Voluntary Executives View Keeping Up With Technology As One Of The Biggest Obstacles Facing Their Business Today And In The Future, Finds A New Eastbridge Frontline™ Report
AVON, Conn., June 17, 2021 /PRNewswire/ -- The top three most formidable obstacles facing their voluntary business today cited by executives participating in Eastbridge's 2021 Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report are "technology fees and subsidies eroding profitability" followed closely by "keeping up with technology" and "product competition." "Keeping up with technology" was also the most common selection by executives as the greatest obstacle for their company over the next five years, consistent with our studies in 2019 and 2017, followed by "product competition."
Nearly all the executives anticipate that employers will continue to expect better administrative solutions and processes. In almost equal measure, executives see competition with other carriers for brokers is getting more intense. Executives also rated these two potential changes as being the most impactful to their business, which has been consistent from previous studies in 2017 and 2019.
The percentage of executives who agree employers are becoming more sophisticated overall when it comes to voluntary products increased over the three study periods, up to just over 70% in 2021 from just over 60% in 2019 and about 50% in 2017. Almost all of the executives also agree brokers are getting smarter about voluntary business.
In response to increased broker and employer expectations, virtually all of executives are planning to make administrative changes. About two-thirds of executives say their company plans to make major changes to administrative systems in the next five years, and the remaining third expect to make minor tweaks/changes to their system.
The Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report tracks executives' thoughts and insights on the obstacles facing the industry today, as well as what they might expect for the future. The survey also explores the executives' opinions on other topics based on market trends. The first survey was conducted in 2003, and subsequent surveys have been conducted every two years. This year's report summarizes the responses from 58 executives and, where appropriate, notes any trends or changes from the previous study's findings.
Eastbridge Information Partners™ as well as survey participants receive the Frontline™ Report free of charge. For more information regarding the Information Partner™ program or about Eastbridge reports, email the company at [email protected] or visit the website at www.eastbridge.com.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.
For Further Information, Contact: Erin Marino ([email protected])
SOURCE Eastbridge Consulting Group
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