Uncertainty over the future of healthcare is the most formidable obstacle for carriers today according to a recent Eastbridge survey
AVON, CONNECTICUT, USA (December 6, 2013)
Of the 30 worksite executives participating in Eastbridge’s Worksite/Voluntary Marketing: An Executive Perspective Frontline Report, three-fourths selected “uncertainty over the future of healthcare” as their first, second, or third most formidable obstacle facing their business today. This replaced “product competition” and “attracting quality brokers” as the number one obstacle in the past two studies. Like their employer clients, carriers are being forced to look for ways to best navigate the impact of health care reform on their business.
Most respondents (80%) also expect to see an impact on the way they do business due to legislative or regulatory changes related to health care reform and an overall tightening of government oversight. A higher percentage (27% today versus 15% in 2011) expects these changes to be “major.” In spite of all the issues surrounding health care reform, the executives remain extremely optimistic about the worksite/voluntary industry’s potential for new sales growth over the next five years. The average expected growth rate was around 9% for the industry and just under 15% for their own companies. This was up from 7% and 13% respectively in 2011.
The Worksite/Voluntary Marketing: An Executive Perspective survey is conducted every two years to track the executives’ thoughts and insights on the obstacles facing the industry today as well as what they might expect for the future. The survey also explores the executives’ opinions on other topics based on market trends. Eastbridge Information Partner Subscribersas well as survey participants receive the Frontline Report free of charge.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.