“After more than two decades of near-continuous growth, the voluntary benefits market is still only half tapped, says Nick Rockwell, Eastbridge president. “Even during previous economic downturns, we’ve seen strong demand and need for the added protection that voluntary benefits provide employees.”
About 54 million employees work in businesses that don’t yet offer voluntary benefits. Another 14 million have access to voluntary benefits, but they haven’t purchased coverage yet, according to a recent Eastbridge report.
The continuing move away from employer-funded benefits could help fuel voluntary growth. The voluntary benefits market will likely see healthy sales growth for the next several years. However, inflation could hold growth well below strong results in 2021. Despite the uncertain economy, the report reveals continued opportunity for carriers and producers in the voluntary market.
Contact CoPower about increasing your share of the growing voluntary benefits market.
Austin Kikuchi
Sales Account Representative
austin.kikuchi@copower.com