AVON, Conn.--(BUSINESS WIRE)--Voluntary benefits sales in 2016 totaled $7.63 billion and were up almost seven percent over the 2015 results, according to Eastbridge Consulting Group’s annual U.S. Voluntary/Worksite Sales Report.
“Annually, we recognize those companies that led the industry in voluntary sales growth,” says Gil Lowerre, president of Eastbridge. “For the second consecutive year, we recognize Chubb’s worksite units—Chubb Workplace Benefits and Combined Worksite Solutions—as the leader in the mid-size category ($50-$100 million in new business sales). With this recognition, they’ve won the growth award three years in a row, including 2014 in the small company category. This is an accomplishment that is not easy to achieve, and we congratulate them,” adds Lowerre.
Carriers participating in Eastbridge’s annual U.S. Voluntary/Worksite Sales Report that have a minimum of $10 million in annual sales are eligible to be considered for the Voluntary Sales Growth Leader recognition. A company must also have exceeded the overall industry growth rate for each of the last three years and lead in sales growth for the current year. The category parameters can change from year to year as the market grows, but this year the small company category includes companies with 2016 sales as measured by new business annualized premium (NBAP) of over $10 million but under $50 million. Mid-size companies are those with $50-$100 million in NBAP, and large companies are those with NBAP of $100 million or more.
“It is an honor to receive this recognition from Eastbridge for the third consecutive year,” says Chris Martin, president of Chubb Workplace Benefits and Combined Worksite Solutions. “Much of our growth was driven through our Chubb Workplace Benefits unit. These results further validate that our value proposition is compelling, especially in the broker market.”
In 2016, Chubb announced the creation of Chubb Workplace Benefits, a broker-driven unit that combines the market leadership and experience of Combined Worksite Solutions with Chubb’s substantial relationships with leading national and regional insurance brokerage firms.
“This Eastbridge award is one we share with our agents, consultants and broker partners. It is also a testament to our internal support teams and our Chubb P&C colleagues, whose collective efforts have helped us achieve this recognition again,” Martin added. “We look forward to continuing our growth and strong position as a market leader in the voluntary benefits business.”
All carriers participating in Eastbridge’s voluntary/worksite sales survey receive a free copy of the survey findings, including company-specific results. If you are a carrier that is not participating and would like to be included in next year’s survey, please email the company at email@example.com or call (803) 782-0560.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.
About Combined Insurance
Combined Insurance Company of America (Chicago, Ill.) is a leading provider of individual supplemental accident, disability, health, and life insurance products and a Chubb company. With a tradition of nearly 100 years of success, Combined Insurance is committed to making the world of supplemental insurance easy to understand. The company has an A+ rating by the Better Business Bureau and is one of Ward’s Top 50® Performing Life-Health Insurance Companies. Combined Insurance is also a 2017 Top 10 Military Friendly® Employer named by G.I. Jobs Magazine—marking the fifth consecutive year on the Top 10 employer list and third consecutive year in the Top 5. For more information, please visit combinedinsurance.com.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.
Chubb, Combined Insurance, Combined Worksite Solutions, and Chubb Workplace Benefits are Chubb Group trademarks.