Press Release Archives
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Predictions
by Eastbridge Consulting Group
Echoed in Recent ERISA Industry
Committee Proposal
AVON,
CONNECTICUT, USA (July 3, 2007)
On
June 9, 2007, ERIC (The ERISA Industry Committee) unveiled
a proposal that included the establishment of a new form
of intermediary in the benefits industry. The proposal calls
these new institutions
“Benefit Administrators” and describes them as offering
“lifetime security benefits—health, retirement, and
short-term savings.” The industry group hopes the proposal
will become part of future legislation.
In
2002, Eastbridge Consulting Group published 2020, A Clearer
Vision of the Future, which described the benefits industry
in the year 2020 and included detailed predictions by Eastbridge
consultants. The report covered distribution, carriers, products,
financing, and intermediaries.
In
the section on intermediaries, Eastbridge predicted a new type
of intermediary, the “Benefit Administrator.” These
new types of companies would combine the functions of today’s
benefit TPA, HRIS company, and broker-dealer in order to offer
a full array of benefit products: protection (life and health),
savings (short-term accounts), and retirement plans.
“While
the ERIC proposal goes on to other topics, it’s amazing
that the name of the institution, its primary function, and
its business lines are exactly as we predicted five years ago,” commented
Bonnie Brazzell, vice president at Eastbridge.
Eastbridge
president Gil Lowerre explained, “Of the dozens of predictions
captured in the 2020 report, many have already arrived
in the marketplace, and this ERIC proposal represents the emergence
of another important aspect. While seen as very controversial
in 2002, the predictions in 2020: A Clearer Vision of the
Future are coming into focus.”
The 2020 report
and all Eastbridge Consulting Group’s reports and services
can be reviewed at www.eastbridge.com.
Or call Eastbridge at 860.676.9633 for more information.
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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