Voluntary Personal Injury Accident Products Spotlight™ Report
Cost: $3,500; published 2021
Voluntary personal injury accident products continue to be a key benefit offering for carriers as well as brokers, employers and employees. With 2020 sales of $906 million (based on the 2020 Eastbridge U.S. Voluntary/Worksite Sales Report), accident products and the benefits they offer are clearly vital for everyone involved in the market.
The purpose of the 2021 Voluntary Personal Injury Accident Products Spotlight™ Report is to help carriers better understand the voluntary accident insurance market and specifics of the plans carriers offer. Topics covered include:
- Market overview for accident products
- Product features including detailed benefits, amounts and options
- Underwriting/eligibility guidelines
- Sample rates
- Commissions
- Product results such as sales, participation and average premium
- Concerns, obstacles and future trends
View Table of Contents
1. Executive Summary
A. Report Objectives
B. Key Findings
C. Methodology
2. 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. Employer Contributions
3. Year Product Introduced and Last Revisions
4. Expense or Indemnity Payments
5. Product Platform
6. Benefit Type
7. Emergency Benefits – Ambulance
8. Emergency Benefits – ER, Doctor or Urgent Care
9. Emergency Benefits -X-rays and Other Diagnostic
10. Emergency Benefits – Emergency Dental
11. Specified Injury Benefits – Fractures and Dislocations
12. Specified Injury Benefits – Paralysis, Coma and Concussion
13. Brain Injuries, PTSD, Occupational HIV
14. Surgery Benefits
15. Hospital Benefits
16. Telemedicine and Blood, Plasma and Platelets
17. Therapy, Rehabilitation and Medical Appliance Benefits
18. Follow-up Treatment, Chiropractic or Acupuncture, Residence/Vehicle Modification
19. Pain Management, Prescription Medications, Medical Supplies
20. Accidental Death, Dismemberment, Catastrophic Loss
21. Transportation and Lodging
22. Child/Family Care
23. Wellness
24. Youth Organized Sports Benefit
25. Gunshot Wound
26. Other Benefits
27. Disability Benefits
28. Other Optional/Rider Benefits
29. Per Accident, Annual or Lifetime Maximums
30. Elimination or Waiting Periods
31. Pre-Existing Exclusion
32. No-Cost Policy Features, Services or Benefits
33. Time Limit Practices
34. Plan Flexibility
35. Spouse and Dependent Coverage
36. Group Product Portability
37. Benefit Reductions
38. Renewability
39. 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. Typical Accident Claims Filing Methods
3. Claim Problems
4. Claim Processing Time
5. Claim Denial Rates and Reasons
4. Results, Challenges and Future Trends
A. Product Differentiators and Results
1. Product Differentiators
2. 2020 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
8. Loss Ratios
B. Challenges and Future Trends
1. Product Challenges
2. Product Changes in Next One to Three Years
3. Product Trends
To purchase Reports: Call (860) 676-9633 or email [email protected]
Spotlight™ Report Index
For more information, please contact us at [email protected] or (860) 676-9633.