Latest Eastbridge research shows post-pandemic recovery continues for voluntary industry

AVON, CONNECTICUT, USA (May 18, 2023)

Sales continue three-year growth trend to near-record highs.

The voluntary benefits industry continued its growth trend last year, with sales up 5.4% to $8.75 billion, according Eastbridge Consulting Group’s newest research. Total new business premium reached the second-highest level ever for the industry.

Eastbridge’s U.S. Voluntary/Worksite Sales Report provides the industry’s most comprehensive, reliable and current source of data on voluntary/worksite sales and in-force premium. The new report includes information from 63 companies, primarily on group and individual life and health products.

“The voluntary industry continued to show promising growth in 2022, although sales haven’t quite returned to pre-pandemic levels,” said Nick Rockwell, Eastbridge president. “Our research shows increasing optimism and enthusiasm for voluntary benefits from brokers, employers and employees, so we expect this trend to continue and gradually move sales to new highs.”

Other key findings in the report include:

• The industry’s top 15 companies grew an average of 6.3%, higher than the overall industry. These larger companies account for nearly three-fourths of the market.
• The market continues to shift heavily toward group sales. Group sales increased 6% compared to 4% growth for individual sales and now account for 78% of all sales.
• Takeover business still predominates the market at 52.4% of premium, but dropped again last year compared to previous years.

 

About Eastbridge Consulting Group — is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn.