Voluntary Personal Injury Accident Products Spotlightâ„¢ Report

Cost: $3,000; published 2018

Voluntary personal injury accident products continue to grow in importance for carriers’ bottom lines and as important and necessary benefit options for brokers, employers and employees. With 2017 sales coming in at just over $1 billion (based on the 2018 Eastbridge U.S. Voluntary/Worksite Sales Report), accident products and the benefits they provide are becoming more and more vital for everyone involved.

The purpose of the 2018 Voluntary Personal Injury Accident Products Spotlightâ„¢ Report is to help carriers better understand the voluntary accident insurance market and the particulars of the plans being offered. The specific topics covered include:

  • Market overview for accident products
  • Product features including detailed benefits, amounts and options
  • Underwriting/eligibility guidelines
  • Sample rates
  • Commissions
  • Product results (sales, participation, average premium, etc.)
  • Concerns, obstacles and future trends

 

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Key Findings

C. Methodology

2. Market & Carrier Overview

A. Market Overview

1. The Overall Market

2. Employer Perspective

3. Employee Perspective

4. Broker Perspective

5. Key Competitors

3. Product Details by Carrier

A. Product Structure and Specifics

1. Definition of Voluntary for Accident Products

2. Product Platform

3. Employer Contributions

4. Years on the Market and Last Revision

5. Expense or Indemnity Payments

6. Benefit Type

7. Emergency Benefits

8. Specified Injury Benefits

9. Surgery Benefits

10. Hospital Benefits

11. Additional Care Benefits

12. Other Benefits

13. Disability Benefits

14. Other Riders/Optional Benefits

15. Per Accident, Annual or Lifetime Maximums

16. Elimination or Waiting Periods

17. Pre-Existing Exclusion

18. No-Cost Policy Features, Services or Benefits

19. Plan Flexibility

20. Spouse and Dependent Coverage

21. Group Product Portability

22. Benefit Reductions

23. Renewability

24. Plan Termination Age

B. Underwriting

1. Target Account Size

2. Account Eligibility Guidelines

3. Ineligible Accounts/Industries

4. Employee Eligibility Guidelines

5. Additional Employee-Level Underwriting

6. Renewal Process

C. Rates

1. Published or Census Rates

2. Pricing Structure

3. Premium Guarantees for Group Products

4. Premium Rate Comparisons

D. Compensation and Claims

1. Commissions

2. Claims Payment Process and Methods

4. Results, Challenges and Future Trends

A. Differentiators and 2017 Results

1. Product Differentiators

2. 2017 Accident Sales

3. Average Participation Percentage

4. Typical Policyholder and Account Demographics

5. Average Annual Premium per Employee

6. Persistency/Retention

7. Takeovers vs. Virgin Case

B. Challenges and Future Trends

1. Product Challenges

2. Product Changes in Next One to Three Years

3. Product Trends

 

 


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