Total voluntary/worksite sales for 2020 are estimated at $7.463 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represents a 15.5% decrease compared to 2019 sales.
“Undoubtably, we are seeing the direct impact of the COVID-19 pandemic on 2020 voluntary sales,” says Nick Rockwell, Eastbridge president. “Reduced access to employees and shifts to virtual enrollment methods, along with general uncertainty and disruption, fueled much of the decline.”
The top 15 companies accounted for about 72% of total market sales. Among the top 15 companies, the average growth rate was -15.3%, which is better than the industry rate of -15.5%. However, not all top 15 companies experienced decreases. While 10 carriers had sales decreases, five companies had sales increases, including three with double-digit increases.
Inforce premium decreased almost 2% in 2020 to an estimated $46.3 billion.
The annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry, with detailed data on the performance of 69 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.
U.S. Voluntary/Worksite Sales Report, a Spotlight™ Report
Carriers interested in participating in next year’s study should email Eastbridge at [email protected]. All participants receive a free copy of the complete findings, including company-specific results.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.