Sales of voluntary insurance products rose in 2011 to $5.5 billion in premium, fueled chiefly by the largest producer channel, benefit brokers, according to a new report.
Eastbridge Consulting Group Inc., Avon, Conn., disclosed this finding in its 2011 U.S. Worksite/Voluntary Sales Report. The study estimates sales for the entire voluntary industry, with detailed data on the performance of more than 60 worksite marketing carriers, both group (voluntary) and individual (worksite) carriers/products.
The benefit broker channel generated about $3 billion in new sales, an 11 percent increase over 2010 sales. The benefit broker's share of voluntary sales now stands at 55 percent, up from 52 percent last year.
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The report adds the benefit broker channel was the only segment that enjoyed a sales increase over 2010 results; all other channels were slightly down.
The career agent channel had $1.2 billion in sales, down 2.9 percent from 2010. The classics broker and worksite specialist channels yielded $0.78 billion (down 2.2 percent) and $0.44 billion (off 1.49 percent) in sales, respectively.
"Occasional" distributors of voluntary products produced $0.84 billion in premium, a 2.5% decline from 2010.
| Segment |
|
|
| 2011 Sales (in billions) |
|
|
| Increase over Dec 2010 |
| Benefit Brokers |
|
|
| $ 3.028 |
|
|
| 10.9% |
| Career Agents |
|
|
| $ 1.149 |
|
|
| -2.9% |
| Classic Worksite Brokers |
|
|
| $ .777 |
|
|
| -2.2% |
| Worksite Specialist |
|
|
| $ .440 |
|
|
| -1.9% |
| Occasional |
|
|
| $ .084 |
|
|
| -2.5% |
|
|
|
|
|
|
|
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