Welcome to Cranbury Professional Services!

For more than 16 years, CPS has been a solutions based full service consulting and insurance placement firm specializing in the group association and special risk marketplace. Our abilities as a firm are broad and deep, with proven successes that have helped establish us as a trusted resource for innovative ideas and unique solutions, and as a high-value partner for our group association and insurance company clients. Check our website regularly to find useful information about some new and innovative revenue generating ideas.

The Council for Disability Awareness is a non-profit organization committed to helping educate the public on the very real issue of disability and ways to protect yourself.  As agents and brokers who either direct market or sell in the traditional face to face fashion disability insurance, the information made available by this organization is incredibly valuable.  There is a Section on the CDA website with a variety of Graphs and Charts that are free of charge to download and use (PDFs and JPGs), and are very helpful in educating your potential clients who are considering purchasing disability insurance.

They have recently updated their Long-Term Disability Claims Review (2012) as well as their Social Security Disability Insurance Data.  In addition  they have very relevant Surveys and  White Papers covering a variety of disability topics.  If you distribute disability insurance , regardless of method, I would strongly encourage you to visit the CDA Site.  This CDA does a fantastic job providing very useful information.

George Bode

In an Article entitled “Eastbridge: Life Insurance Most Profitable Line”, published on the July 12, 2012 edition of insuraancenewsnet.com, data is cited from the Eastbridge study: ” The Frontline Report, Worksite/Voluntary Product Trends 2012″ indicating that AD&D was ranked among the carriers surveyed as “very profitable” voluntary product (43% reporting).  Universal Life and Whole Life was cited as “very profitable”  at 41% and Term Life at 26%.  Several lines such as Long Term Disability, Cancer and Hospital Indemnity were not classified this year as “very profitable” and fell of that list.  The products cited as most unprofitable were Dental, Vision and Critical Illness.  Interestingly, in the same report Critical Illness was reported as having the greatest growth outlook for the next several years.  In addition it was reported that  both Critical Illness and Dental Insurance had the highest growth rate at 20% and 22% respectively.

As posted in the previous blog AD&D was one of the top 5 products for expected growth and it is reported as the highest profitable product line. This of course is of no surprise, but again for those of us in the professional association and affinity space, this is a line that by all accounts needs a refocus.  Understanding the acquisition cost may be too high to direct market–although the bank channels have been doing it for years, AD&D can be a tremendous cross sold product through “bill stuffers”,  point of sale, and at time of fulfillment.    The evidence is clear this is a growth product with great profitability, thus attractive for both the marketer as well as the underwriting company.

Do you have a success story with AD&D that you would like to share?

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In an article entitled “Critical Illness Remains Top of List of Voluntary Growth Insurance Products” published on insurancenewsnet.com the author cites an every other year study by Eastbridge Consulting Group, Inc. entitled “The Frontline Report, Worksite/Voluntary Product Trends 2012″, in which insurers rank Critical Illness as the top growth voluntary product over the next two to three years.  In 2011 the growth rate for critical illness was 20% which is a very significant increase.  Other products in the top five growth products include accident and hospital indemnity plans.  For those of us who market supplemental insurance products to members of professional associations and affinity groups this is very encouraging.  While this report focuses on voluntary work-site products, which we acknowledge is a very a different distribution model, as marketers we should take notice of these products.  We all have access to these product lines through the carriers that are active in this marketplace, we just need to get creative and find more effective ways to market these plans.  Traditional life and disability insurance is becoming far more difficult to market to professional associations for a host of different reasons which we can discuss on another blog.  These simple to understand and many times guarantee or simplified issue supplement products are prime for consideration.  Clearly there is an  interest and the work-site agents are providing the access, as marketers to professional associations and affinity groups we too can provide access to fulfill the interest.

Please let me know if you have had success with any of these products in the professional association / affinity group marketplace.

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