Voluntary sales totaled close to $7.5 billion in 2020, down 15.5% compared to the previous year’s results, according to Eastbridge Consulting Group’s annual U.S. Voluntary/Worksite Sales Report.
“This year in the small category ($10 million to $49.9 million in sales), Assurity was the fastest growing company for the third year in a row based on voluntary sales,” says Nick Rockwell, president of Eastbridge. This is the ninth year of growth (after four consecutive years of double-digit growth) for Assurity’s voluntary business. Voluntary sales for 2020, 2019, and 2018 increased by 5%, 66%, and 54%, respectively, over the prior year. “Few small-size companies were able to achieve growth in a pandemic year and we acknowledge Equitable, Symetra, MassMutual, and 5Star Life in the small carrier category for achieving year over year sales growth. Uniquely, Assurity was the only carrier able to achieve positive growth in 2020 and outpace the industry growth rate for the prior two consecutive years. Eastbridge congratulates Assurity on their sustained growth,” adds Rockwell.
"We’re incredibly honored to have earned the title of Voluntary Sales Growth Leader from Eastbridge for a third consecutive year,” said Jack Douglas, Assurity Vice President of Worksite Sales.
“Maintaining our momentum through a year with such unprecedented challenges was not an easy feat, but the agility, ingenuity and collaborative spirit of our associates and distribution network allowed us to continue to be there for our employer clients and their employees. How the world worked day to day may have changed, but we never lost sight of our goal of helping people through difficult times."
Each year after the U.S. Voluntary/Worksite Sales Report is published, Eastbridge recognizes companies that exhibited stronger-than-average growth of voluntary sales for the past three years. All carriers participating in the survey with a minimum of $10 million in annual sales are eligible to win the Voluntary Sales Growth Leader recognition. To be considered for the award, this year, a company must have achieved positive sales growth in 2020 and exceeded the overall industry growth rate in 2019 and 2018 and lead in sales for the current year. The category parameters can change from year to year as the market grows, but this year the small company category includes companies with 2020 sales as measured by new business annualized premium (NBAP) of over $10 million but under $50 million. Mid-size companies are those with $50 million to $149.9 million in NBAP and large companies are those with NBAP of $150 million or more.
Voluntary/Worksite Marketing: An Executive Perspective Frontline™ Report
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Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.