Let's consider why new voluntary products come into the benefits marketplace, how they emerge and what might be around the corner.
As to why they emerge, employees like being offered voluntary products because they're convenient. The voluntary market is a great distribution channel, because the typical shopping process is disrupted. The process typically asks customers to take several steps in order to make a purchase. One model suggests they must recognize a need, search for information on possible solutions, evaluate alternatives, make a decision and purchase.
The typical insurance purchase process follows this model, with some roadblocks. For example, many people deny the need for insurance, or actively dislike it. People hate to even think about insurance. If you want to be a pariah at a gathering, just tell everyone you are an insurance agent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
