Broker and employer interest in offering non-traditional products continues to rise, according to Eastbridge Consulting Group

AVON, Conn., Jan. 25, 2018 -- Broker interest in adding non-traditional voluntary products to their portfolio is increasing as is employers offering and employees owning these products, according to several recent Eastbridge research studies. Some of the more common non-traditional voluntary products offered include legal services, purchase programs, identity protection and pet insurance. Non-traditional providers offer simple, affordable products with minimal to no underwriting and multiple enrollment options, giving brokers and employers much needed diversification and additional revenue streams in a changing benefits landscape. This finding and others are presented in Eastbridge’s recently released Non-Traditional Voluntary Products Spotlight™ Report. According to survey participants:

• Non-traditional products have grown in popularity as a voluntary offering, especially amongst employers with 1,000 or more employees.
  
  
• Brokers are continuing to include non-traditional products in their voluntary portfolios with the top four non-traditional products being legal services, identity protection, wellness programs and discount health programs.
  
  
• Typical broker compensation for both identity protection and legal services products ranges from 10% to 20%.

The biggest challenge noted by the non-traditional providers is lack of employer, broker and employee awareness of the value these products provide. This, in turn, has impacted employee access, educational efforts and achieving ideal enrollment conditions.

The Non-Traditional Voluntary Products Spotlight™ Report provides data on the overall non-traditional market, with a focus on legal services and identity protection. Provider profiles for several manufacturers of these products are included and cover topics such as details on products offered, distribution channels, broker compensation and support, and enrollment and administrative capabilities.

The report is now available for purchase for $2,000. For additional information or to purchase the report, e-mail [email protected] or call (860) 676-9633.

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.

FOR FURTHER INFORMATION, CONTACT:

Ginger Bates
(803) 782-0560