By Kathryn Mayer
If you want to think big — in terms of voluntary sales
, that is — you might want to move to Texas or Florida.
Those two states led the country in voluntary sales for 2013, according to Eastbridge Consulting Group. The Lone Star and the Sunshine states have led the way for the past several years. And there is still plenty of sales opportunity, according to the report.
California, New York and Georgia rounded out the top five states for voluntary sales.
All in all, there were few changes to the states leading voluntary sales since 2012, the report found. Overall, the top 15 states accounted for almost 70 percent of the total voluntary sales in 2013.
It’s important information “when developing distribution and marketing strategies,” Eastbridge President Gil Lowerre said.
The consulting firm also calculates an “Eastbridge Sales Index” for each state that gives a truer representation of the sales penetration by dividing the sales in the state by the employed population. The states with the highest ESI (indicating higher penetration) are: Arkansas; Louisiana; Delaware; Tennessee and Georgia.
“California and New York are in the highest sales category (third and fourth respectively), but in much lower ESI categories, indicating that there is untapped potential in those states and not the saturation that some carriers may perceive,” Lowerre said.
“On the other hand Arkansas, Louisiana, Delaware, and Tennessee had high ESIs
, indicating strong sales coverage, yet were not included in the top 5 in terms of sales premium,” explains Brazzell. “So even though these states had lower sales, their voluntary sales saturation is higher and future sales opportunity lower.”
Originally published on BenefitsPro.com