Texas and California led the country in voluntary sales for the sixth year in a row, according to Eastbridge Consulting Group’s tenth annual U.S. State ESI and EPI Data report. Florida, New York and Illinois rounded out the top five. Compared to 2018 results, four of the top five states are the same with North Carolina exiting the list and Illinois entering the list in 5th position.
“The top 15 states, which accounted for almost 79% of total voluntary sales in 2019, saw some movement in the rankings,” says Nick Rockwell, Eastbridge president. “North Carolina dropped two positions, switching places with Illinois, while Tennessee dropped one position, switching places with Ohio. Missouri moved up to positions (to 13th position) and New Jersey fell one position (to 15th position). Washington fell out of the top 15 this year, and Indiana was back after two years out of the top 15.”
However, sales volume doesn’t always mean that those states are highly penetrated. To judge that, Eastbridge uses the Eastbridge Sales Index (ESI). The annual ESI for each state is calculated based on a rolling three-year average of voluntary sales reported by carriers and that average divided by the employed population for each state. For this year’s survey, the rolling average included 2019, 2018 and 2017 voluntary sales results.
Only five of the top 15 states by total voluntary sales (North Carolina, Tennessee, Texas, Florida, and Missouri) made the list of states with the greatest penetration (voluntary sales per employed population).
“Our ESI data provides a useful metric for companies developing targeted marketing and distribution strategies,” adds Eastbridge Senior Advisor, Bonnie Brazzell. “ For example, New York and California are in the top five for voluntary sales but have ESIs of 47 and 42, respectively, (lower than the national average of 56), indicating that there is still untapped potential in those states. On the other hand, states such as Mississippi and Louisiana have high ESI numbers (86 and 81) but did not make the top 15 list in terms of voluntary sales. Relatively speaking, Mississippi and Louisiana are more penetrated in voluntary sales than New York or California.”
The U.S. State ESI and EPI Data report is an adjunct to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report and includes sales and inforce data by state, as reported by the survey participants. The report is free but available only to survey participants. For more information on becoming a participant in the next annual survey, contact 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.