Subject: SVY
Eastbridge study shows benefit brokers continue to dominate voluntary market
Sales for most broker categories exceed overall industry rate
AVON, Conn., June 25, 2024 /PRNewswire/ -- Benefit brokers continue to take the largest share of voluntary/worksite sales with more than two-thirds of the market, according to Eastbridge Consulting Group's newest research. Eastbridge's "U.S. Voluntary/Worksite Sales Report" shows benefit brokers ? those who primarily sell core or employer-funded products but also sell voluntary ? increased their sales by 7% in 2023 to $6.3 billion, or 68% of the total market.
Career agents, who primarily work for a single company selling its products, and classic worksite brokers who focus on voluntary sales both saw sales growth of 11% in 2023. Career agents account for 13% of the market while worksite brokers hold 10%. Worksite specialists ? large marketing organizations that focus on voluntary sales ? had a slight dip of 0.2% in sales and make up 8% of the market.
2023 Sales Growth and Market Share by Distribution Segment
Distribution Segment | Sales Growth | Market Share |
Benefit brokers | 7 % | 68 % |
Career agents | 11 % | 13 % |
Classic worksite brokers | 11 % | 10 % |
Worksite specialists | - 0.2 % | 8 % |
Total voluntary insurance sales hit a historic high for new premium at $9.34 billion, a 6.7% increase over 2022, the report shows.
Eastbridge's "U.S. Voluntary/Worksite Sales Report" provides the industry's most comprehensive, reliable and current source of data available on voluntary/worksite sales and in-force premium. The new report includes data from 2000 through 2023 from 60 companies, primarily on group and individual life and health products. All participants in the study receive a free copy of the complete findings, including company-specific results. Carriers interested in participating in next year's study can email Eastbridge at [email protected].
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. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.
CONTACT: Ginger Bates
EMAIL: [email protected]
SOURCE Eastbridge Consulting Group
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