Majority of employers optimistic about future enrollment trends
AVON, Conn., Oct. 8, 2024 /PRNewswire/ — More than two-thirds of employers say enrollment in the voluntary benefits they offer employees was up or not affected by inflation over the last two years, according to new research from Eastbridge Consulting Group.
Eastbridge’s “MarketVision™—The Employer Viewpoint©” report shows 34% of employers say participation was higher and another 35% say it wasn’t affected by the past two years of inflation. Employers surveyed also are optimistic about inflation’s low impact on enrollment going forward: 40% say more employees will enroll in the next one to two years, while only 18% expect fewer employees to participate.
“These results appear to reinforce the value employers and employees find in the financial protection provided by voluntary benefits,” said Nick Rockwell, Eastbridge president. “Despite concerns about inflation eating into employees’ wallet share, many employees continue to take advantage of this type of coverage.”
Eastbridge’s “MarketVision™—The Employer Viewpoint©” report explores employer attitudes, preferences and opinions on voluntary products, carrier choice and enrollment based on surveys with 1,015 employers in March and April 2024. Topics include the types of voluntary and employer-paid benefits employers offer, recent or planned changes to their voluntary and overall benefits plans, top reasons for choosing a voluntary carrier, preferred education and enrollment methods, importance of online services, voluntary benefits administration challenges, and the effect of inflation on voluntary benefits participation. Carriers can use this information to stay up-to-date on the industry’s competitive landscape and inform their future strategies.
Other key findings in the report include:
- More than one-third of employers plan to expand their voluntary benefits choices in the next year or so. New plans employers most often mention adding are pet insurance, life insurance and mental health benefits.
- The price/value of products and the ease of billing and service administration are most important factors for employers in choosing a voluntary carrier.
- Close to two-thirds of employers say they have employees who work a fully remote or hybrid schedule. Employers are accommodating these changing workstyles by increasing their use of online enrollments, websites and mobile apps.
MarketVision™ reports are available to members of Eastbridge’s Information Partner™ program and sponsors. Find more information about subscribing to the Information Partner™ program on Eastbridge’s website or email info@eastbridge.com.
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: gbates@eastbridge.com |
SOURCE Eastbridge Consulting Group
