Marketing Voluntary Products to Employer-Based Associations
Most everyone knows that the voluntary market is quite competitive. To expand distribution capabilities and/or markets, many carriers try to get one or more “specialty markets.” Earlier this year, an Eastbridge Frontline Report found that one of the most commonly pursued specialty markets (for voluntary carriers) is the association market.
The Eastbridge report, Marketing Voluntary Products to Employer-Based Associations, looks at the current status of this market in more detail. Specifically, the report explores:
- Types of associations carriers accept
- Products sold
- Marketing practices needed for success
- Enrollment methods
- Administrative and billing issues
- Results achieved
- Challenges and thoughts about the future
With this information, companies in the market or considering marketing through employer-based associations can make decisions about their own efforts.
Order Info: The report is now available for sales for $1,000. To purchase the report, call us at (860) 676-9633 or email info@eastbridge.com. Published 2008.
Table of Contents
1. Executive Summary
A. Report Objectives
B. Methodology
C. Key Findings
2.
Background—Specialty Markets Survey
A. Prevalence of Specialty Markets
B. Attractiveness of Specialty Markets
C. Results for Those Pursuing Associations of Employers
D. In-depth Study
3. Detailed Carrier Findings
A. General Information
1. Length of Time in Market
2. Current Importance of Market
3. Original Entrance to Market
4. Staff Dedicated to Market
5. Primary Competitors
6. Market Fit with Worksite
B. Association Guidelines
1. Types of Associations Written
2. Other Associations Written
3. Size Requirements
C. Products
1. Products Used
2. Most Frequently Sold Products
3. Underwriting Guidelines
4. Products Offered via the Web
5. New Product Launches in Market
D. Marketing Practices
1. Distribution
2. Special Marketing Used
3. Association Requests
4. Value Proposition
5. Differentiating Features/Services
6. Fees Paid to Association
7. Commission Structure
E. Enrollment
1. Who Handles Enrollment
2. Enrollment Method
3. Direct Mail
4. Enrollment/Marketing Costs
5. Enrollment Monitoring
6. Enrollment Period
7. Re-enrollments
F. Administration/Billing
1. Administration
2. Special Administrative/Billing Needs
3. Special Administrative Issues
4. Premium Payments
G. Results
1. Total Association Voluntary Sales
2. Sales Compared to Expectations
3. Total Number of Employers/Employees
4. Average Premium
5. Participation Rates
6. Return on Business
H. Challenges and the Future
1. Challenges Unique to the Market
2. Future Importance of Market
3. Advice for Entering Market
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