AVON, Conn.--(BUSINESS WIRE)--Because today’s voluntary benefits market is ever-evolving and highly competitive, it's important to understand where the industry is headed and how some of the top players are approaching it. Eastbridge’s recently published Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles Spotlight™ Report gives readers insight to the voluntary industry's current direction and a view inside some of the market's top-selling companies.
According to this year’s study, the gap between group and individual platforms continues to widen, with sales for those filed as individual products sitting flat and group filed products up 10%. The top two selling lines of business were again term life and dental, but accident rather than short-term disability (STD) followed in the third position. Although STD continues to enjoy a decent share of the overall product mix at 13%, however, it saw a modest growth of just 2% last year. Critical illness products saw a 25% growth in sales, while long-term care sales fell by nearly 40%. As for distribution, the Benefit Broker segment continued to take the largest share of voluntary/worksite sales (at 60 percent), while the Career Agent segment had the second highest (but decreasing) share.
The top 15 companies in the voluntary/worksite market in this year’s study accounted for about 78 percent of total voluntary sales in 2015, with Aflac, MetLife, Unum and Colonial Life leading the way in terms of market share. These carriers and several other key industry players are profiled in the report, including Cigna, Guardian, Transamerica, The Hartford, Lincoln Financial and Prudential. These profiles give readers a valuable perspective on how industry sales leaders manage their business and remain competitive.
The latest study, entitled Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles, is currently available for purchase for $2,000. For more information or to order, call today at (860) 676-9633 or email Eastbridge at firstname.lastname@example.org.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.