The states that are the leaders in total voluntary sales volumes look very different from the top states by sales penetration (voluntary sales per employed population), according to Eastbridge Consulting Group’s ninth annual U.S. State ESI and EPI Data report. Texas, California, and Florida led the country in voluntary sales for the eighth year in a row, and New York and North Carolina rounded out the top five. Compared to 2017 results, the top five states are the same with several states switching positions (i.e. Georgia and Illinois).
However, sales volume only tells part of the story. Relative sales penetration offers better insight into the future sales opportunity in each state. To this end, Eastbridge developed the Eastbridge Sales Index (ESI) which is calculated based on a rolling three-year average of voluntary sales reported by carriers, divided by the employed population for each state. For this year’s survey, the rolling average included 2018, 2017 and 2016 voluntary sales results.
“New York and California are good examples of states that still have untapped potential despite their high voluntary sales. This is indicated by their relatively low ESI numbers – meaning that there are still many employees not yet covered,” adds Eastbridge Senior Vice President, Bonnie Brazzell. Seven of the top 15 states for total voluntary sales with below average ESI numbers present similar potential. On the other hand, North Carolina and Texas have relatively high ESI numbers along with being in the top five by total voluntary sales and therefore represent less opportunity to cover additional employees relative to other states.
The U.S. State ESI and EPI Data report is an adjunct to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report and includes sales and inforce data by state, as reported by the survey participants. The report is free but available only to survey participants. For more information on becoming a participant in the next annual survey, call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.