AVON, CONNECTICUT, USA (December 7, 2004)�In a recent study by Eastbridge Consulting Group, Inc., The Future of Worksite Marketing: An Executive Perspective (2004), worksite marketing executives said they expect the market to continue to grow at about 10 percent per year for the next few years.
The annual study looks at the world of worksite marketing in five years from the perspective of those on the front line-worksite executives. “Worksite executives expect the worksite market to continue to grow at a double-digit rate,” says Gil Lowerre, president of Eastbridge. This rate of growth was slightly more conservative than what executives expressed in the 2003 study, but still a growth market�especially compared to other lines. “It is interesting that many executives see average increases of around 10 percent for the industry but expect their own companies to grow at 15-20 percent per year,” added Lowerre.
The study also explores the source of this growth. “Worksite executives see much of the industry’s growth coming from ‘new’ producers entering the market,” says Bonnie Brazzell, vice president. “Many of those with whom we spoke expect to see continued emphasis by employee benefits brokers on selling voluntary products. But they also expect to see many more medical brokers tapping into the market,” adds Brazzell.
“Along with more medical brokers, executives also anticipate seeing large group companies and medical insurance carriers begin to dominate the middle and large voluntary markets,” says Lowerre. “We are already seeing large group companies make investments in their voluntary programs, and there is increased interest from the medical side of the house,” adds Lowerre.
In addition to their thoughts on the future growth of the market, the report explores worksite executives’ thoughts on:
- What are the biggest obstacles faced today?
- What is likely to change the most over the next five years?
- What product innovations are likely to be on the horizon?
- How will technology impact the industry?
- Will the regulatory climate change and, if so, how?
- What will distinguish the winners from the losers in the future?
This year’s study includes 21 participants. Their companies account for almost 60 percent of the 2003 worksite/voluntary sales (excluding AFLAC). Because of this, the report is considered one of the best tools for learning the dynamics of worksite marketing, and perhaps more importantly, for defining the success indicators of today’s�and tomorrow’s�worksite companies.
The report is available for purchase for just $750. For more information on this report call 860-676-9633.
Eastbridge Consulting Group, Inc., is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.