AVON, Conn., June 05, 2020 (GLOBE NEWSWIRE) -- Eastbridge and Chubb today announced Chubb as a Voluntary Benefits Sales Growth leader in the mid-size category ($50 million to $149.9 million in new business sales).
Voluntary benefits sales in 2019 totaled over $8.8 billion and were up 4.5% compared to 2018 results, according to Eastbridge Consulting Group’s annual U.S. Voluntary/Worksite Sales Report.
“Annually, we recognize those companies that led the industry in voluntary sales growth,” says Nick Rockwell, president of Eastbridge. “This year we recognize Chubb as the leader in the mid-size category ($50 million to $149.9 million in new business sales). This is driven by the growth of Chubb Workplace Benefits, the broker-focused channel for mid-sized and large group voluntary benefits.”
This is the fifth time the company has won a growth award, also winning in the mid-size category in 2015, 2016, and 2018 and in the small category in 2014. “We commend Chubb’s workplace business unit for achieving outstanding growth over an extended number of years, garnering a 15% increase in 2019 over 2018 sales and a 30% increase in 2018 from 2017 sales,” adds Rockwell.
“We are honored to receive Eastbridge’s recognition for the fifth time in the last six years. We are fortunate to partner with an exceptional group of agents, brokers, consultants, enrollment and communication entities, as well as our colleagues in Chubb’s P&C business. Earning this level of confidence and trust from our partners is something we don’t take for granted and is a true testament of the commitment and performance of our entire team,” says Chris Martin, president of Chubb Workplace Benefits. “We look forward to continuing our growth through providing expanded solutions to meet the evolving needs of all our partners and clients.”
Carriers participating in Eastbridge’s annual U.S. Voluntary/Worksite Sales Report that have a minimum of $10 million in annual sales are eligible to be considered for the Voluntary Sales Growth Leader recognition. A company must also have exceeded the overall industry growth rate for each of the last three years and lead in sales growth for the current year. The category parameters can change from year to year as the market grows, but this year the small company category includes those with 2018 sales as measured by new business annualized premium (NBAP) of over $10 million but under $50 million. Mid-size companies are those with $50 million to $149.9 million in NBAP, and large companies are those with NBAP of $150 million or more.
All carriers participating in Eastbridge’s voluntary/worksite sales survey receive a free copy of the survey findings, including company-specific results. If you are a carrier that is not participating and would like to be included in next year’s survey, please email the company at email@example.com or call (803) 782-0560.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide. Additional information can be found at: www.chubb.com
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