Amidst significant regulatory and market changes, voluntary hospital indemnity and supplemental medical products have continued to evolve to meet the needs of today’s employers and employees — filling gaps left by major medical coverage and providing a way to offset other out-of-pocket costs associated with increasingly popular high-deductible health plans and health savings accounts.
The 2019 Voluntary Hospital Indemnity and Supplemental Medical Products Spotlight™ Report examines the current voluntary hospital indemnity and supplemental medical products of leading carriers in the market.
This report provides a general overview of the voluntary term life market and then examines, in detail, the voluntary term products of 21 carriers active in the market.
WITH THE ABUNDANCE of technology service providers vying for your employer clients’ attention, making decisions using bad data or alluring sales propositions can leave employers vulnerable. Payroll vendors, enrollment and benefits-administration platform providers and billing services promise cost-effective, efficient and effective solutions to ease an employer’s pain points. It’s not to say that these technologies will or will not deliver what they promise, but an important element in the decision-making process must be the preferences of employees.
MORE AND MORE we find that employers want to use the same system to enroll voluntary that they use for other benefits. In fact, 63 percent of the 1,000 employers surveyed last year in our Market-Vision: The Employer Viewpoint survey, said they want all benefits enrolled on one platform regardless of whether different carriers are used. More than half said that they want online enrollment to be part of their ben admin system rather than a separate system.
YOU’VE MADE THE sale and the employer has said, “Yes, let’s add the newly proposed voluntary benefit.” But of course, we haven’t sold anything until we get employees to elect. The most successful brokers make sure that when selling a product into a case, they include the enrollment method to be used.
This is the last in our series of columns on the voluntary industry sales results for 2018. The first article looked at overall voluntary sales for the year, while the second reviewed sales by product line and platform. This column takes a closer look at sales by distribution segment.
Last month, we reported that voluntary new business annualized premium sales for 2018 was $8.5 billion, but since that time, the results have been updated to $8.513 billion, up 4.5 percent over 2017 sales. This article spotlights sales by product line and platform.
According to our annual U.S. Voluntary/Worksite Sales Report, new business annualized premium (voluntary sales) increased at a rate of just over 4 percent in 2018, while total sales for the year were $8.5 billion. The first graph below shows the industry’s sales since 1997.