AVON, CONNECTICUT, USA (July 11 , 2007) – According to the 2006 U.S. Worksite Sales Study, short-term disability and hospital income/voluntary medical products had the highest percentage of growth in sales in 2006. Total sales for both products were approximately $818 million and $739 million respectively.
Disability sales, as an aggregate, moved ahead of life insurance sales last year (in terms of market share), with a 25 percent increase over 2005. Short-term disability sales accounted for the majority of the disability totals (74 percent), but the long-term disability line grew more than any other business line—54 percent from 2005 to 2006. Short-term disability sales grew at 17 percent for the year.
The hospital income/voluntary medical line also grew at a higher than average rate last year. Total sales for the line were about $739 million in 2006 compared to $673 million in 2006, a growth rate of just over 12 percent. These numbers are strong indicators of employee interest in products that help cover rising medical costs.
The U.S. Worksite Sales Study is an annual report conducted by Eastbridge for the past seven years. The most recent report (2006) includes detailed data on the performance of 61 worksite marketing carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry. The report is only available to participants. For more information, contact Eastbridge at info@eastbridge or call (860) 676-9633.
Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. www.eastbridge.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report