Ninety-four (94) percent of survey respondents in Eastbridge Consulting Group’s year-end Voluntary Industry Confidence Index survey expect sales to increase over the next 12 months. This is an increase from 89 percent in the mid-year 2013 survey and from 90 percent in the year-end 2012 survey.
“Respondents remain confident about the voluntary/worksite industry’s ability to maintain sales growth amidst health care reform and private exchanges,” says Gil Lowerre, president of Eastbridge. “The overall mean was also up, increasing to 4.12 from 4.09 at mid-year 2013 and 3.99 at year-end 2012,” adds Lowerre. In the recent survey, 68 percent of respondents expect sales to “increase a little” while 31 percent expect it to “increase a lot.” For the mid-year 2013 survey, those numbers were 58 and 26 percent respectively. Just three percent expect sales to remain about the same and two percent expect sales to decrease.
“Some of this expected sales growth may be attributed to the positive impact respondents expect health care reform to have on voluntary sales,” remarks Bonnie Brazzell, vice president of Eastbridge. “In fact, 75 percent of respondents indicated that health care reform will have some or a major positive impact on sales. Just 19 percent said it will have some or a major negative impact, and six percent said it will have little or no impact.”
The Voluntary Industry Confidence Index study is conducted semi-annually and includes responses from individuals active in the market—carriers, brokers, and vendors. Like other confidence indices, the index is a single number that compares the current results to a baseline measure. The first Confidence Index survey was completed in December of 2005; the results from that survey serve as the “base” year (meaning the Confidence Index was at 100 for that year).
The Voluntary Industry Confidence Index report is available only to Eastbridge Information Partner™ Subscribers as well as to participants. For more information on becoming a participant, email us at firstname.lastname@example.org.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.