Voluntary Conservation and Retention Practices

Cost: $3,000; published 2017

When asked, carriers say customer loyalty is something they value, both at the employer and employee level. But when it comes to the actual conservation and retention of voluntary business, are their actions following their words? Is conserving the business really important or even considered profitable by carriers? And how many are actively pursuing lapsed policyholders and accounts, and what is their process or strategy?

The Voluntary Conservation and Retention Practices Spotlight™ Report focuses primarily on carrier practices at the employee and account level. The report provides information related to the carriers’ conservation and retention practices including:

  • Voluntary platform type and portability differences by platform
  • Current conservation rates and changes to those rates in the last 2-3 years
  • Employee-level portability and conservation practices
  • Account-level portability and conservation practices
  • Corporate view of portability
  • Obstacles to current and future conservation and retention efforts
  • Changes to conservation programs in the next 3-5 years

With this information, carriers can analyze how their company’s voluntary conservation and retention practices compare to other carriers and formulate strategies for capitalizing on future trends and expectations for conserving business.


View Table of Contents

1. Executive Summary

A. Study Objective

B. Key Findings

C. Recommendations

D. Methodology

2. Detailed Findings

A. General Carrier Information

1. Voluntary Products Platform

2. Employee Portability Differences by Product Platform

3. Percentage of Eligibles Keeping Policies

4. Conservation Rate Changes Over Last Two to Three Years

B. Employee-Level Portability and Conversion

1. Standard Process for Employee Conservation

2. Employee Notification Method

3. Employee Notification Responsibility

4. Type and Number of Notices Sent to Employee

5. Portability Timeframe

6. Special Portability Requirements

7. Collection of Back Premiums

8. Modes of Premium Payment Allowed

9. Most Frequently Used Premium Payment Method

10. Group Products—Premium Changes Once Coverage Ported

11. Group Products—Group Continuation Requirements

12. Call Center Customer Retention Steps

13, Additional Coverage Options Allowed

14. Policy Downgrades Offered to Retain Policyholder

15. Marketing Additional Products to Ported Insureds

16. Employee Customer Loyalty/Retention Strategy

17. Most Influential Employee Communication Methods

18. Renewal Commissions Payments

19. Loss Ratio Experience for Ported Coverage

20. Persistency Experience for Ported Coverage

C. Account-Level Portability and Conservation

1. Steps Taken Upon Group Lapse/Cancellation

2. Whole Group vs. Individual Employee Actions

3. Group Reinstatement Process

4. Account-Level Customer Loyalty/Retention Strategy

D. Conservation Strategy, Challenges and Future Trends

1. Corporate View of Portability

2. Obstacles for Current and Future Conservation and Retention Efforts

3. Changes to Conservation Programs in Next Three to Five Years


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