Voluntary sales totaled $8.5 billion in 2018, up 4.5% compared to 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 for the second year in a row, based on 2018 voluntary sales, garnering an 8% increase over 2017 results for total voluntary sales of $561 million.”
Voluntary sales for 2017 increased by 7% and for 2016 by 10% 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 and Colonial has achieved this for more than three consecutive years so we are pleased to commend Colonial Life for their achievement,” adds Lowerre.
“Escalating healthcare costs are burdening U.S. employees like never before. Our 1,400 home office employees and the 14,000 members of our sales organization are helping millions of consumers realize they can affordably protect their finances, their families and their futures with voluntary benefits,” according to Colonial Life President and CEO Tim Arnold.
“Colonial Life’s growth is just a sign that we are helping America’s workers understand voluntary benefits and that, in turn, helps them better engage with their employers.”
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 new business annualized premium (NBAP) of $50 million to $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 email@example.com or call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.