Benefit Brokers Increased Their Voluntary Sales by Double Digits in 2016, According to an Eastbridge Survey

AVON, Conn.--()--Voluntary sales were $7.63 billion in 2016, 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 $4.75 billion in new sales in 2016 and accounted for 62 percent of all voluntary sales, up from 42 percent just 10 years ago. Career Agents again had the second highest sales at $1.17 billion. Voluntary brokers (Classic Worksite Brokers and Worksite Specialists) accounted for $879 million and $658 million in sales respectively.

This year, the Benefit Brokers were the only segment to significantly increase sales on a year-over-year basis. Career Agents were up slightly, while the others were down somewhat.

The following chart shows the market share by distributor segment.

Segment    

2016 Market
Share

    Inc/Dec Over ‘15
Employee Benefit Brokers     62%     11.8%
Career Agents     15%     1.7%
Classic Worksite Brokers     12%     -0.6%
Worksite Specialists     9%     -2.9%
Occasional Producers     2%     -1.3%

The annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry, with detailed data on the performance of 65 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 insurance and financial services organizations in the United States and Canada.

Contacts

Eastbridge Consulting Group, Inc.
Ginger Bates, 803-782-0560

Contacts

Eastbridge Consulting Group, Inc.
Ginger Bates, 803-782-0560