Participation Rates Met on 85% of Group Term Life Cases According to Recent Gen Re Study
Issue: January 2016 | Life/Health North America
For immediate release
Stamford, CT, January 26, 2016 … One of the main challenges Group Term Life insurance companies face is how to effectively monitor their risk management practices. Gen Re’s U.S. Group Term Life Rate & Risk Management Survey, a highly regarded benchmarking survey that has served this market for over 15 years, provides a means for companies to benchmark and assess their strategies on an industry level. Gen Re is pleased to announce the latest survey has been released to participants and features the 2015 results for 24 companies.
One important area the report focuses on is participation rates for Group Term Life insurance cases. Here are some key metrics on this topic as reported by participants:
"As the employee benefit market continues to move toward more employee choice and funding, participation rates will become a more direct contributor to both premium and profit", said Drew King, SVP Group & Specialty Reinsurance. "Carriers, brokers, and their employer clients should be using all the resources at their disposal to optimize employee enrollment."
Gen Re recognizes the importance of enrollment rates to Group Term Life insurance companies. As such our research unit is currently focused on developing insights using Behavioral Economics techniques and will be sharing them with participants to use in turn to encourage employee participation.
For more information about this survey or other Gen Re research, please contact Marcy Updike, VP, Market Research at firstname.lastname@example.org or 207 347 4626.
Gen Re, a Berkshire Hathaway Company, is one of the leading life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporation, has superior financial strength ratings among life and health reinsurers. Gen Re delivers tailor-made reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Disability markets. Through our research, we also offer valuable information and insights. For more information, visit www.genre.com.