While the voluntary worksite benefits market is improving overall, there's better growth opportunity with mid-size employers (100-999 employees), experts at LIMRA say.
A study from the research and consulting firm found nearly 80 percent of employers say they are interested in using voluntary worksite benefits because these plans carry no direct costs to the business.
“Compared with 2002, nearly all products are more readily available today at mid-sized firms,” said Ron Neyer, assistant research director, LIMRA product research. “Marketing to larger firms is challenging due to saturation and small firms often are less focused on benefits and offer a smaller pool of warm prospects. In contrast, mid-size firms, looking to be more competitive, are interested in finding ways to expand their benefit package without adding cost to their business.”
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