Colonial Life has been named the fastest-growing voluntary benefits company among large carriers by Eastbridge Consulting Group.
Colonial Life’s voluntary sales grew 7 percent in 2017, totaling $520 million. Colonial Life is the only company with more than $150 million in annual sales to exceed the industry average each of the past three years, according to Eastbridge. The performance earned Colonial Life the 2017 Voluntary Sales Growth Leader recognition.
“Growing faster than the industry average for three years in a row is not easy for any company, but it’s especially difficult in the large carrier category,” said Gil Lowerre, president of Eastbridge. “We commend Colonial Life for this achievement.”
Voluntary sales totaled $8.1 billion in 2017, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. Voluntary benefits include any financial protection that employees can choose at the workplace, including life insurance, disability insurance, dental insurance, accident insurance, critical illness insurance and cancer insurance.
As the nation’s workers continue to better understand their need for voluntary benefits in difficult times, Colonial Life’s sales have grown to meet that demand, according to President and CEO Tim Arnold.
“As health care costs have climbed, and many employers have shared the growing costs of benefits with employees, millions are realizing they can affordably protect their finances, their families and their futures with voluntary benefits,” Arnold said.