AVON, Conn.--(BUSINESS WIRE)--Total voluntary/worksite sales were an estimated $7.63 billion for 2016, according to carriers surveyed by Eastbridge Consulting Group, a nearly 7 percent increase over the prior year. Term life continued to account for the largest percentage (21%) of those sales, although the percentage increase over 2015 was relatively modest (2.7%). Dental, short-term disability, accident and hospital indemnity insurance rounded out the top five in terms of voluntary market share; however, only hospital indemnity had a double-digit sales increase over 2015. Although not in the top five, universal and whole life products showed the greatest sales gain (18.1%) from 2015 to 2016, and cancer insurance was the only product with a decrease in sales. As for distribution, the Benefit Broker segment continued to take the largest share of voluntary/worksite sales at over 62 percent in 2016. Career Agents had the second highest share again this year, with a minimal increase over 2016 compared to decreases over the past several years.
The top 15 companies in the voluntary/worksite market for 2016 accounted for approximately 75 percent of total voluntary sales in 2016, with Aflac, MetLife, Unum and Colonial Life continuing to lead the way in terms of market share. These and other key voluntary carriers—Allstate Benefits, Cigna, Guardian, The Hartford, Lincoln, Prudential, Sun Life and Transamerica—are profiled in the Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles SpotlightTM Report. Some key data reported by each carrier includes: financial results, average case size, targeted markets, common distribution channels, commissions paid, products offered and administrative processes.
The report is currently available for purchase for $2,000. For more information or to order, call today at (860) 676-9633 or email Eastbridge at email@example.com.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.