Benefit Brokers fared the 2020 pandemic best in terms of voluntary sales finds Eastbridge Consulting Group

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Jun 15, 2021, 08:00 ET

AVON, Conn., June 15, 2021 /PRNewswire/ -- Voluntary sales were $7.463 billion in 2020, according to Eastbridge's annual U.S. Voluntary/Worksite Sales Report. Despite a challenging year disrupted by the pandemic, Benefit Brokers fared the best, increasing their market share and posting the smallest decrease relative to other segments.

Benefit Brokers generated over $4.8 billion in sales in 2020 and accounted for 65% of all voluntary sales, up from 61% in 2019. Career Agents continue to have the second highest share with just over $1 billion. Voluntary Brokers (Classics and Worksite Specialists) accounted for just under $1.5 billion.

While all distribution segments experienced sales declines in 2020, the extent of the decreases varied by distributor. Employee Benefit Brokers fared the 2020 pandemic best with just a 10% decrease. Career Agents and Classic Worksite Brokers saw the largest sales declines at 28% each. Worksite Specialists and Occasional Producers saw moderate declines of 12% and 14% respectively.

The following chart shows the market share by distributor segment. 

Segment	2020 Market Share	Inc/Dec Over '19
Employee Benefit Brokers	65%	-10%
Career Agents	14%	-28%
Classic Worksite Brokers	11%	-28%
Worksite Specialists	9%	-12%
Occasional Producers	1%	-14%

The annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry, with detailed data on the performance of 69 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.

Carriers interested in participating in next year's study should email Eastbridge at [email protected]. All participants receive a free copy of the complete findings, including company-specific results.

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.

FOR FURTHER INFORMATION, CONTACT:
Erin Marino ([email protected])

SOURCE Eastbridge Consulting Group