Voluntary Product Development Practices
Cost: $3,000; published 2026
Products are the lifeblood of the voluntary benefits industry, and keeping products current and competitive is vital to success for any carrier in the voluntary market. This “Voluntary Product Development Practices” Spotlight™ report examines the sources of new product ideas, the role of innovation and differentiation in product development, time frames for product updates and getting to market, and the role and types of additional products (products other than traditional medical, life, disability, supplemental health or cancer coverage) voluntary carriers offer.
• New product ideation and vetting processes
• Focus on product innovation
• Impact of technology on product innovation
• Product update and replacement process and timeframe
• Most important drivers of new product development
• Importance of and approaches to product differentiation
• Challenges and future trends in product development
• Prevalence of additional products and how they are offered (stand-alone, value-added service, etc.) and communicated
• External vendors used for value-added services
• Reasons for offering value-added services
• Challenges or issues with and future plans for additional products
Carriers can use this information to compare their products and product development practices with competitors and determine the changes or additions they need to remain up-to-date in the voluntary market.
View Table of Contents
1. Executive Summary
A. Report Objectives
B. Methodology
C. Key Findings
2. Detailed Carrier Findings
A. New Product Ideation and Innovation
1. Source of New Product Ideas
2. Area of Company that Vets New Products
3. Types of Market Research Used for New Product Ideas
4. Focus on Product Innovation
5. Change in Focus on Product Innovation
6. Technology’s Impact on Product Development
B. Product Update/Replacement Process and Timeframe
1. Frequency of Updating or Replacing Products
2. Length of Time to Get Product to Market
3. Most Important Drivers of New Product Development
4. Importance of Product Differentiation
5. Approaches to Product Differentiation
C. Challenges, Future Trends and Product Platform
1. Current Challenges in Product Development
2. Trends in Product Development
3. Platform for New Product Filings
4. Composition of Current Voluntary Portfolio
D. Additional Products
1. Prevalence of Additional Products
2. Stand-Along Additional Products
3. Additional Products Offered as Value-Added Services
4. Sales Reporting for Value-Added Services
5. Methods of Communicating Value-Added Services
6. Effectiveness of Communication on Value-Added Services
7. External Vendors Used for Value-Added Services
8. Reasons for Offering Value-Added Services
9. Challenges or Issues with Additional Products
10. Plans for Additional Products in Future
11. Key Trends for Additional Products
12. Annualized Voluntary Sales