Top 15 companies account for nearly three-quarters of all voluntary sales
AVON, Conn., July 23, 2024 -- Sales growth for the largest voluntary/worksite carriers significantly exceeded the industry average in 2023, according to Eastbridge Consulting Group's newest report.
Eastbridge's "Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles" Spotlight™ Report shows the top 15 companies produced average sales growth of 9.1% last year, surpassing the industry's solid 6.7% growth rate. As a group, these companies accounted for 72% of all voluntary/worksite sales in 2023.
Eastbridge's "Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles" Spotlight™ Report examines the sales, in-force premium, and product and distribution trends in the voluntary marketplace. The report also provides a competitive analysis of 10 of the top voluntary/worksite marketing companies, including their corporate structure, marketing focus, distribution systems, products and operations.
"Existing voluntary carriers and those considering entering the market need to understand the most recent trends and current results by line of business and distribution channels," said Nick Rockwell, president of Eastbridge. "It's also critical to know the top players in the market, including which products they sell through what channels, how they administer the business, and their administrative and technological capabilities."
Other key findings in the report include:
- Group products continue to dominate voluntary sales, although group sales grew at a slower rate (5%) than individual sales (12%) last year. Group sales accounted for 77% of all voluntary sales in 2023.
- Life insurance continues to lead all business lines with more than 30% of sales, followed by disability (17.7%), dental (12.3%) and accident (11.7%).
- Benefit brokers — producers who typically focus on employee benefits, particularly traditional group benefits, and generally offer voluntary products as an additional line — maintained their hold on the majority of voluntary sales at 68%. Career agents and classic worksite brokers continue to account for much smaller shares of the market, but their sales grew at a faster rate than benefit brokers.
Information about purchasing the "Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles" Spotlight™ Report is available on Eastbridge's website. Those interested can email info@eastbridge.com or call (860) 676-9633.
About Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.
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