Group voluntary products are continuing a decade-long trend of outpacing the sales growth of individual employee benefits products, according to a new report from Eastbridge Consulting Group.
Group products accounted for 78% of all voluntary sales last year. Group product sales increased 13% in 2021. That figure surpasses the industry's strong 11% recovery growth rate and is nearly double the 7% increase in individual sales.
Two-thirds of voluntary/worksite sales are from benefit brokers who typically focus on employee benefits, particularly traditional group benefits, and generally offer voluntary benefits as an additional line.
Employee Preferences
- The following stats from a related Eastbridge report reveal that there is no one-size-fits-all approach to benefits:
- Employees in small companies are more likely to prefer talking to someone in person to learn about voluntary benefits
- Employees in the largest companies have a stronger preference for paying for voluntary benefits through payroll deduction
- The youngest employees (Generation Z) are the least likely to have core health coverage
- Employees in management/professional occupations are the most satisfied with their benefits enrollment experience
Contact CoPower about increasing your share of the growing voluntary benefits market.
Austin Kikuchi
Sales Account Representative
austin.kikuchi@copower.com
650-931-1737