus among voluntary benefit carriers around what does and does not work in setting optimal conditions to maximize employee enrollment levels. The majority agree on how factors like enrollment with core benefits, being on the same platform as the medical benefit enrollment, and requiring mandatory elections impact participation. However, beliefs were mixed on how the sequencing of products and off-cycle enrollment conditions impact participation.

While carriers are optimistic about future increases in participation rates, a few barriers continue to remain. One is tracking enrollment variables like product, methodology, and case size, which limits their ability to measure success and recommend action to improve enrollment conditions. Another is lack of employer engagement and employee access, which both limit the improvement of participation rates.

The 2017 Voluntary Participation Rates Spotlight™ Report provides additional commentary on the impact of various enrollment conditions on participation results, as well as ideas for improving overall enrollment levels on an ongoing basis. The report is now available for purchase for $2,000. For more information or to order, call today at [phone] or email us at [e-mail].

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