MassMutual sales growth leads small carrier category for
second straight year
AVON,
Conn., June 27, 2024 /PRNewswire/ -- Eastbridge
Consulting Group has named MassMutual the 2023 Voluntary Sales
Growth Leader in the small carrier category for its outstanding
sales growth. MassMutual reported sales growth of 19% in 2023, 33%
in 2022 and 58% in 2021 to earn the annual recognition from
Eastbridge for companies with $10
million to $49.9 million in
voluntary sales.
Eastbridge recognizes carriers that exhibited voluntary sales
growth above industry averages for the previous three years after
publishing its annual "U.S. Voluntary/Worksite Sales Report." The
voluntary/worksite market continued to surge ahead in 2023 with
total new business annualized premium of $9.34 billion, a 6.7% increase over 2022.
"MassMutual continued its impressive sales results again last
year," said Nick Rockwell, president
of Eastbridge. "Double-digit sales growth on top of tremendous
leaps the previous two years shows MassMutual is on the right
track."
"We are thrilled to once again be recognized as the Voluntary
Sales Growth Leader in the small carrier category, reflecting
MassMutual's continued commitment to making financial well-being a
reality for working Americans," said Shefali Desai, head of worksite with MassMutual.
"For today's workforce, voluntary benefits can no longer be viewed
as 'voluntary' but rather as essential building blocks supporting
employees' short- and long-term financial security."
Carriers participating in the "U.S. Voluntary/Worksite Sales
Report" survey with at least $10
million in annual sales are eligible to win the Voluntary
Sales Growth Leader recognition. To be considered for the award
this year, a company must have exceeded the overall industry growth
rates of 6.7% in 2023, 5.4% in 2022 and 11.35% in 2021. Small
companies are those with new business annualized premium of
$10 million to $49.9 million. Midsize companies are those with
NBAP of $50 million to $149.9 million, and large companies are those
with NBAP of $150 million or
more.
Carriers participating in the "U.S. Voluntary/Worksite Sales
Report" survey receive a free copy of the survey findings,
including company-specific results. Carriers not currently
participating that would like to be included in next year's survey
can contact Eastbridge at info@eastbridge.com or (803)
782-0560.
About Eastbridge Consulting Group
Eastbridge Consulting Group, Inc. is a marketing advisory firm
serving companies focused on the voluntary/worksite benefits market
in the United States
and Canada. Follow Eastbridge on LinkedIn at
https://www.linkedin.com/company/eastbridge-consulting-group.
About MassMutual (Massachusetts Mutual Life Insurance
Company)
MassMutual is a leading mutual life insurance company that is
run for the benefit of its members and participating policyowners.
Founded in 1851, the company has been continually guided by one
consistent purpose: we help people secure their future and protect
the ones they love. With a focus on delivering long-term value,
MassMutual offers a wide range of protection, accumulation, wealth
management, and retirement products and services. For more
information, visit www.massmutual.com.
CONTACT:
|
Ginger Bates
|
EMAIL:
|
gbates@eastbridge.com
|
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SOURCE Eastbridge Consulting Group