AVON, Conn.--(BUSINESS WIRE)--Back in the “old days,” voluntary was almost all “virgin” business. But times have changed, with takeover business (defined as one carrier replacing another carrier in an account with a similar product) now accounting for over half of voluntary sales. Carriers say they have seen significant increases over the last 3-5 years, according to Eastbridge’s 2015 Takeovers and the Voluntary Market Spotlight™ Report, and they expect that trend to continue.
The objective of the report is to provide comparative data on takeover business and trends experienced by voluntary carriers. Some of the findings of the study include:
- Almost all carriers (89 percent) expect to see more increases in takeovers.
- Most carriers do not encourage takeovers and would prefer new or virgin cases but consider takeovers to be a necessary part of their voluntary business.
- Takeover rates vary by product or line of business, but voluntary AD&D, term, and long-term disability had the highest rates in the current study.
- Carriers are concerned about the impact takeovers may have on employees, particularly the possibility of them having to pay higher premiums or not really understanding their coverage.
The report is currently available for purchase for $2,000. For more information or to order, call today at (860) 676-9633 or email Eastbridge at email@example.com.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.