AVON, Conn., June 11, 2019 (GLOBE NEWSWIRE) -- Voluntary benefits sales in 2018 totaled over $8.5 billion and were up 4.5% compared to 2017 results, 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 Gil Lowerre, president of Eastbridge. “This year we recognize Chubb as the leader in the mid-size category ($50 million to $149.9 million in new business sales) driven by the growth of Chubb Workplace Benefits, the broker-focused channel for mid-sized and large group voluntary benefits.”
This is the fourth time the company has won a growth award, winning in the mid-size category in 2015 and 2016 and in the small category in 2014. “We congratulate Chubb’s workplace business units for outstanding growth over an extended number of years, achieving a 30% increase in 2018 over 2017 sales and a 34% increase in 2017 from 2016 sales,” adds Lowerre.
“We are honored to receive Eastbridge’s recognition for the fourth time in the last five years. We share this recognition with our brokers, consultants, and enrollment firm partners, as well as our Chubb P&C colleagues,” says Chris Martin, president of Chubb Workplace Benefits. “We are very pleased that our solutions have been well received by many industry-leading benefits brokers and their clients.”
“We plan to maintain our accelerated growth within our workplace business units by continuing to leverage Chubb’s strong relationships with national and regional brokerage firms and investing in our operations and claims service teams, as well as the corresponding technology support,” said Martin.
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. A company must also have exceeded the overall industry growth rate for each of the last three years 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 2018 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 firstname.lastname@example.org or call (803) 782-0560.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.
FOR FURTHER INFORMATION, CONTACT: Ginger Bates (803) 782-0560
Source: Company press release.