Voluntary Benefits - A Work in Progress

Jeff Schuh

In Brief

Both insurers and brokers must learn from the past in order to boost future sales of group voluntary benefits.

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The employee benefits marketplace has touted group voluntary benefits since the 1990s, predicting strong growth for life, disability, long-term care, critical illness and other ancillary employee-paid products.

Work site success, however, turned out to be harder than expected. This article examines some of the initial hurdles and how these challenges are currently being addressed. The effect of minimum loss ratio requirements on commissions means brokers can’t afford to ignore ancillary benefit of these products.

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Author

Jeff Schuh

Vice President and Actuary, U.S. Group LTD and CI, U.S. Group Reinsurance

Voluntary Benefits - A Work in Progress

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