Understanding the approach and the performance of the leading carriers in the voluntary benefits market, along with key market trends in light of the COVID-19 pandemic, is critical for success now more than ever. Eastbridge’s recently published Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles Spotlight™ Report provides these market insights along with company profiles of the top ten carriers in the market.
While all product lines were impacted in 2020 as a result of the pandemic, term life was, as in previous years, the top-selling line of business, followed by dental, accident and short-term disability. Interestingly, lines with very low sales and products such as critical illness with historically strong growth had smaller decreases relative to other product lines. In addition, group product sales fared better than individual with group product sales decreasing by 9% and individual sales decreasing by 31% compared to 2019.
In addition to voluntary sales data by product and group vs. individual, the Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles report includes data on other market trends like inforce premium and distribution, as well as profiles of the top ten companies in the voluntary/worksite market, including 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 companies focused on the voluntary/worksite benefits market in the United States and Canada.