People that still work for Healthmarkets aka Insphere aka Mega, Midwest, Chesapeake, and the list goes on, can try to dispute this if they want, but this information is directly from their SEC filing.
"The SEA [Self-Employed Agent] Division reported earned premium revenue of $973.3 million in 2009 compared to $1.1 billion in a decrease of $167.2 million or 14.7%, which is due to a decrease in policies in force. Total policies in force decreased by 23% during the year to approximately 218,000 during 2009 as compared to approximately 281,700 during 2008. The decrease in policies in force reflects an attrition rate that exceeds the pace of new sales, and is evident in the reduction in submitted annualized premium volume from $455.9 million in 2008 to $321.9 million in 2009. Additionally, the decrease in policies in force is due to a decrease in the number of agents submitting business."
That is a huge drop in business. Can't wait to see what happens this year.
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