Top 15 companies account for nearly three-quarters of market
AVON, Conn., July 18, 2023 - The top 15 voluntary benefits companies outpaced the industry's overall sales growth rate last year and increased their dominance in the worksite market, according to Eastbridge Consulting Group's most recent research.
Eastbridge's "Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles" SpotlightTM Report shows the 15 largest carriers averaged 6.3% sales growth in 2022, exceeding the industry average of 5.4%.
"More than half of the largest carriers saw sales increase by double digits last year, while only two carriers had sales decreases compared to 2021," said Nick Rockwell, Eastbridge president. "This strong year-over-year performance led the continued recovery for the industry, bringing it close to pre-pandemic levels."
Eastbridge's "Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles" SpotlightTM Report compiles primary and secondary research on 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 carriers in the voluntary/worksite industry.
Other key findings in the report include:
Voluntary sales continue to weigh heavily toward group platforms. Group products accounted for 78% of sales in 2022, compared to 22% for individual products. Group sales reached an historic high, totaling $6.836 billion.
Term life insurance continues to be the top-selling product with 21% of all voluntary business, although sales dropped slightly from 2021. Sales of supplemental health products — accident, cancer, critical illness, hospital indemnity and gap/supplemental health plans — increased 13% last year.
Benefit brokers — producers who typically focus on employee benefits, particularly traditional group benefits, and offer voluntary products as an additional line — continue to dominate distribution of voluntary products, accounting for more than two-thirds of all sales.
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.
CONTACT: Ginger Bates
EMAIL: gbates@eastbridge.com
SOURCE Eastbridge Consulting Group
