Voluntary sales for 2013 were up again, according to Eastbridge’s annual U.S. Worksite/Voluntary Sales Report. Total 2013 voluntary/worksite sales are estimated at $6.644 billion, up from $6.03 billion in 2012.
We are very pleased with the industry results for 2013,” says Gil Lowerre, Eastbridge president. “Over $6.6 billion in new sales is an outstanding achievement.”
The industry increase was more difficult to determine this year, according to Bonnie Brazzell, vice president of Eastbridge. “We had a few companies participate in the study for the first time this year, and others used a new methodology for calculating their voluntary premium,” explains Brazzell. “We are estimating the annual industry sales increase at about 4.3% based on a constant group of companies and not including those that are new or changed their reporting methodology.” Lowerre adds, “As a group, the top 15 companies had an average sales increase of 8%; just two of the top 15 experienced a decrease in 2013 (both had a 4% decrease).”
Inforce premium increased about 4% in 2013 and was between $27 billion (low estimate) and $35 billion (high estimate) as of December 31, 2013. Because more companies were able to report their inforce premium, we revised the high estimate for 2012.The estimated increase of 4% is based on this updated estimate and the high estimate for 2013. [Note: Depending on the 2014 data collected, the low estimate data may be eliminated from future reports since we believe the high estimate is a more accurate indicator.]
The annual U.S. Worksite/Voluntary Sales Reportestimates sales for the entire voluntary industry, with detailed data on the performance of more than 60 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.
The U.S. Worksite/Voluntary Sales Report is available only to Eastbridge Information Partner™ Subscribers as well as to participants. For more information on becoming a participant, email us at firstname.lastname@example.org.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.