The percentage of respondents expecting to acquire more new groups in 2014 was 91 percent in the year-end Voluntary Industry Confidence Index survey for 2013. That was an increase from the 87 percent at mid-year 2013 and 88 percent at year-end 2012, and the highest percentage reported since the study’s inception in 2005. Brokers are more likely to expect new groups to “increase a lot” in 2014 compared to carriers (42% and 35% respectively).
Respondents were also asked their thoughts on the impact of health care reform on 2014 voluntary sales. A higher percentage (75 percent) of respondents indicated that health care reform will have some or a major positive impact on sales. Nineteen (19) percent said it will have some or a major negative impact, and six percent said it will have little or no impact. Interestingly, brokers are more likely than carriers to believe that health care reform will have a positive impact on sales, with 83 percent of brokers expecting at least some or a major positive impact compared to 72 percent of carriers.
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 email@example.com.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.