There is a lot of talk these days about the growth of the voluntary benefits industry. Voluntary benefits is a trending topic, and has moved from being considered a separate silo to becoming a core component of employee benefits adopted by employers, brokers, and carriers alike.
Some people measure the success of this industry by the amount of premium they write, the number of cases they sell, or by the revenue they bring in. Others may try to hitch their sales pitch to the bandwagon by rebranding the industry and selling their sales process, and letting you know that you are leaving money on the table if you don't partner with them.
Personally, I measure the success of the voluntary benefits industry by taking several items into account, starting with cold, hard facts. According to Eastbridge Consulting Group, Inc., growth in the industry holds steady at 3 percent to 5 percent year after year. Over 40 percent of accounts offer three to five different traditional voluntary products, with 20 percent to 40 percent of employers considering adding additional options over the next couple of years.
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