Large Commercial Agencies and Voluntary:
The Adolescence and Development Stage
Large commercial lines agencies are one of several broker segments
identified by Eastbridge as producers of voluntary sales. For
years, many worksite/ voluntary carriers have sought to do business
with these agencies due to their large block of business clients
and their strong relationships with these clients.
Unfortunately, many of these brokers have been reluctant to learn
the voluntary market. But times are changing! Today, virtually
all large commercial lines agencies with benefits divisions sell
voluntary — at least some of the time.
Eastbridge’s latest Spotlight Report, Large Commercial
Agencies and Voluntary: The Adolescence and Development Stage,
looks in more detail at the present state of voluntary with these
large agencies. This study focuses on the current voluntary experiences,
results, processes, and opinions of agencies and compares these
findings with prior surveys conducted in 2005 and in 2007. The
three sets of findings paint a picture of the major trends impacting
this segment of the insurance business.
Using both quantitative research with over 90 agencies as well
qualitative interviews with key players in 15 agencies, the report
reviews:
- Voluntary sales results
- Products sold
- Carriers used most frequently
- Enrollment methods used
- Role of voluntary in the future
The report concludes with profiles of several large agencies
that sell voluntary including information on their voluntary sales
results, voluntary objectives, voluntary sales force, integration
of voluntary with commercial lines, and carriers/third-party administrators
used.
The report is now available for purchase for $2,000. For more
information or to order, call today at (860) 676-9633 or email
us at info@eastbridge.com.
Published 2009.
Table of Contents
1. Executive Summary
A. Introduction
B. Study Objectives
C. Methodology
D. Key Study Findings and Eastbridge Observations
2. Quantitative Findings
A. Voluntary Sales
1. Prevalence
2. Role of Voluntary
3. Voluntary Cases
4. Voluntary New Business Annualized Premium
5. Voluntary as Percentage of Total Income
B. Products
1. Top Three Most Frequently Sold Products
C. Carriers
1. Most Frequently Used Voluntary Carriers
2. Reasons for Selecting #1 Carrier
3. Number of Voluntary Carriers Used
D. Enrollment
1. Enrollment Meeting Methods
2. Enrollers Used
3. Satisfaction with Carrier or Enorllment Company
Enrollers
4. Areas for Carrier or Enrollment Company Improvement
E. Future of Voluntary Benefits
1. Role of Voluntary Products in the Future
2. What is Needed to be Successful with Voluntary?
3. Where Does Responsibility Reside?
3. Qualitative Findings
A. General Information
1. Size of Agency
2. Outlook for Benefits in 2009
3. Benefits Salespeople Nationwide
4. Importance of Voluntary to Business
5. Voluntary Sales in 2008
6. Outlook for Voluntary in 2009
7. Profit/Loss Responsibility for Voluntary
8. Voluntary Objectives for Agency
9. Voluntary Objectives for Region/ Producers
10. Strengths/Weaknesses with Voluntary
B. Voluntary Specialist Sales Staff vs General Benefits
Selling Staff
1. Voluntary Sales Force
2. Agency Support for Voluntary Sales
C. Integration with Commercial Lines
1. Sales Leads
2. Cross-Selling goals/Promotions of Voluntary
D. Carriers and TPAsf
1. Responsibility for Voluntary Carrier Relationships
2. Decision Regarding Voluntary Carriers Used
3. Carriers Used Most Often
4. Reason(s) for Choosing Voluntary Carrier
5. Changes in Carriers Used
6. Responsibility for TPAs
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