AVON, Conn., May 20, 2021 /PRNewswire/ -- Voluntary sales for 2020 posted a decline for only the second time in the 24-year span that Eastbridge has tracked sales data, due to the COVID-19 pandemic. Total voluntary sales declined 15.5% over 2019 results with sales totaling close to $7.5 billion in 2020, according to Eastbridge Consulting Group's annual U.S. Voluntary/Worksite Sales Report.
"Annually, we recognize those companies that led the industry in voluntary sales growth," says Nick Rockwell, president of Eastbridge. "We are thrilled to recognize Reliance Standard as the leader in voluntary sales growth in the mid-size category ($50 million to $149.9 million in new business sales) garnering an impressive 72% increase in 2020 over 2019 sales, a 34% increase in 2019 from 2018 sales, and a 22% increase in 2018 from 2017 sales. Several mid-size companies weathered the storm of the 2020 pandemic well, with Securian Financial, the Standard, Aetna, Trustmark, Dearborn, and Reliance Standard achieving positive sales growth. However, Reliance Standard was the only company that also beat the average industry growth rate in 2019 and 2018," adds Rockwell.
"We are obviously thankful for this recognition," acknowledged Chris Fazzini, president of Reliance Standard. "Like many group carriers, we believe in the importance of voluntary benefits to our clients and customers. I attribute the growth to the significant investments we've made to improve our product flexibility, enhance our digital and customer experience capabilities, and expand our partnerships with HR tech. The fact that we were able to materially grow during a very challenging year is a strong indicator we are headed in the right direction," he said.
Carriers participating in Eastbridge's annual U.S. Voluntary/Worksite Sales Report that have a minimum of $10 million in annual sales are eligible to be considered for the Voluntary Sales Growth Leader recognition. This year, a company must also have achieved positive sale growth in 2020 and exceeded the overall industry growth rate in 2019 and 2018 and lead in sales growth 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 those with 2019 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.
All carriers participating in Eastbridge's voluntary/worksite sales survey receive a free copy of the survey findings, including company-specific results. If you are a carrier that is not participating and would like to be included in next year's survey, please email the company at [email protected] or call (803) 782-0560.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.