AVON, CONNECTICUT, USA (June 15, 2006)-Worksite sales for 2005 were an estimated $4.366 billion, according to Eastbridge Consulting Group�s annual U.S. Worksite Study. This represented a growth rate of about 3.4 percent over 2004, which was a slight improvement over the 2004 and 2003 growth rates of 3 percent and 1.8 percent respectively. [Note: In the study, worksite is defined as the sales of life and health products (both group and individual platform) sold at the workplace, with premium paid by the employees through payroll deduction.]
�Although this was the third year in a row of single-digit growth in the worksite market,� says Gil Lowerre, president, �68 percent of the reporting companies experienced sales increases in 2005. Of these, 70 percent achieved double-digit sales growth (with an average of about 11 percent).� Additionally, Bonnie Brazzell, Eastbridge�s vice president, announced that inforce premiums also increased (by about 7 percent), bringing the total inforce to somewhere between $13.4 billion and $17.7 billion.
The report estimates sales for the entire voluntary industry with detailed data on the performance of 60 worksite marketing carriers, both group (voluntary) and individual (worksite) carriers/products. Eastbridge estimates that these companies account for over 85 percent of the total worksite sales volume for 2005�and represent the largest number of carriers included in any sales report for the industry.
Parties interested in participating in next year�s study are advised to email Eastbridge at [email protected] All participants receive a free copy of the complete findings, including company-specific results.
About Eastbridge Consulting Group, Inc.
Eastbridge Consulting Group, Inc., is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. Visit www.eastbridge.com