Research shows double-digit sales growth over 2020
The voluntary/worksite benefits industry moved in a positive direction last year with total sales estimated at $8.307 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represents an increase of approximately 11.3% over 2020.
“We believed the industry would rebound in 2021 but weren’t sure how strong of a recovery we’d have in just one year,” said Nick Rockwell, Eastbridge president. “Considering the decrease of more than 15% in 2020, this increase represents a strong move back toward ‘normal’ for the market. Things aren’t back to where they were before the pandemic, but we’re moving in that direction.”
The top 15 companies in terms of voluntary/worksite sales accounted for about 72% of the market in 2021, the same as in 2020, the report shows. The average growth rate among the top 15 companies aligned with the industry overall at 11%. All but four of the leading companies had increases, including seven with double-digit increases.
Eastbridge research continues to suggest brokers are optimistic, expecting increased employer and employee interest in voluntary benefits this year. Based on the historical resiliency of the voluntary market as well as the 2021 results, Eastbridge expects 2022 sales to exceed pre-pandemic levels and then return to historical growth rates in the future.
The annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry, with detailed data on the performance of 67 group and individual carriers. The report represents the largest number of carriers included in any sales report for the industry.
Carriers interested in participating in next year’s study can email Eastbridge at [email protected]. All participants receive a free copy of the complete findings, including company-specific results.
About Eastbridge Consulting Group — Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.