May 22, 2018 | By Valerie Bolden-Barrett – HR DIVE
The fight for employer business is growing fiercer as differentiation between voluntary brokers and employee benefit brokers continues to fade, BenefitsPRO had concluded following a recent survey. The number of brokers who say they actively sell voluntary benefits or cross-sell voluntary benefits to all their accounts rose 10 percentage points in the past three years, the survey revealed.
Voluntary benefits are no longer just “nice to have,” a new Willis Towers Watson (WTW) study concluded. They’re becoming a mainstay of employer benefits offerings, as companies increasingly work to address workers’ personal needs. Just 5% of employers in the WTW survey said voluntary benefits had little effect on their employee value proposition.