Press Release Archives
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Worksite
executives share what keeps them awake
at night in Eastbridge’s
Worksite Marketing study
AVON,
CONNECTICUT, USA (April 11, 2007)
In the most
recent survey of top worksite executives, Worksite
Marketing: An Executive Perspective 2007, top executives
in companies active in the worksite/voluntary market say
they are concerned about their company's ability to attract
quality brokers. Seventy-one (71) percent of those surveyed
said this is one of their top three most formidable obstacles.
The full
“top three” list included (in order):
- Attracting
quality brokers
- Product
competition
- Writing
profitable business (tied for third place)
- Enrollment
(tied for third place)
Attracting
brokers has been a long-standing issue for many companies.
The pool of experienced voluntary/worksite-focused producers
is not growing. And many carriers are trying to attract the
same group of producers. The benefits brokers are the fastest
growing segment of voluntary producers, but fully engaging
these brokers is a slow process and the competition here
is growing rapidly. The majority (81 percent) of respondents
to the survey expects their company will see some sort of
change in distribution over the next five years. Most believe
the changes will be “minor,” usually expanding
distribution to a wider range of producer types.
In
addition to being the number one issue today, many executives
believe that service to the broker will be the key competitive
advantage in the future. Most believe that the blending of
the right combination of products, services, and tools that
match the needs of the company’s targeted distribution
and markets will make a difference between the winners and
“also rans.”
The
study, Worksite Marketing: An Executive Perspective,
is conducted by Eastbridge Consulting Group bi-annually.
The survey tracks the executives’ thoughts and insights
on the obstacles facing the industry today as well as what
they might expect for the future. It also explores the executives’
opinions on other topics based on market trends. This year’s
report summarizes the feedback gained from 31 key executives
(28 companies and 3 anonymous responses). The report was provided
free of charge to Information Partner, Insight Customers, and
participants. Companies interested in becoming an Insight or
Information Partner Company can call the company at (860) 676-9633
or email info@eastbridge.com.
Eastbridge
Consulting Group, Inc. is a marketing advisory firm serving
insurance and financial services organizations in the United
States and Canada.
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