AVON, Conn., June 18, 2020 (GLOBE NEWSWIRE) -- Voluntary sales were $8.832 billion in 2019, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. As has been the case over the last decade, the Benefit Broker segment led the way.
Benefit Brokers generated over $5.3 billion in new sales in 2019 and accounted for 61% of all voluntary sales, up from 59% in 2019. Career Agents again had the second highest sales at almost $1.5 billion. Voluntary brokers (Classic Worksite Brokers and Worksite Specialists) accounted for $1.1 billion and $785 million in sales respectively.
The following chart shows the market share by distributor segment.
| Segment | 2019 Market Share | Inc/Dec Over ‘18 | ||
| Employee Benefit Brokers | 61% | 8% | ||
| Career Agents | 17% | -3% | ||
| Classic Worksite Brokers | 12% | -6% | ||
| Worksite Specialists | 9% | 9% | ||
| Occasional Producers | 1% | 28% | ||
The annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry, with detailed data on the performance of 70 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.
Carriers interested in participating in next year’s study should email Eastbridge at info@eastbridge.com. All participants receive a free copy of the complete findings, including company-specific results.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.
FOR FURTHER INFORMATION, CONTACT:
Erin Marino emarino@eastbridge.com