Benefits brokers fuel voluntary sales growthNews added by Benefits Pro on May 30, 2014
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By Kathryn Mayer

Voluntary sales increased in the past year — numbers mostly fueled most by benefits brokers.

According to Eastbridge Consulting Group, the benefits broker segment generated almost $3.8 billion in new sales in 2013.

Benefits brokers continued to generate the largest portion of voluntary/worksite sales, increasing their share to 57 percent in 2013, up from 56 percent in 2012.

Career agents had the second-highest share, as they did last year (at 19 percent). But the 19 percent is down slightly from 21 percent in 2012. Classic brokers also decreased their share of voluntary sales in 2013 from 14 percent to 12 percent.

Worksite specialists accounted for 8 percent of 2013 voluntary sales, while occasional producers accounted for the remaining 4 percent.

Total voluntary sales increased 4.3 percent to $6.644 billion in 2013.

The data comes from Eastbridge’s annual U.S. Worksite/Voluntary Sales Report, which analyzes data from more than 60 carriers.

Benefits experts have anticipated and witnessed sales growth in the voluntary market in the last couple years, driven especially by the Patient Protection and Affordable Care Act.

Originally published on BenefitsPro.com
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