Also in this issue:
Strategic Advantage, Part I
A Rose by Any Other Name
Strategic Advantage, Part II
The Small Case Market
Are You Tweeting Yet?
Let’s Buy a Voluntary Insurance Company
Don’t Go Through 2010 Blind
Enrollment Practices
Is the Worksite Business “Recession Proof”?
A Moving Target
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Winter 2010, No. 82
A Moving Target
For all successful voluntary carriers, meeting the needs of their brokers is job one. They study their brokers, define their needs, and then build a business model that embodies the appropriate value proposition. The model becomes fixed and the company focuses on getting better and better at executing it.
But for most, there is a long-term danger in an approach that stops there. For the majority of producers, including all types of Employee Benefit Brokers, that target is moving. Eastbridge research has demonstrated that, while there are important differences within sub-segments, these producers are learning the business and becoming more comfortable with voluntary and its importance in a benefit program. As they do, their ability to take on more of the selling and servicing responsibility, and their demands for quality products and services, are changing.
A fixed business model is one that will eventually become ineffective. Carriers need to constantly study their targeted producer segments and adjust the value proposition they offer. Today’s advantages may be irrelevant tomorrow.
Contact one of our Eastbridge consultants to learn more about targeting the right producers for your business.
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