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.
This report examines the underwriting practices of 34 carriers active in the voluntary/worksite market including underwriting structure, organization and specialization, group-level underwriting practices, underwriter authority and exception process, use of census versus shelf rates, participation requirements for guaranteed issue, the quoting/RFP process, underwriting time standards and underwriting concerns and future trends.
IN A PREVIOUS column, we reported that voluntary new business annualized premium (sales) for 2020 was $7.463 billion, down 15.5% over 2019 sales. This article highlights sales by product line and platform.
IT’S COMMON FOR benefits professionals to reference all the nuances between the large and small ends of the voluntary market. The number of carriers used per enrollment and the top products offered are just a couple of the easily discernible aspects of these market segments. However, the mid-market (employers with between 100-999 employees) is a distinct segment with particular preferences and characteristics.