Latest Eastbridge research shows voluntary industry reached record highs in 2023

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May 29, 2024, 08:00 ET

Sales continue four-year growth trend to surpass pre-pandemic levels

AVON, Conn., May 29, 2024 /PRNewswire/ -- The voluntary benefits industry accelerated its growth last year with sales up 6.7%, according to Eastbridge Consulting Group's newest research. That exceeded the previous year's 5.4% growth and pushed total sales premium to $9.34 billion, the industry's highest level ever. In-force premium also beat historical highs by growing almost 5.5% in 2023 to $53.3 billion.

Eastbridge's "U.S. Voluntary/Worksite Sales Report" provides the industry's most comprehensive, reliable and current source of data available on voluntary/worksite sales and in-force premium. The new report includes data from 2000 through 2023 from 60 companies, primarily on group and individual life and health products.

"These sales results show the voluntary industry has recovered from the pandemic in just a few years," said Nick Rockwell, Eastbridge president. "There are signs this growth trend will continue, as our research shows brokers, employers and employees continue to be enthusiastic about the value of voluntary coverage."

Other key findings in the report include:

The industry's top 15 companies grew an average of 9.8%, exceeding the overall industry growth rate. All but three of these larger companies had sales increases, including seven with double-digit increases.
The market continues to lean heavily toward group sales, which account for 77% of all voluntary sales. Group sales increased 5% over 2022, while individual sales grew 12%.
Takeover business held steady in 2023 at 52% of premium.

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

About Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.

CONTACT: Ginger Bates
EMAIL: [email protected]

SOURCE Eastbridge Consulting Group