Press Release Archives
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New
Eastbridge study finds voluntary
medical market moving into
the mainstream
AVON,
CONNECTICUT, USA (May
15,
2007)
Five
to seven years ago, voluntary medical plans were, to say
the least, very basic. But today’s plans, according
to some voluntary medical providers, are much more robust,
with more and richer benefits—primarily driven by
market pressures, rising medical costs, greater understanding
of the product, and, of course, an overwhelming number
of uninsured. In addition, these products have become more “mainstream.” This
is due, in part, to the entree of major medical carriers,
which has validated the marketplace for many brokers. Now
that these carriers have entered the market, other carriers
are developing or have developed products and brokers are
taking the products more seriously.
These are just a few of the trends uncovered
in Eastbridge Consulting Group’s newest spotlight report, Trends
in Voluntary Medical Products. According to the players
in the marketplace, carriers are continually experimenting with
many different designs. But while these new, comprehensive plans
are winning many over, brokers and employers/ employees are also
asking for simpler, easier to understand voluntary medical products—which
is no easy task!
This “mainstreaming” of the product
has also caused different producers to deliver voluntary medical
to the marketplace. Early manufacturers or distributors perceived
the product as a supplemental plan, primarily because of their
lack of familiarity with the product. Today, however, both health
care brokers and traditional worksite producers are getting more
serious about the product and finding ways to make it work with
their current portfolio and clients.
Trends in Voluntary Medical Products includes
feedback from a number of organizations considered to be “thought
leaders” in the voluntary medical market. This includes
both carriers offering such products as well as distributors.
The study looks at current voluntary medical plan designs (differences,
drawbacks, etc.) and how different voluntary and core health
plans are being used in combination with each other. It also
shares the leaders’ concerns with the sales of voluntary
medical products and their expectations for the product’s
future.
The report is currently available for sale for
just $500. Using the information from the study, carriers—both
those in the voluntary medical market and those considering it—will
have key information to establish or fine-rune their own products
and strategies. To order a copy of the report, email Eastbridge
at info@eastbridge.com or
call (860) 676-9633.
Eastbridge
Consulting Group, Inc. is a marketing advisory firm serving
insurance and financial services organizations in the United
States and Canada.
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