Insurers that sell products through the worksite are far more likely to track sales and premium revenue than to track claims or profits.[@@]
Researchers at Eastbridge Consulting Group Inc., Avon, Conn., have published data supporting that conclusion in a report on performance measures used by 37 carriers in the worksite insurance market.
More than 80% of the participating carriers track sales revenue at least quarterly, but only a few carriers regularly track persistency, loss ratios and profitability for their worksite operations, the Eastbridge researchers write.
Only 60% of the insurers track worksite product profit frequently, and 17% look at profits only once a year, the researchers write.
About 20% of the insurers do not review the persistency of worksite business on a regular basis, the researchers add.