Huron Consulting Group: Combined Insurance Named 2024 Voluntary Sales Growth Leader for Second Year
- Combined Insurance Company is named 2024 Voluntary Sales Growth Leader for the second consecutive year by Eastbridge Consulting Group.
- The company achieved a 16.7% increase in voluntary sales, significantly outpacing industry growth rates.
- Combined's success is attributed to tailored solutions and effective partnerships, enhancing its strategic position in the market.
Combined Insurance Company Sets Benchmarks in Voluntary Sales Growth
Combined Insurance Company of America, a subsidiary of Chubb, continues to distinguish itself in the voluntary/worksite insurance market, earning the title of 2024 Voluntary Sales Growth Leader in the large carrier category from Eastbridge Consulting Group for the second consecutive year. This accolade highlights Combined's impressive sales trajectory, achieving a 16.7% increase in voluntary sales for 2024. This follows a stellar 29% growth in 2023 and a robust 16% in 2022, positioning Combined far ahead of the overall industry, which reports growth rates of 2% in 2024, 6.7% in 2023, and 5.4% in 2022. The recognition from Eastbridge underscores Combined’s commitment to delivering innovative and effective workforce benefit solutions that resonate with businesses of all sizes.
The findings from Eastbridge's annual "U.S. Voluntary/Worksite Sales Report" reveal that Combined Insurance achieved a total new business annualized premium of $9.53 billion in the voluntary/worksite market, marking a 2% increase from the previous year. This report evaluates companies with over $200 million in sales, emphasizing the competitive nature of the industry. Rich Williams, president of Combined Insurance, attributes the company's sustained success over the last five years to its dedication to creating tailored solutions that provide significant financial protection for employees and their families. These innovative offerings have allowed Combined to reach diverse market segments through its U.S. operations and Chubb Workplace Benefits, reinforcing the company's strategic position in the industry.
The recognition as Voluntary Sales Growth Leader also reflects Combined's effective partnerships with agents and brokers, enabling the company to adapt to the evolving needs of today’s workforce. By consistently participating in reports like Eastbridge's, which allows carriers with at least $10 million in annual sales to vie for this honor, Combined highlights the importance of continuous growth and innovation in the benefits industry. As businesses increasingly seek flexible benefit solutions, Combined Insurance's achievements position it as a formidable player, setting standards for performance and customer-centric offerings that benefit both employers and employees.
In addition to its impressive sales growth, Combined Insurance’s recognition reinforces the significance of adaptability in the ever-changing landscape of employee benefits. The company's approach not only meets current market demands but also anticipates future needs, establishing a roadmap for other carriers in the industry.
Overall, the accolades for Combined Insurance reflect a strategic commitment to excellence and innovation, positioning the company to lead in the voluntary/worksite insurance sector while providing invaluable services to employers and their employees.