Historically, carriers in the voluntary market utilized differing practices in handling multi-state accounts. However, Eastbridge’s most recent Frontline™ Report, Situs State Regulation Practices of Voluntary Carriers, found that a majority of the participating carriers follow the employer’s situs state for most of their plan and product availability/variability determinations.
Most carriers (just over three quarters) responding to the survey said they are pleased with their company’s current situs policy and practice, and over half said that situs state issues rarely come up for internal discussion. Only 17% of the respondents are unhappy and would prefer a more liberal stance when it comes to situs practices. Overall, most believe their company’s approach to situs state regulations is about the same as their competitors.
In past surveys, carriers said that their company’s situs state practices were hampering sales. Today, most say the practices have no impact on sales or even help sales either “a little” or “a lot.” Around a quarter indicated it hurts sales “a little.”
The Situs State Regulation Practices of Voluntary Carriers is an Eastbridge Frontline™ Report. Eastbridge Information Partners™ as well as survey participants receive the Frontline™ Reports free of charge. For more information regarding the Information Partner program or about Eastbridge reports, call today at (860) 676-9633, email Eastbridge at [email protected], or visit www.eastbridge.com.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.