AVON, CONNECTICUT, USA (April 28, 2008) – Most everyone knows that the voluntary market is quite competitive. To expand distribution capabilities and/or markets, many carriers today are thinking of and developing new channels through �specialty markets.� A recent Eastbridge Frontline Report found that one of the most commonly pursued specialty markets (for voluntary carriers) is the employer-based or trade association market. However, few carriers feel their marketing efforts in this market have been as successful as they would like or expected it to be.
An Eastbridge consortium study entitled Association Markets�A New Source of Voluntary Sales? will gather data from carriers, brokers, and those representing employer-based associations to explore the current and potential opportunities for voluntary product sales to this market. For the study, Eastbridge has partnered with the Professional Insurance Marketing Association (PIMA), the nation�s premier association for agents and companies involved in the direct marketing of insurance products in the affinity & association arena. PIMA members include insurance carriers, brokers/agencies, third-party administrators, associations, and business partners.
The study will help answer questions such as:
- Who pursues association markets?
- What results are these channels producing?
- What are the challenges for distribution?
- What are the product issues?
- What are the unique administrative issues?
PIMA has endorsed the study and will assist in the collection of information about the association marketplace by encouraging its members to participate in the surveys. The first survey will be sent to insurance carriers followed by one to brokers/producers and associations. The study findings will be published in late June or early July.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. www.eastbridge.com