Medical carriers are looking to become total solution providers by expanding their voluntary product portfolios and creating alliances with voluntary carriers. Many medical companies surveyed by Eastbridge, now consider voluntary to be a major benefit business, especially in light of healthcare reform’s potential to erode customer loyalty through health exchanges and the entrance of non-traditional carriers. “When we first looked at the involvement of medical carriers in the voluntary market in 2007, all but a few already offered some worksite products. Today, voluntary has penetrated their portfolios even more. In fact, the majority of medical carriers indicated that voluntary has seen double-digit growth in their company over the last five years as they add more products to their offering,” said Bonnie Brazzell, vice president at Eastbridge.
More than half of the medical carriers participating in the recent survey offer four or more voluntary products. In addition, many are developing strategies and assigning accountability to the voluntary line to maintain a connection with their customers. For more information, visits www.eastbridge.com.
