Lincoln Financial and EBRI Study Reveals Gaps in Voluntary Benefits…

Event summary

Lincoln Financial and EBRI released a three-part study involving 408 employers, 170 brokers, and 1,130 employees on voluntary benefits education.
74% of employers offering voluntary benefits report positive effects on recruitment, retention, and performance.
Only 11% of employers offer accident, critical illness, and hospital indemnity insurance together.
86% of employees spend four hours or less reviewing enrollment materials, highlighting the need for better education.

The big picture

The study underscores the strategic importance of voluntary benefits in workforce satisfaction and performance. With only a fraction of employers offering comprehensive supplemental health benefits, there is a significant opportunity for carriers like Lincoln Financial to drive adoption through targeted education and communication strategies. The findings align with broader industry trends emphasizing financial well-being and employee engagement as key drivers of retention.

What we're watching

Employer Strategy: Whether employers will expand supplemental health offerings to improve retention and absenteism rates.
Broker Role: How brokers can take a more proactive role in educating employers and employees about voluntary benefits.
Employee Engagement: The effectiveness of simplified education and enrollment support in increasing employee interest in voluntary benefits.