Target Markets Announces 2nd Annual “State of Program Business” Research Project
The Target Markets Program Administrators Association (TMPAA) announced it will repeat its ground-breaking research about the program insurance market. The initial “The State of Program Business Study,” completed last year, pegged the size of the program business market at more than $17.5 billion in gross written premiums. The 2012 Study will be sponsored by Association Members Scottsdale Insurance Company and Western Heritage Insurance Company.

 

The study will be conducted by the research firm Advisen, and released at the Association’s 12th Annual Summit in October. Advisen will look at both Program Administrators and Program Insurance Carriers in their data gathering efforts. The objective of the research is to provide the program industry with information that documents trends in the size and dynamics in the program business market. The analysis will include a survey of program administrators and carriers. Additional data and information will be drawn from the Advisen databases of retail brokers, managing general agents and underwriters and wholesale brokers. The research will also leverage Advisen data on policies, premiums, coverage and losses. Advisen’s data, analytics and news products offer its 100,000 commercial P&C customers insight into underwriting, marketing, broking and purchasing commercial insurance. Advisen is also a member of TMPAA.

Target Markets has developed a protocol and criteria to evaluate the program business operations of Association members. Participation in a best practice evaluation will encourage applicants to review their current level of functioning, look for greater efficiencies in the way they currently do business, and ultimately be recognized by program business professionals as a best in class operation.

The TMPAA Best Practice Designation will not only benefit members through critical reviews and improvements in agency function, but through enhanced market image, product promotion and recognition from their peers.

The operational concept for TMPAA Charities is to select one or two specific charitable organizations each year to support. Information about the selected organizations will be made available at the Association’s Mid-year Meeting with fund-raising to be completed following the Annual summit. TMPAA Charities has been incorporated as a 501C3. All contributions will be tax deductible.