Confidence in the future of the voluntary industry continues to trend upward, according to a new survey from Eastbridge Consulting Group.
Eastbridge's Voluntary Industry Confidence Index ticked up three points from mid-year 2009 to 95.9. This is up seven points over year-end 2008.
The index is conducted semi-annually of individuals active in the market, including carriers, brokers and vendors. The latest survey was conducted in December and early January.
"We have been watching the index carefully," say Gil Lowerre, president of Eastbridge. "As noted in our last report, the index started dipping at year-end 2007, in line with the 'official' start of the recession. The index continued to trend downward in 2008, reaching a low at the end of the year but trending upwards beginning mid-year 2009. This latest uptick continues to reinforce the validity of the index."
The index is measured by three points of expectation for the voluntary industry: sales growth, profitability and employee enthusiasm about voluntary products.
Respondents believe sales in particular will see a better year. Eighty-four percent believe that sales will increase, up from just 66 percent at year-end 2008.
"We are seeing that people are really becoming more positive about the outlook for 2010," says Bonnie Brazzell, vice president, Eastbridge. "In the most recent survey, 18 percent of the respondents expect sales to increase a lot, but even more importantly, only 7 percent expect any decreases as compared to 19 percent last year."
The Voluntary Industry Confidence Index report is available only to Eastbridge Information Partner companies as well as to participants. The survey will be conducted again in July. For more information on becoming a participant, contact the company at www.eastbridge.com.
Look for Gil Lowerre and Bonnie Brazzell's "What's Next" column every month in Benefits Selling.
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