Worksite Distributors 2004:
The Evolution
to Benefits Advisor
Distribution is key to any sales program. But to
worksite, it's the lifeblood. And with over 100 carriers involved
in worksite vying for the same producers, success doesn't come
that easy. So what can a carrier do to "win over" these
producers and sell more business?
In our 2000 landmark study on worksite producers,
we found that carriers need to focus on one or two producer segments
(six segments were identified in the study) and then do everything
possible to best serve those segments. We also learned that each
producer segment is unique in regards to the products it sells,
the carriers it prefers using, and its needs and expectations.
The purpose of this study, Worksite Distributors
2004: The Evolution to Benefits Advisor, was to update
the "landscape" of today's worksite distributors.
Specifically, the study looked at these questions:
- Who is selling worksite today?
- What products/services does each of the categories or producer
segments sell today?
- How much worksite do they sell?
- How often do they sell worksite?
- What carriers do they use most often-and why?
- What do they expect from carriers?
- How satisfied are they with their present carriers?
- How can a carrier get a greater share of their business?
Order Info: The
report is available for sale for $2,500. To purchase a copy,
you can email Eastbridge at info@eastbridge.com or
call (860) 676-9633. Published 2004.
Table of Contents
1.Executive Summary
A. Key Study Findings
B. Eastbridge Observations
C. Recommendations
D. Study Background and Objectives
E. Methodology
2. Aggregate Findings
A. Focus on Worksite
1. Prevalence of Worksite
2. Role of Worksite
3. Segments in the Study
4. Voluntary New Business Annualized Premium
5. Voluntary as Percentage of Total Income
6. New Cases Written per Year
7. Voluntary Revenues from New Cases
8. Other Lines Sold
9. Role of Voluntary Products in the Future
B. Voluntary Products
1. Top Product Sales Opportunities
C. Carriers
1. Importance Factors
2. Most Frequently Used Carriers
3. Satisfaction with Top Carriers
4. Percent of Business Given to Number One Carrier
5. Preferred Carriers
6. Giving More Business to #1 Carrier
7. Importance of Guaranteed Issue in Selecting a Life and Disability
Carrier
8. Impact of Levelized Commissions on Selection of Carrier
D. Enrollment
1. Number of Voluntary Products Enrolled Per Account
2. Carriers per Account
3. Maximum Number of Products per Enrollment
4. Enrollment Educational Meetings
5. Method of Enrollment
6. Enrollers
7. Motivations for Using Carrier Enrollers
E. Demographics
1. Number of Employees
2. Geographic Scope
3. Services Provided to Accounts
4. Use of Sub-Brokers
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