In a previous column, we discussed how many employers areexpanding their benefits offering to include non-traditionalproducts. This article examines the topic further by uncovering theinterest in these products from the broker and employeeperspectives.

Competition in the voluntary market is on the rise. In a recentsurvey, 35 percent of brokers said they encounter high or somewhathigh levels of competition for voluntary business.

Twenty-six percent of brokers in the same survey citedcompetition from other brokers as the greatest threat to theirpersonal voluntary business in the next 12 months.

In a highly competitive market, smart marketers try to makethemselves stand out from the crowd. The same holds true for thevoluntary market, where brokers find themselves looking forcreative ways to differentiate themselves and their offering. Somebrokers, for example, use the products and services they offer as acompetitive advantage. Although life and disability products aremainstays of the voluntary market (i.e., everyone offers these),and dental, accident, critical illness and hospital indemnity orsupplemental medical plans are offered by most brokers, there areproducts still out there that not every broker offers, such asnon-traditional products

ID theft coverage, legal plans and discount health programs arethe most frequently offered non-traditional products on the markettoday. About one-third of brokers surveyed offer these plans to atleast some of their accounts. Pet insurance and purchase programsare also available and have been around for several years, whiletelemedicine and student loan debt relief plans are twoup-and-coming non-traditional benefits.

More often than not, employers are open to offering these typesof benefits—and employees are interested in buying them. Thecurrent employee ownership numbers are low today (in the singledigits) but the interest is definitely there. About 15 percent ofthe employees surveyed in an Eastbridge study currently underwayindicate interest in buying these products. While that may not seemlike a large number, it's actually quite telling, given thatemployees only selected products from a list and were not given anydetails (i.e., presentation) on each product.

So, if you aren't including non-traditional products in yourvoluntary portfolio, you might want to reconsider. The opportunityto differentiate yourself with these plans will not lastforever.