WESTBURY, N.Y., May 4, 2021 /PRNewswire/ — Paylogix has teamed up with Eastbridge Consulting Group in support of their research into voluntary employee benefits trends. Particularly during the COVID-19 Pandemic, the face of voluntary benefits has changed more than any other time in recent history.
The pandemic accelerated business trends that were already underway and created new challenges. Insurers, brokers, and HR professionals all were forced to quickly adapt. To understand these COVID-19 related changes, Eastbridge conducted a survey of brokers in February through March 2021 that are active in the voluntary and worksite market.
Eastbridge has conducted this survey every year, for the past nine years, allowing them to track relevant trends over time. In addition to covering COVID-19 impacts to 2020 enrollment methods and metrics like quote activity, enrollment requests, and sales as well as outlook for the future, this year’s survey also covers topics like brokers most frequently sold products traditional and non-traditional, most frequently used carriers and carrier selection criteria, and competitive pressures, and what’s needed from carriers to be more successful. The results should assist brokers in learning how their voluntary business strategies, performance, and outlook relate to their peers in order to create a more competitive proposition for their employer clients.
«This year’s survey will prove vital towards giving insight to the shifting trends in the industry due to the Pandemic,» stated Nick Rockwell. «We must accurately gauge these changes so that distributors can prepare themselves for new employer and employee expectations. Paylogix has a long history of advancing technology in voluntary benefits, so we look forward to hosting this discussion with them.»
The results of the survey will be shared at a Webinar on June 8th, 2021. As the world continues to shift because of the detrimental impacts of the pandemic, it is vital that research continues to be put forth so that brokers can better understand the changing needs of both employer and employees.
«Over the past year, we have heard from many of our stakeholders about the impact of the shutdown and the unprecedented changes to the workplace,» said Lisa Ehli, Director of Marketing for Paylogix. «Because these changes happened so quickly, many professionals were forced to rely on intuition and anecdotal evidence. We believe that Eastbridge’s research will provide relevant data to inform brokers, insurers, and HR professionals going forward. As sponsors of the Eastbridge Voluntary Benefits Research, Paylogix continues to advance best practices in employee benefits.»
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