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Bonnie Brazzell and Nick Rockwell, Eastbridge Consulting Group, Inc.Last month, we reported that voluntary new business annualized premium (sales) for 2017 were $8.145 billion, up almost 7 percent over 2016 sales. This month, we spotlight sales by distribution segment.
The benefit broker segment continued to take the largest share of voluntary/worksite sales at 59 percent (though their share was down slightly from 62 percent last year); the segment accounted for over $4.8 billion in sales. Career agents continue to have the second highest share, with around $1.5 billion. Voluntary brokers (classics and worksite specialists) accounted for about $1.7 billion.
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Around 70% of financial advisors and plan sponsors agree, saying participants will make little to no change to their 401(k) contributions, in a new ‘State of the industry” report.
According to new data from Aon, employers offering voluntary benefits increased 27% during the past enrollment period.
Per-person spending has risen 21.8% since 2015.
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