TMPAA Documents the Rapid Growth of the Program Business Insurance Market
Data Collection, Analytics and New Program Development the focus in 2015
***Click the link below to participate in the study based on your oganization type***
PROGRAM ADMINISTRATOR or CARRIER
The Program Business insurance distribution channel has posted the fastest revenue growth rates of any segment of the insurance market during each of the past four years. The Target Markets Program Administrators Association (TMPAA) is currently conducting its annual State of program business research study that documents the dynamics and current status of the program business industry segment.
The TMPAA reported in its first survey that program administrators placed more than $17.5 billion in commercial insurance revenue in 2010. Last year, the survey reported more than $30 billion in revenues placed. In addition to tracking the expected continued growth, members of the Association selected several new benchmarking areas to explore, all of which are designed to provide important information for strategic planning in program business operations.
The results of the research will be presented at the TMPAA Summit meeting in Scottsdale, AZ from Oct. 26-28. Hank Paulson, former U.S. Secretary of the Treasury will be the keynote speaker for the conference which is expected to draw over 800 program business professionals.
“The program business segment is a vibrant, growing entrepreneurial marketplace that is becoming more sophisticated over time,” said Heidi Strommen, president of the TMPAA. “Today, for example, both our member carriers and program administrators have become increasingly adept at utilizing data collection and analytics to improve profitability and grow their business.” Strommen is president of ProHost USA, a Minneapolis-based program administrator.
More than 70 percent of the TMPAA membership participated in the survey last year providing critical benchmarking data.
The study is seeking information from program administrators and insurance carriers. In addition to the industry benchmark data collected consistently since the research began, the 2015 study will also focus on data collection, analytics and the development of startup programs. The study will be conducted by the research firm Advisen and released at the Association’s 15th Annual Summit in October. The analysis will be based on the survey of program administrators and carriers. Additional analysis will be drawn from the Advisen databases of retail brokers, managing general agents, underwriters and wholesale brokers. Advisen is a member of the TMPAA.