Sellers of voluntary benefits programs may be getting about 28% of their business by taking over accounts from competitors.
Eastbridge Consulting Group Inc., Avon, Conn., published that takeover business estimate in a U.S. Worksite Sales Report.
The firm based the report on results from a survey of 62 worksite marketing carriers.
The participating carriers said takeover business accounted for 28.5% of 2008 new business annualized premium revenue.
The Eastbridge voluntary market takeover rate estimate has increased from 17% in 2007, but that apparent increase may be the result of better reporting of takeover transactions, the firm says.