Brokers who primarily sell core or employer-funded insurance products but also sell voluntary coverage increased their share of the voluntary market last year. They are now responsible for two-thirds of sales in the voluntary/worksite market, according to a just-released survey by Eastbridge. They generated more than $5.5 billion in sales in 2021, up 16% over 2020. That jump outpaced the voluntary industry’s strong growth of 11.3% in 2021. In contrast, career agents reduced their share of sales.
2021 Sales Mix by Distribution Segment
| Segment | Market Share | Change Over 2020 |
|---|---|---|
| Brokers who primarily sell core or employer-funded insurance products but also sell voluntary coverage | 67% | + 16% |
| Career Agents | 12% | - 4% |
| Classic Worksite Brokers | 10% | + 9% |
| Worksite Specialists | 9% | + 13% |
| Occasional Producers | 1% | - 15% |
Contact CoPower about increasing your share of the popular voluntary benefits market.
Jason Diffenauer
CoPower Sales Account Manager
Email: jdiffenauer@copower.com
Phone: 650.931.1731
Schedule a meeting with Jason