With rising health care costs and deductibles, voluntary benefits are taking off as employers seek to fill the coverage gaps. Twenty percent of brokers write $100,000 to $250,000 in new voluntary business compared to only 13% in 2017, according to a BenefitsPRO/Eastbridge survey. Brokers are finding that voluntary benefit sales help make up for lost revenues from health care coverage. Here are some more statistics that show just how popular employee benefits are getting among brokers:
- 28% say that voluntary sales account for 11% to 25% of their revenue compared to 25% in 2017
- 40% say they write more than 10 voluntary cases a year, which is a 10% increase
- 57% sell or cross-sell voluntary to all accounts compared to 48% three years ago
Brokers most commonly offer three products per enrollment, and cite billing as the top carrier administrative pain point. Brokers say that these are some of their biggest challenges when selling voluntary benefits:
- 32% Lack of interest from employers
- 16% Lack of interest from employees
- 14% Takeovers
- 18% Competition from other brokers
With CoPower, you can offer voluntary benefits on a single, easy platform so it’s effortless to add a new revenue stream from your groups.
Exclusively through LISI, CoPower offers consolidated billing, unrivaled service and customizable benefits from the nation’s top carriers.
Contact your LISI Regional Sales Manager to find out more.