New Eastbridge report identifies market potential for voluntary sales

AVON, CONNECTICUT, USA (August 8, 2024)

Report shows many states under-penetrated compared to number of workers

Large, highly populated states that already lead the nation in voluntary benefits sales and in-force premium may still offer some of the greatest potential to voluntary carriers, according to recent Eastbridge Consulting Group research.

Eastbridge’s “U.S. State ESI and EPI Data for 2023” report is an adjunct to the “U.S. Voluntary/Worksite Sales” report, published annually since 1999. It uses state-by-state sales and in-force premium data and provides two indexes relating the information to the number of people employed in each state. The Eastbridge Sales Index, or ESI, offers a state-by-state measure of sales coverage, while the Eastbridge Premium Index, or EPI, looks at in-force premium per employed person by state and provides an overall penetration measure. The report also includes data by product and employer size. Carriers can use this information to compare their own sales and in-force results to the industry and help identify potential opportunities for growth.

“This report shows there is considerable untapped potential in many states, even those with some of the highest sales in the country,” said Nick Rockwell, Eastbridge president. “For example, New York and California are in the top four states in sales, but rank relatively low when their sales are compared to the number of people employed in those states. On the flip side, some states with relatively low in-force premium numbers rank near the top in EPI, indicating there might be less room for growth.”

This year’s report includes 2023 sales data from 34 carriers and in-force premium by state from 36 carriers, representing 87% of all voluntary sales and estimated in-force premium last year.