Largest carriers, group products continue to dominate worksite industry
Group voluntary products are continuing a decade-long trend of outpacing the sales growth of individual products in the employee benefits industry, according to a new report from Eastbridge Consulting Group.
Eastbridge’s 2022 Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles report shows sales of group products increased 13% in 2021, exceeding the industry’s strong recovery growth rate of 11.3% and nearly double the 7% increase in individual sales. Group products accounted for 78% of all voluntary sales last year.
Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles report examines sales, in-force premium, and product and distribution trends in the voluntary marketplace. It also provides a competitive analysis of the 10 largest carriers, including an overview of each business and its marketing focus, distribution, products and operations.
“The largest players continue to dominate the market with 72% of total sales for the second straight year,” said Nick Rockwell, Eastbridge president. “We saw a similar trend at the producer level, where benefit brokers who typically focus on employee benefits, particularly traditional group benefits, and generally offer voluntary benefits as an additional line, continue to take the lion’s share with more than two-thirds of all voluntary/worksite sales.”
Information about purchasing the Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles report is available on Eastbridge’s website. Those interested can email [email protected] or call (860) 676-9633.
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.