Only 11% of brokers say they are notconcerned about the COVID-19 pandemic's impact on their voluntarybusiness. (Photo: Shutterstock)

As COVID-19 continues to have far-reaching impacts on theworkforce and in turn, the employee benefits landscape, brokers areconcerned about the effects it will have on voluntary benefits.Eastbridge's recent survey of brokers found that the top concernfor voluntary was a potential for reduced enrollment volume, with71% of brokers agreeing this was of concern. Around half of brokersexpressed concern that employer and/or employee interest involuntary may be reduced, while one-third felt that COVID-19 maydivert their time towards answering coverage questions on existingbusiness.

Related: 7 solutions to sales problems caused by COVID-19social distancing

A few brokers noted the potential impact of a reduced workforcethrough business closings and/or layoff and furloughs. However,only 11% of brokers say they are not concerned about the COVID-19pandemic's impact on their voluntary business.

Erin Marino and Nick Rockwell,Eastbridge Consulting Group, Inc.

Some of the other specific comments brokers made about their topconcerns included:

• "Inability to solicit new client companies"
• "Lack of commission income"
• "Loss of renewals"
• "Cancellations of existing policies"

Despite challenges in the near-term, there appears to be apotential upside for voluntary benefits. When asked whetherCOVID-19 will have a positive or negative impact on employerenthusiasm for voluntary benefits over the next 12 months, 39% ofbrokers believe employers will be more enthusiastic. As one brokerexpressed: "When businesses are back up and running, I believe theneed for voluntary benefits will increase."

As brokers navigate the uncertainty that COVID-19 has introducedto voluntary benefits, the opportunity remains for strongpartnerships between carriers, brokers and employers to creativelyaddress the issues at hand and to create solutions for employees inthis time of great need.

Note: The survey was conducted during April 2020 and 55brokers active in the voluntary business completed thesurvey.

Read more:

• The "new normal" in voluntarybenefits
• Advisors, now is the time to take youradvice
• Employers are getting more savvy with theirvoluntary benefit offerings