Voluntary sales for 2016 increased at an even greater rate in 2016. Total voluntary/worksite sales for 2016 are estimated at $7.63 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represents almost a seven percent increase over 2015 sales.
“The growth of the voluntary market in 2016 was significant,” says Gil Lowerre, Eastbridge president. “The almost seven percent growth is the highest we have seen since 2007.”
The top 15 companies accounted for about 75 percent of total market sales, down just slightly from 78 percent last year. Among the top 15 companies, the average growth rate was 6.4 percent, which is slightly below the industry rate of 6.9 percent. Five (5) carriers (among these top 15) had decreases, while six had double-digit increases.
Inforce premium increased approximately five percent in 2016 to an estimated $41 billion.
The annual U.S. Voluntary/Worksite Sales Report estimates 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.
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.