AVON, CONNECTICUT, USA (August 29, 2007) – Almost half (46 percent) of the respondents to the latest Voluntary Industry Confidence Index study expect improvements in worksite/voluntary persistency and retention over the next 12 months. This is a significant improvement over the December 2006 results, where only 36 percent of respondents expected improvements, and more inline with what we historically see for the persistency and retention question. Forty percent of respondents expect persistency and retention to remain the same over the upcoming 12 months.
New group sales are also expected to improve over the next 12 months. �In our most recent study,�� says Gil Lowerre, president of Eastbridge, �90 percent of respondents believe their company will acquire more new groups in 2007 as compared to 2006.�� This was about the same percentage that we saw in December but better than what we tend to see in our mid-year survey. Interestingly, medium-sized carriers (those with $10-$99.9 million in NBAP) were the most positive about their new group growth.
Many respondents also experienced positive growth in 2006. �In this year’s survey,�� adds Bonnie Brazzell, vice president of Eastbridge, �we asked a new question about sales results over the last year compared to expectations for that year. Over one-third (34 percent) said their results were higher that what they expected. Another 35 percent said the results were as expected.
The Voluntary Industry Confidence Index is a Frontline Report published semi-annually by Eastbridge Consulting Group, Inc. The study includes responses from individuals active in the market and includes carriers, brokers, and vendors. For more information, contact Eastbridge at [email protected] or phone the company at (860) 676-9633.
The report is available free of charge to all Eastbridge Insight and Information Partner Companies.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.
