AVON, Conn., Sept. 01, 2020 (GLOBE NEWSWIRE) -- According to Eastbridge Consulting Group’s U.S. State ESI and EPI Data for 2019 report, both small employers with less than 100 employees and large employers with over 2,500 employees have the lowest levels of voluntary sales penetration. On the other hand, the 500-999 segment followed closely by the 1,000 to 2,500 segment have the highest levels of voluntary sales penetration.
To assess penetration, Eastbridge developed the Eastbridge Sales Index (ESI), which divides the employee population for each employer size by the sales for each employer size. The lower the ESI the more opportunity for future sales, and the higher the ESI the less opportunity for future sales. The ESI metric adds another dimension to assess future sales potential in addition to looking at total sales.
| Employer Size Segment | ESI |
| <10 employees | 43 |
| 10-25 employees | 58 |
| 26-99 employees | 65 |
| 100-499 employees | 85 |
| 500-999 employees | 106 |
| 1,000-2,500 employees | 101 |
| >2,500 employees | 62 |
From a total sales perspective, the employer segment with greater than 2,500 employees had the highest volume of 2019 voluntary sales at 37%, up three percentage points compared to last year. The 25-99 employee segment and 100-499 employee segment had the next highest volume at 31% collectively.
Voluntary Sales by Employer Size
| Mix for 2018 | Mix for 2019 | Projected 2019 Sales (in millions) | U.S. Employees | |
| <10 employees | 9% | 6% | $538 | 10% |
| 10-24 employees | 8% | 8% | $665 | 9% |
| 25-99 employees | 14% | 14% | $1,199 | 14% |
| 100-499 employees | 18% | 17% | $1,540 | 14% |
| 500-999 employees | 7% | 8% | $739 | 5% |
| 1,000-2,499 employees | 10% | 10% | $914 | 7% |
| >2,500 employees | 34% | 37% | $3,238 | 40% |
This annual report includes state-by-state sales and inforce data and provides two measures that relate these data to the number of employed Americans in each state. The ESI (Eastbridge Sales Index) and EPI (Eastbridge Premium Index) provide real sales coverage (ESI) and penetration (EPI) measures on a state level. In addition, the report provides information on sales by employer size and inforce premium by line of business. This information provides a useful perspective for carriers to look at real sales coverage and penetration and, therefore, the opportunity for voluntary growth.
The U.S. State ESI and EPI Data report is an adjunct to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report and includes sales and inforce data by state, as reported by the survey participants. The report is free but available only to survey participants. For more information on becoming a participant in the next annual survey, contact the company at info@eastbridge.com or call (860) 676-9633.
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)