June 18, 2020 | By Erin Marino and Nick Rockwell – BenefitsPro
Despite challenges in the near-term, there appears to be a potential upside for voluntary benefits.
As COVID-19 continues to have far-reaching impacts on the workforce and in turn, the employee benefits landscape, brokers are concerned about the effects it will have on voluntary benefits. Eastbridge’s recent survey of brokers found that the top concern for voluntary was a potential for reduced enrollment volume, with 71% of brokers agreeing this was of concern. Around half of brokers expressed concern that employer and/or employee interest in voluntary may be reduced, while one-third felt that COVID-19 may divert their time towards answering coverage questions on existing business.
A few brokers noted the potential impact of a reduced workforce through business closings and/or layoff and furloughs. However, only 11% of brokers say they are not concerned about the COVID-19 pandemic’s impact on their voluntary business.