Voluntary Personal Injury Accident Plans

Cost: $3,000; published 2015

Personal injury accident products have been a consistent and important part of the voluntary market for many years and with the implementation of health care reform, voluntary accident products should only become more vital to employers and employees as a benefit offering. Last year, accident sales accounted for about 12 percent of total voluntary sales and ranked fourth in sales among voluntary products.

The objective of the 2015 Voluntary Personal Injury Accident Plans Spotlightâ„¢ Report is to help carriers better understand the voluntary accident insurance market by profiling the plans of 19 key players. The specific topics covered include:

  • Product features, including platforms, detailed benefits, portability, and plan flexibility
  • Underwriting/eligibility guidelines and parameters
  • Sample rates
  • Commissions
  • Sales results and inforce premium
  • Concerns and future trends

With this information, carriers will be able to benchmark their own accident product(s) and develop, refine or enhance their voluntary/worksite marketing strategies to more effectively penetrate this market.

 

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Key Findings

C. Methodology

2. Market & Carrier Overview

A. Market Overview

1. 2014 Market Sales Results

2. Historical Sales

3. Employer Viewpoint

4. Employee Data

B. Carrier Overview

1. Sales Results for 2014

2. Inforce Premium

3. Competitors

4. Differentiators

5. ACA Impact

6. Accidents Plans on Private Exchanges

C. Results

1. Average Participation

2. Policyholder and Account Demographics

3. Average Annual Premium

4. Persistency/Lapse Rates

5. Takeover vs. Virgin Cases

D. Trends

1. Future Changes

2. Concerns

3. Detailed Findings by Carrier

A. Product Structure

1. Definition of Voluntary

2. Platform

3. Year Introduced

4. Type of Benefits

5. Emergency Benefits

6. Specified Injury Benefits

7. Surgery Benefits

8. Hospital and Confinement Benefits

9. Additional Care Benefits

10. Other Benefits

11. Disability Benefits

12. Other Riders/Benefit

13. Elimination or Waiting Periods

14. Pre-Existing Conditions Exclusion

15. Other Policy Features, Services or Benefits

16. Plan Flexibility

17. Family Coverage

18. Portability

19. Benefit Reductions

20. Renewability

21. Termination

B. Rates

1. Rate Structure

2. Rate Guarantees

3. Family Plan Structure

4. Rate Examples

C. Underwriting

1. Target Account Size

2. Unacceptable Accounts

3. Minimum Participation

4. Employee Eligibility

5. Employee-Level Underwriting

D. Compensation and Claims

1. Commissions

2. Claims Handling

 


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Spotlight Report Index