Carriers face a variety of obstacles in improving their conservation efforts, finds Eastbridge Consulting Group
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AVON, Conn., Feb. 18, 2021 /PRNewswire/ -- Most carriers retain less than 10% of their voluntary policies through conservation efforts, according to Eastbridge's
Voluntary Conservation and Retention Practices Spotlight™ Report. While the barriers to improving retention rates vary, from a lack of tracking capabilities to reliance on plan administrator notification, limited employer-level strategies or limited time frames to port coverage, the most significant current challenges mentioned by carriers in their efforts to conserve and retain their voluntary customers are COVID-19 driven increased utilization of remote communication methods as well as reduced employer and employee access, receptiveness, and opportunities for education.