“Recruiting quality brokers” was the second most commonly cited obstacle faced by the voluntary companies represented in Eastbridge’s bi-annual survey, Voluntary/Worksite Marketing: An Executive Perspective. Over half of the executives responding said it is harder to recruit brokers to sell voluntary products today.
When asked why they believe recruiting is more difficult, almost half (47 percent) said that far more brokers today have already established strong relationships with other carriers. Thirty-five (35) percent said brokers have been with their carrier partners longer, making them harder to recruit. However, an almost equal number say that brokers are more willing to switch carrier allegiances today and/or are willing to use different carriers for different products in a case or for different cases.
Perhaps to counteract recruiting difficulties, about two-thirds of the executives expect to make some changes to their distribution approach in the next five years. The most common types of included:
The Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report tracks 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. The first survey was conducted in 2003, and subsequent surveys have been conducted every two years. This year’s report summarizes the responses from 33 key executives and, where appropriate, notes any trends or changes from the previous study’s findings.
Voluntary/Worksite Marketing: An Executive Perspective, a Frontline™ Report
Eastbridge Information Partners as well as survey participants receive the Frontline™ Report free of charge. For more information regarding the Information Partner program or about Eastbridge reports, email the company at email@example.com or call (860) 676-9633.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.