We live in interesting times. And that's not necessarily a bad thing. Despite White House claims to the contrary, the U.S. economy continues to struggle, searching for an identity in a changing global marketplace.
And yet, from all indications, there has never been a better time to be in the benefits business.
According to research from Eastbridge Consulting Group, voluntary sales continue to outpace all other aspects of the insurance business with double-digit growth over the last decade. And the players appear to be adapting.
"Brokers are becoming more sophisticated," Eastbridge CEO and Benefits Selling Expo speaker Gil Lowerre insists. "Everybody is becoming a fullservice broker."
And these days, they have to be.
According to Lowerre's numbers, nearly 64 percent of employers offer at least one voluntary product while more than a third of employees -- 35 percent -- own at least a single voluntary product.
In fact, Lowerre says employees request 83 percent of the products employers offer. Only 20 percent of the voluntary offerings come broker recommended.
"Employees want 'em all," Lowerre says.
It's not like the old days. Administration is much less a "barrier to entry," Lowerre points out, with the advent of
new technology every year and the explosion of third-party administrators willing to handle the paperwork.
Simply put, voluntary offerings have gone mainstream. Throw into the mix employees who are practically begging for advice and employers who would rather be sponsors than administrators, and you have a market ripe for ambitious benefits brokers.
The moral of this story is simple: Do more. The cardinal sin in this business today is to sit back and rest on re-enrollments. If you don't get in there and talk to the employers -- and employees -- someone else will.
On a more personal note, this issue marks the ascension of Tamara Patterson to publisher of Benefits Selling. She's no stranger to the industry -- or to publishing. Far from it. Tamara's been with Wiesner Publishing for six years and this magazine for nearly two years. Tamara's earned Outstanding Salesperson of the Year honors in 2001 for her work on ColoradoBiz, and then Wiesner Salesperson of the Year in 2005 for her success on Benefits Selling. She brings as much experience as passion to her new position. Please join me in congratulating her on this long overdue promotion.
