The pandemic challenged 2020 voluntary sales industry-wide, posting a decline of 15.5% compared to 2019 with sales totaling close to $7.5 billion, according to Eastbridge Consulting Group’s annual U.S. Voluntary/Worksite Sales Report.
Out of the 14 large companies ($150+ million in voluntary sales) in our survey, only four were able to achieve positive sales growth in 2020,” says Nick Rockwell, president of Eastbridge. “The Hartford, Prudential, Sun Life and Voya Financial achieved growth, but Voya Financial was the only company that was also able to outpace industry growth in 2019 and 2018 as well. Voya Financial is the fastest growing company, based on 2020 voluntary sales, garnering a 19% increase over 2019 results for total voluntary sales of $202 million. In the ultracompetitive large-carrier market space, sustaining growth in a pandemic year and beating the industry average for the prior two years is especially impressive. We commend Voya Financial for this outstanding achievement,” adds Rockwell.
“Voya Financial is incredibly proud to have earned this distinction from Eastbridge Consulting Group as the fastest growing company based on voluntary sales in the large-carrier category for a second consecutive year. Given the challenges caused by the pandemic, this year’s recognition is especially meaningful, since it directly speaks to the dedication and commitment of our Voya employees,” said Rob Grubka, CEO of Health Solutions, Voya Financial. “The health and wealth needs of Americans are connected like never before, which the pandemic has only magnified. As employees turn to the workplace for help to advance the financial well-being of their household, employers are increasingly looking for supplemental insurance offerings that they can easily integrate into their workplace benefits and financial wellness programs that their employees will value. At Voya, we continue to focus on helping Americans balance between living for today, while preparing for the future.”
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. This year, a company must also have achieved positive sales growth in 2020 and exceeded the overall industry growth rate in 2019 and 2018 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 call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), provides health, wealth and investment solutions that enable its approximately 14.8 million individual, workplace and institutional clients to achieve their financial wellness goals with confidence. With a vision to be America’s Retirement Company®, Voya’s products, solutions and digital capabilities help create a better financial future for all. Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020 and $729 billion in total assets under management and administration as of March 31, 2021. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as one of the World’s Most Ethical Companies® by the Ethisphere Institute; as the No. 1-ranked financial services firm among Barron’s 100 Most Sustainable Companies for three consecutive years; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.