To compete in the quickly-changing voluntary benefits market, understanding the approach of the top carriers in the voluntary/worksite along with having knowledge of the key market trends are critical to success. Eastbridge’s recently published Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles Spotlight™ Report provides these key market insights along with company profiles of leaders in the market.
According to this year’s study, term life once again accounted for the largest percentage (21%) of 2019 voluntary sales, while dental, accident, short-term disability, and critical illness rounded out the top five in terms of voluntary market share. Two product lines achieved double-digit sales growth over 2018, while several other product lines achieved modest growth between 3% and 8%. In addition, sales of group platform products continued to outpace individual, increasing 9% over 2019 sales.
In addition to information about voluntary sales by product and group vs. individual, the Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles report includes data on other market trends, as well as profiles of over ten of the leading companies in the voluntary/worksite market, such as Aflac, MetLife, Colonial Life, and Unum. Some key data reported by each carrier includes financial results; common distribution channels; targeted markets; commissions paid; products offered; enrollment; and service capabilities as well as administrative processes.
Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.