Colonial Life research: small business is big business for brokers

Voluntary benefits account for $1.5 billion in annual sales at U.S. small businesses.

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COLUMBIA, S.C. (Nov. 9, 2015) -- Insurance brokers looking to improve their bottom lines in the wake of health care reform and insurance industry realignment can find success in the country’s millions of small businesses, according to new research from Colonial Life.

In a new white paper, “The Big Opportunities for Brokers in Small Business,” Colonial Life points a path for brokers and advisers to build their business in the small employer market. 

“There is a lot of discussion of brokers leaving the small business market because of health care reform and insurance industry realignment,” said Gil Youmans, director of small market solutions at Colonial Life. “But brokers and advisers can still be very successful working with small businesses – and the right benefits provider. We hope this research shows that.” 

The white paper shows how brokers can work effectively with small business owners, including bringing them voluntary benefit solutions to maintain a competitive benefits package without impacting the employer’s bottom line. Voluntary benefits already account for more than $1.5 billion in annual sales in businesses with fewer than 100 employees, and many of those business owners say they are planning to add more of these benefits in the coming years. 

What’s holding small business owners back? Knowledge and quality advice. And that’s where brokers come in. Brokers can partner with a high-quality benefits provider and follow a simple strategy to connect business owners with benefits their employees want and will value. By following a simple three-party strategy outlined in the report, brokers can reap the rewards of providing quality benefits to small companies without burdening themselves with education, counseling and enrollment expenses.

To download the full report, “The Opportunities for Brokers in Small Business,” visit the Colonial Life newsroom. For more information about Colonial Life’s Small Market Solutions team, contact Youmans at 803-678-6574 or jyoumans@coloniallife.com.

About Colonial Life

Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 80,000 businesses and organizations, representing more than 3 million of America’s workers and their families. For more information visit www.coloniallife.com or connect with the company at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life.