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Bigger isn’t always better

More voluntary benefit bells and whistles may not add value to your clients.

By Nick Rockwell | July 28, 2022 at 09:06 AM
Illustration of man jumping from small fish bowl to larger Better products with more benefits and services will meet more employees’ needs and turn into stronger sales, right? (Image: Nuthawut/Adobe Stock)

“New and improved” is such a common marketing theme for consumer products that it’s gone beyond cliché to become fodder for jokes and memes. Still, most companies in every industry—from laundry soap to luxury cars—are constantly looking for ways to make their products seem new and, well, improved.

The employee benefits industry is no different. Many voluntary benefit carriers appear to be following a trend of adding more and more features and benefits to voluntary products in an effort to differentiate them in the market. A recent Eastbridge survey of carriers showed an overwhelming majority see carriers adding value-added services, new features and benefits, or both to their voluntary products.

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