Specialty markets are a part of the marketing efforts for most voluntary carriers, according to a recent Eastbridge survey

AVON, CONNECTICUT, USA (March 25, 2008)

Eighty-four (84) percent of the carriers responding to the Eastbridge Frontline Report, Specialty Markets and Voluntary/Worksite Carriers, said their company does some business through these markets. The specialty markets included in the survey are:

• Associations of employers
• Associations of individuals
• Banks
• Credit unions
• Employee leasing organizations/PEOs
• Labor unions
• Public sector

Associations of employers and public sector markets are the most commonly pursued, according to those surveyed.

Most of those who market to specialty markets pursue more than one. Just 23 percent of the carriers pursue only one of these markets. Thirty-six (36) percent sell voluntary products in four or five of the specialty markets.

But while there are many carriers pursuing these markets, most do not get significant sales from them. Thirty-eight (38) percent said that the markets account for five percent or less of their voluntary sales. However, almost one-quarter generates 20 percent or more in sales from specialty markets. In terms of actual sales or premium, results were mixed. Over half said they generate over $5 million in sales from all specialty markets. However, a quarter gets only $500,000 or less.

Despite these low level of sales, when asked how the actual sales in specialty markets compared to their goals, most carriers said that sales were about what they expected. Less than two in ten said that sales were less than expected.

Eastbridge Frontline Reports provide timely data on important topics. The reports are 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.