Voluntary Personal Injury Accident Products Spotlight™ Report
Cost: $3,500; published 2024
Voluntary personal injury accident products continue to be a key benefit offering for carriers as well as brokers, employers and employees. With 2023 sales of almost $1.092 billion based on the 2023 Eastbridge U.S. Voluntary/Worksite Sales Report, accident products and the benefits they offer continue to be a vital and growing part of the voluntary/worksite market.
The 2024 Voluntary Personal Injury Accident Products Spotlight™ Report helps 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 – Emergency Room, Doctor or Urgent Care
9. Emergency Benefits -X-rays and Other Diagnostic Procedures
10. Emergency Benefits – Emergency Dental and Other
11. Specified Injury Benefits – Fractures and Dislocations
12. Specified Injury Benefits – Burns, Eye Injuries, Ear Injuries/Hearing Loss and Lacerations
13. Specified Injury Benefits – Paralysis, Coma and Concussion
14. Brain Injuries, PTSD, Occupational HIV
15. Surgery Benefits
16. Hospital Benefits
17. Telemedicine and Blood, Plasma and Platelets
18. Therapy, Rehabilitation and Medical Equipment/Prosthesis Benefits
19. Follow-up Treatment, Chiropractic or Acupuncture, Residence/Vehicle Modification
20. Pain Management, Prescription Medications
21. Transportation and Lodging
22. Accidental Death, Dismemberment, Catastrophic Loss
23. Child/Family Care
24. Youth Organized Sports Benefit
25. Gunshot Wound
26. Other Benefits
27. Disability Benefits
28. Other Optional Benefits/Riders
29. Per Accident, Annual or Lifetime Maximums
30. Elimination or Waiting Periods
31. Pre-Existing Conditions Exclusion
32. Exclusions
33. No-Cost Policy Features, Services or Benefits
34. Time Limit Practices
35. Plan Flexibility
36. Spouse and Dependent Coverage
37. Group Product Portability
38. Benefit Reductions
39. Renewability
40. Plan Termination Age
41. Multiple Plans/Options in One Group
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. Additional Documentation for Multiple Benefits
4. Claim Problems
5. Claim Processing Time
6. Claim Denial Rates and Reasons
4. Results, Challenges and Future Trends
A. Product Differentiators and Results
1. Product Differentiators
2. 2023 Accident Sales
3. Average Participation Percentage
4. Typical Employee Buyer and Account Demographics
5. Average Annual Premium per Employee
6. Persistency/Retention
7. Takeovers vs. New/Virgin Cases
8. Loss Ratios
B. Challenges and Future Trends
1. Unique Product Challenges
2. Product Changes in Next One to Three Years
3. Product Trends