Enthusiasm returning to voluntary benefits market

Interest in voluntary benefits has rebounded this year, after tailing off last year, according to an industry confidence index.

medical-caseExactly 85% of brokers expect employees to be more enthusiastic about voluntary benefits in the next year than the 60% of carrier representatives surveyed for Eastbridge Consulting Group’s Voluntary Industry Confidence Index.

In December, as the industry was starting to feel the effect of the recession, interest in voluntary benefits waned, according to Eastbridge Consulting Group.

Among brokers, carriers and vendors, 68% of those surveyed believe that employees will be more enthusiastic about voluntary benefits 12 months from now. That marks an increase from the 60% who were enthusiastic in the 2008 year-end survey.

The latest poll found that only 10% believe employees will be less enthusiastic about voluntary benefits over the next year, down from 18% late last year. The overall mean for this question was 3.72, up from 3.53.

“We are pleased to see those in the industry feeling that employees are enthusiastic about voluntary products,” said Gil Lowerre, president of Eastbridge Consulting Group, an insurance marketing advisory firm based in Avon, Conn. “Even better is that brokers—those on the frontlines—are especially positive.”

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