Most carriers will introduce new products in 2012 according to a recent Eastbridge survey
AVON, CONNECTICUT, USA (June 5, 2012)
An overwhelming majority of survey respondents (82 percent) plan to introduce at least one new voluntary product in the next one to two years, up from 66 percent in the 2010 survey. About half of these expect to introduce more new products than in a typical year, according to a recently released Frontline Report, Voluntary Product Trends. The study is conducted every other year by Eastbridge Consulting Group, Inc.
As for the types of new products being introduced, critical illness and accident insurance were mentioned most often (selected by almost half of the respondents). Critical illness was named as the top product in the 2008, 2010, and 2012 studies. About three-quarters of the respondents mentioned adding term life and hospital indemnity products over the next two years. Just 11 percent of those surveyed are not planning to add any new products for next year, a significant decrease from the 34 percent in 2010 and 22 percent in the 2008.
When asked how new products introduced over the past two years are performing, most (66 percent) said that product sales and profitability are as expected. This was higher than in the 2008 and 2010 studies. The percent saying the products are performing better than anticipated was up to 29 percent. Only six percent said their products were underperforming.
The Voluntary Product Trends Frontline Report is a survey conducted by Eastbridge Consulting Group every other year since 2002. The study tracks trends and changes in the voluntary product market. Eastbridge Information Partner companies as well as survey participants receive the Frontline Report free of charge.
Eastbridge Consulting Group, Inc. is the leading marketing advisory firm serving the worksite/voluntary industry.