Most voluntary carriers report average participation is steady or increasing AVON, Conn. , Aug. 20, 2024 /PRNewswire/ -- Employees in small companies are more than twice as likely as those in the largest firms to participate in their voluntary benefits enrollment, according to new Eastbridge Consulting Group research.
Eastbridge's "Understanding Voluntary Participation Rates" SpotlightTM Report shows voluntary enrollment participation in companies with 25–99 employees averages 34%, compared to just 16% in companies with 10,000 or more employees. "A voluntary benefits enrollment is only as successful as its participation," said Nick Rockwell , Eastbridge president. "Despite the importance of this driver to carriers, brokers and employers, the carriers we surveyed are mixed in their ability to track participation data by factors such as case size, product and enrollment method.
" Eastbridge's "Understanding Voluntary Participation Rates" SpotlightTM Report provides data on the participation rates of 29 carriers active in the voluntary market. Topics include participation rates by group size, product line, case size and enrollment methodology, as well as factors impacting voluntary participation rates, strategies for improvement and future trends carriers anticipate. Other key findings in the report include: Voluntary product participation rates increase for a majority of carriers (19 of 29) when enrolled at the same time as medical, dental and other employer-paid group products.
The majority of carriers aren't using decision-support tools or can't track their effectiveness, although these tools continue to emerge as a way to help improve participation. The number of carriers using active enrollments — where employees must make a yes/no decision on each benefit — has dropped since 2020, even though those using this method say it improves participation rates. Information about purchasing the "Understanding Voluntary Participation Rates" SpotlightTM Report is available on Eastbridge's website .
For more information contact Eastbridge at [email protected] . 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 .
SOURCE Eastbridge Consulting Group.
