AVON, Conn., Aug. 21, 2018 (GLOBE NEWSWIRE) -- To compete in today’s fast-paced and ever-evolving voluntary benefits market, it’s important to be aware of where the industry is headed and understand the approach of the top players. Eastbridge’s recently published Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles Spotlight™ Report provides 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, sales of group platform products continued to outpace individual, increasing 5 percent over 2016 sales. Term life once again accounted for the largest percentage (22%) of sales, while accident, short-term disability, dental, and critical illness rounded out the top five in terms of voluntary market share. Three product lines achieved double-digit sales growth over 2016, while a handful of other product lines achieved modest growth between 4 and 7 percent. Only a few lines had relatively flat growth. As for distribution, the Benefit Broker segment continued to take the largest share of voluntary/worksite sales at over 59 percent in 2017. Career Agents had the second highest share again this year, at 18 percent.
The top 15 companies in the voluntary/worksite market for 2017 accounted for approximately 77 percent of total voluntary sales in 2017, 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, Transamerica, and Sun Life—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 info@eastbridge.com.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.
FOR FURTHER INFORMATION, CONTACT:
Ginger Bates (803) 782-0560