AVON, Conn.--(BUSINESS WIRE)--In Eastbridge’s bi-annual survey of voluntary executives, “administration and billing” was mentioned most often as the most formidable obstacle facing their voluntary business. This was followed by “recruiting quality brokers” and “keeping up with technology,” with both receiving the same number of mentions. Rounding out the top five obstacles today were "persistency” and “product competition.” In our 2015 survey, voluntary/worksite executives listed, “attracting quality brokers” as their top challenge.
When asked what they believe will be their company’s greatest obstacle in five years, the majority named “keeping up with technology” most often. This was followed by persistency and product competition. In 2015, the top response was “movement to self-service and private exchange platforms,” followed by “keeping up with technology” and “product competition.”
Half of the executives said their policy administration system is outdated, which makes sense given that administration and billing is their top concern. Nine (9) percent of the respondents said their system is outdated and holds the company back, while 41 percent said that the system is outdated but they work around it. Ninety (90) percent of the respondents are making changes to their administrative system over the next five years, with about half of these indicating the changes are “major.”
The Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report tracks the executives’ thoughts and insights on the obstacles facing the industry today as well as what they might expect for the future. The survey also explores the executives’ opinions on other topics based on market trends. The first survey was conducted in 2003, and subsequent surveys have been conducted every two years. This year’s report summarizes the responses from 33 key executives and, where appropriate, notes any trends or changes from the last study’s findings.
Eastbridge Information Partners as well as survey participants receive the Frontline™ Report free of charge. For more information regarding the Information Partner program or about Eastbridge reports, email the company at email@example.com or visit the website at www.eastbridge.com.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.