Voluntary sales for 2012 were up from 2011 by 6.6 percent, according to Eastbridge’s annual U.S. Worksite/Voluntary Sales Report. Total new business annualized premium (for voluntary sales) was $6.030 billion in 2012.
“We are very excited about the industry results for 2012,” says Gil Lowerre, Eastbridge president. “These numbers exceeded our expectations of a three or four percent sales increase, thus proving that voluntary is a growth market and one that is not negatively impacted by healthcare reform,” adds Lowerre.
Significant sales increases by some of the top players in the industry appear to have led the way towards these solid results. As a group, the top 15 carriers had an increase that exceeded the industry overall. Some even had increases of over 100 percent. Just two of the top 15 has decreases compared to 2011. The top carriers accounted for over 80 percent of total voluntary sales.
Inforce premium was also up this year by over nine percent. Based on tracked premium and estimates of the total market, the 2012 inforce worksite premium is estimated between $21.8 and $28.5 billion.
The annual U.S. Worksite/Voluntary Sales Reportestimates sales for the entire voluntary industry, with detailed data on the performance of 65 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.
Parties interested in participating in next year’s study should email Eastbridge at email@example.com. All participants receive a free copy of the complete findings, including company-specific results.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.