Subjects: NPT, SVY
New Eastbridge research reveals technology is growing concern in voluntary/worksite industry
Need for changes, demand for subsidies putting pressure on voluntary carriers
AVON, Conn., May 9, 2023 /PRNewswire/ -- Technology is at the top of the list as the most formidable challenge and a driver of competitive advantage in the next five years for voluntary benefits carriers, according Eastbridge Consulting Group's newest research.
Eastbridge's "The Voluntary/Worksite Market?An Executive Perspective 2023" Spotlighttm Report shows keeping up with new technology, the influence of benefit technology platforms on carrier selection, the need to upgrade administration systems, and eroding profitability from technology subsidies are top concerns for industry executives.
"Voluntary carriers are clearly focused on improving their technology, from streamlined processes to creating a better user experience to integrating artificial intelligence in their systems," said Nick Rockwell, Eastbridge president. "But many also continue to tell us increasing demand for subsidies to pay for external technology platforms is putting pressure on profitability."
"The Voluntary/Worksite Market?An Executive Perspective 2023" Spotlighttm Report updates 20 years of research tracking executive's insights and opinions on market trends, obstacles the industry faces and future expectations. The report uses survey results from 52 industry executives representing at least 28 companies to provide carriers information they can use to fine-tune their own view of the future of worksite marketing and craft their value propositions.
Other key findings in the report include:
- Concerns about the industry movement to self-service enrollments and virtual platforms have dropped significantly in the past two years, with only 8% of executives citing it as a major obstacle to their business.
- Fewer executives than in the past see new, nontraditional product lines as a key market change competing with traditional life, disability and supplemental health products.
Information about purchasing the "The Voluntary/Worksite Market?An Executive Perspective 2023" Spotlighttm Report is available on Eastbridge's website. Those interested can email info@eastbridge.com 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. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.
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SOURCE Eastbridge Consulting Group
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