Benefits brokers were the primary drivers of growth in the voluntary market, according to Eastbridge Consulting Group.
According to Eastbridge Consulting Group's 2014 U.S. Voluntary/Worksite Sales Report, the benefit broker segment generated over $3.9 billion in new sales. Total voluntary sales were $6.89 billion in 2014.
The segment continued to take the largest portion of voluntary/worksite sales, but that share stayed at 57 percent, the same as in 2013. Career agents still have the second highest share (at 18 percent) even though sales from this segment continue to decrease.
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The biggest increase in sales over 2013 was worksite specialists, as their market share increased by a whopping 20.6 percent. Meanwhile, occasional producers experienced the biggest decline with a 21.5 percent drop in market share.
Specifically, the report found share of sales by segment:
Benefit brokers: 57 percent (a 4.8 percent increase over 2013)
Career agents: 18 percent (a 5.3 percent decrease)
Classic brokers: 13 percent (a 8.9 percent increase)
Worksite specialists: 10 percent (a 20.6 percent increase)
Occasional producers: 3 percent (a 21.5 percent decrease)
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