New Eastbridge research examines marketing and sales practices of voluntary benefit carriers

AVON, Conn., Jan. 25, 2022 /PRNewswire/ -- Most voluntary carriers use multiple methods to track the effectiveness of their sales and marketing efforts, but many say they're dissatisfied with those tracking abilities, according to Eastbridge's 2022 Marketing and Sales Practices of Voluntary Carriers Frontline™ Report.

Most carriers track account close ratios, monitor turnaround times for customized benefit communication materials, and use digital metrics such as open and click-through rates for social media and emails as well as views/impressions and reshares. Other common measurements are lead and proposal generation and content engagement rates, the report shows.

"Despite using multiple methods, only a third of carriers say they're satisfied with the ability to track their marketing initiatives, and nearly that many are dissatisfied or very dissatisfied," said Nick Rockwell, Eastbridge president. "It's not surprising, then, that access to high-quality employer and employee data to create a better sales process is one of the biggest obstacles carriers cite in marketing their voluntary products."

Email is the universal go-to method for voluntary carriers to reach brokers they partner with: 100% of carriers surveyed use it, 60% say it's the most effective method and 87% say  brokers prefer it. However, the report shows a strong majority of carriers (77%) also use social media to communicate with brokers — even though only 7% of carriers say it's the most effective method, and only 20% say brokers prefer it.

The Marketing and Sales Practices of Voluntary Carriers Frontline™ Report surveys 32 voluntary carriers about their methods to market and sell voluntary products to brokers, employers and employees. The report provides carriers with a benchmark they can use to compare their own marketing and sales practices against other carriers active in the voluntary market, and insight into changes and challenges they expect in the future.

Other findings in the report include:

• Fewer than one in five carriers surveyed currently sell their voluntary supplemental health products on a direct or nonpayroll basis, using brokers, the internet or associations. Buyers most often pay for these products through electronic funds transfer/bank draft or credit card.
• The continuing transition to digital/online marketing and benefits education and the investment needed to provide stronger technology solutions are top of mind for most voluntary carriers going forward.
• As more carriers sell voluntary in a digital or self-service environment, they consider developing easy-to-understand products and application processes and more engaging, interactive education materials vital to remaining competitive.

Information about obtaining the Marketing and Sales Practices of Voluntary Carriers Frontline™ Report is available on Eastbridge's website here. For more information, email [email protected] or call (860) 676-9633. 

About Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.

CONTACT: Ginger Bates
EMAIL: [email protected]

SOURCE Eastbridge Consulting Group