While most carriers say their overall underwriting guidelines did not change as a result of the COVID-19 pandemic and they do not anticipate making any new changes, several carriers plan to keep their COVID-19 related adjustments or are considering new processes, according to Eastbridge’s 2021 Underwriting Practices of Voluntary Carriers Spotlight™ Report.
This report provides detailed information on six TPAs and third-party outsource providers with voluntary market as well as outsourcing practices from 28 carriers active in the voluntary/worksite market.
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.