Voluntary sales totaled $8.1 billion in 2017, up almost seven percent over the previous year’s results, according to Eastbridge Consulting Group’s annual U.S. Voluntary/Worksite Sales Report.
“Every year we recognize those companies that led the industry in voluntary sales growth,” says Gil Lowerre, president of Eastbridge. “Among large companies ($150+ million in voluntary sales), Colonial Life is the fastest growing company, based on 2017 voluntary sales, garnering a 7 percent increase over 2016 results for total voluntary sales of $520 million.” Voluntary sales for 2016 increased by 10 percent and for 2015 by 7 percent over the prior year. “Growing faster than the industry average for three years in a row is not easy for any company but it is especially difficult in the large carrier category so we commend Colonial Life for their achievement,” adds Lowerre.
“As the nation’s workers continue to better understand their need for voluntary benefits in difficult times, Colonial Life’s sales have grown to meet that demand,” according to Colonial Life President and CEO Tim Arnold. “As health care costs have climbed, and many employers have shared the growing costs of benefits with employees, millions are realizing they can affordably protect their finances, their families and their futures with voluntary benefits,” Arnold said.
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-$149.9 million and large companies those with NBAP of $150 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 firstname.lastname@example.org 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.