MIB Group has a lesson for any company that’s about to try to compare the new monthly results with year-earlier results: March 2024 had just 21 business days in it, compared with 23 business days in March 2023.
The Braintree, Massachusetts-based life insurance industry underwriting services group said the 8.7% fewer business days can make growth look like a decrease.
MIB develops U.S. individual life insurance application activity reports based on the number of applications that insurers send through its application-checking systems.
The number of inquiries per business day increased between March 2023 and the latest month, but total activity for the month and per calendar fell 6.6%.
What it means: Comparisons of average daily performance figures for March may be more forgiving than full-month comparisons.