Big business is, well, big. Businesses with 1,000 or more employees account for less than 1% of employers but more than half of all employees — more than 64 million people. And the large case market generates nearly half of all voluntary sales.
That's a big market opportunity. But to succeed in the large case market, you need to understand the interests and needs of these employers and their employees. Here are five key things to keep in mind from our recent "Voluntary Benefits in the Large Case Market" Spotlight™ Report:
1. Large employers tend to use multiple products from multiple voluntary carriers.
Large employers usually use two or three carriers for their voluntary programs, but more than a third use more than three carriers. And almost all large employers offer multiple voluntary products: four or five products for most large employers below 10,000 employees, and six or more for half of employers above that size.
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2. Employees in large firms usually have voluntary benefits options, but they're interested in buying more.
Employees in large accounts are most likely to own whole or universal life, term life, accident, AD&D or short-term disability coverage. But they show strong interest in buying more coverage, including long-term care, critical illness, hospital indemnity, cancer and identity theft protection.
3. Large employers strongly favor online enrollment for voluntary benefits.
The larger the employer, the more likely it is to enroll online. However, their future enrollment preferences differ somewhat from what they used most recently. Employers in the 10,000+ category more often say they'd choose a call center, an enroller completing forms on a computer, and even paper self-enrollment over web enrollment. Employers could choose up to three responses to this survey question, so this data appears to indicate large employers favor a multi-method approach to give employees options for interaction, questions and learning about benefits.
4. Nearly all large employers want all their benefits on the same platform, no matter how many carriers they use.
About 90% of large employers prefer all benefits to be on the same platform, no matter how many carriers they use. In addition, more than 80% want to use their current benefits administration platform.
5. Online benefit administration is essential for large employers.
In fact, the larger the employer, the more likely it is to not select a carrier that doesn't offer online administration. Only a small percentage of large employers surveyed say online services aren't important to them.
If you're not already active in the large case market, it could be time to look for bigger opportunities. By understanding the preferences and practices of this lucrative market, you'll be better prepared for big success.
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