Voluntary sales for 2014 were up again, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. Total voluntary/worksite sales for 2014 are estimated at $6.89 billion, up from $6.644 billion in 2013—a 3.7 percent increase.
“We are pleased to see the industry continuing to produce positive results year after year,” says Gil Lowerre, Eastbridge president. “Almost $6.9 billion in new sales is a great achievement.”
The top 15 companies accounted for about 79 percent of total market sales, which is about the same percentage as in 2013. Overall the top companies had an average sales increase of 4.3 percent, slightly higher than the overall industry increase. The individual results for the top 15 were more varied this year, with five showing decreases and 10 with increases. Among those with an increase, six companies had double-digit increases.
Inforce premium increased about five percent in 2014 with an estimated inforce premium of $37.3 billion.
The annual U.S. Voluntary/Worksite Sales Report estimates 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.
Carriers 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.