New report analyzes key data on top voluntary competitors
The top 15 companies in the voluntary/worksite market grew an average of 6% last year, three times the rate of the overall industry, according to Eastbridge Consulting Group's new “Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles” Spotlight™ report.
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The report shows the industry's 15 sales leaders accounted for nearly 71% of the market in 2024, a slight drop from the previous two years, although the majority of these carriers saw sales growth, including six companies with double-digit increases.
“The largest voluntary carriers continue to hold very strong market share, with the top two alone accounting for 25% of the market,” said Danielle Lehman, Eastbridge senior consultant. “However, many of their smaller competitors have shown very impressive double-digit growth in recent years.”
Eastbridge's “Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles” Spotlight™ report combines primary and secondary research from numerous projects to examine sales, in-force premium, and product and distribution trends in the voluntary marketplace. It also provides a competitive analysis of 10 of the top players in the market, including their corporate structure, financial results and ratings, average case size and target markets, commissions, distribution channels, products offered, and administration details.
Other key findings in the report include:
— Group product sales continue to grow at a notably higher rate than individual products, and now account for 78% of the market.
— Term life insurance dominates the voluntary industry with nearly twice the market share as the next closest product, dental insurance. But supplemental insurancecoverages such as critical illness and hospital indemnity are generating.
— Employee benefit brokers – producers who focus on employee benefits, particularly traditional employer-paid group benefits, and generally offer voluntary products as an additional line – account for more than two-thirds of all voluntary product sales.
Information about purchasing the “Voluntary/Worksite Marketing Industry Snapshot and Competitor Profiles” Spotlight™ reportis available on Eastbridge's website. For moreinformation contact Eastbridge atinfo@eastbridge.com.
About Eastbridge Consulting GroupEastbridge Consulting Group,part ofNMG Consulting, specializes in research, consulting and insights for companies in the voluntary/worksite benefits market in the United States and Canada.Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group. NMG is aconsulting firm providing strategic insights and analytics across insurance, wealth management and asset management. It operates internationally offering expertise in business strategy, performance benchmarking and distribution strategies.
CONTACT: Ginger BatesEMAIL:gbates@eastbridge.com
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SOURCE Eastbridge Consulting Group
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