Based on industry trends, Eastbridge coined the term "groupification" more than 15 years ago to describe the underlying direction of the voluntary industry. We wrote about two general concerns with the otherwise positive implications of groupification.

First, it seemed to imply an increasing commoditization of product forms, suggesting increasing price competition and margin pressures. Secondly, we discussed the possibility of increased takeovers.

Back then, individual platform sales were the dominant product. Today, excluding one major carrier, 72 percent of new premium in 2012 came from group products.

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