AVON, Conn., Aug. 19, 2021 /PRNewswire/ -- According to Eastbridge's U.S. Voluntary/Worksite Sales Report for 2020, sales for personal injury accident products totaled $906 million and represented 12% of the total voluntary sales. Despite a 23% decrease in sales in 2020 as a result of the pandemic, carriers surveyed in the 2021 Voluntary Personal Injury Accident Plans Spotlight™ Report expect accident sales to increase and fully recover within the next two years.
Carriers note a few key challenges in competing in the voluntary accident marketplace, primarily the necessity to have customizable/modular product design and systems to support this flexibility. They also note the need for streamlined, easy-to-use administrative services and claims integration capabilities.
The 2021 Voluntary Personal Injury Accident Plans Spotlight™ Report examines the current voluntary accident insurance market and profiles 41 personal injury accident plans of 32 leading carriers. Following are a few findings from the report:
- Group accident plans offering indemnity-based benefits dominate the market.
- Over 70% of plans profiled offer both heaped and level commissions, compared to half of the accident plans in 2018 and only a quarter of plans profiled in 2015.
- Carriers seek to differentiate themselves by offering a variety of innovative product features, such as organized sports/active lifestyles benefit, benefits that target specific market segments, and coverage for PTSD/brain injuries or telemedicine benefits.
For each plan, the report details:
- Product features, including platforms, detailed benefits, portability, and plan flexibility
- Underwriting/eligibility guidelines and parameters
- Pricing structure, rating basis, guarantees, and sample rates
- Commissions and claims metrics
- Product results (sales, participation, average premium, etc.)
- Differentiators and results; challenges and future trends
The report is currently available for purchase for $3,000. For more information or to purchase the report, visit the report page by clicking here, e-mail [email protected], or call (860) 676-9633.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.
FOR FURTHER INFORMATION, CONTACT:
Erin Marino ([email protected])
SOURCE Eastbridge Consulting Group
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