Voluntary benefits sales in 2017 totaled $8.1 billion and were up almost seven percent over the 2016 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. “This year we recognize ManhattanLife as the leader in the mid-size category ($50-$149.9 million in new business sales), achieving a 78 percent increase over 2016 sales. The company’s voluntary sales in 2016 increased by 32 percent and in 2015 by 10 percent over the prior year. This is an accomplishment that is not easy to achieve, and we congratulate them,” adds Lowerre.
“We’re honored to be recognized in the mid-size category and attribute the growth to strong synergy with our distribution partners, our products and our service,” said Todd Hayden, Senior Vice President and Chief Marketing Officer of ManhattanLife. “Our recent acquisition of a worksite voluntary business will enhance our offerings and gives us a presence in the large-case market where we fully anticipate continued growth.”
Carriers participating in Eastbridge’s annual U.S. Voluntary/Worksite Sales Report that have a minimum of $10 million in annual sales are eligible to be considered 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, but this year the small company category includes companies with 2017 sales as measured by new business annualized premium (NBAP) of over $10 million but under $50 million. Mid-size companies are those with $50-$149.9 million in NBAP, and large companies are those with NBAP of $150 million or more.
All carriers participating in Eastbridge’s 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.