Voluntary sales totaled $7.63 billion in 2016, up almost seven percent over the previous year’s results, according to Eastbridge Consulting Group’s annual U.S. Voluntary/Worksite Sales Report.
“Annually, we recognize those companies that led the industry in voluntary sales growth,” says Gil Lowerre, president of Eastbridge. “Among large companies ($100+ million in voluntary sales), Principal is the fastest growing company based on 2016 voluntary sales, garnering a 20 percent increase over 2015 results.” This is the third year of double-digit growth for Principal’s voluntary business. Voluntary sales for 2015 and 2014 both increased by 12 percent over the prior year.
“Our customers are looking for help in selecting the right benefits at the right time, so we continually invest in solutions to fit where they’re in life,” said Theresa McConeghey, AVP of Specialty Benefits at Principal®. “We are very proud to be recognized for our voluntary benefits program, which focuses on strong education, ease of enrolling and flexible products to help people live their best lives.”
Carriers participating in Eastbridge’s annual U.S. Voluntary/Worksite Sales Report that have a minimum of $10 million in annual sales are eligible for the Voluntary Sales Growth Leader recognition. A company must also have exceeded the overall industry growth rate for each of the last three years and lead in sales growth for the current year. The category parameters can change from year to year as the market grows. For the current year, small companies are those generating over $10 million but under $50 million in new business sales, while mid-size companies are those with NBAP of $50-$100 million and large companies those with NBAP of $100 million or more.
All carriers participating in the voluntary/worksite sales survey receive a free copy of the survey findings, including company-specific results. If you are a carrier that is not participating and would like to be included in next year’s survey, please email the company at email@example.com or call (803) 782-0560.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.