Press Release Archives
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Eastbridge’s
critical illness study
finds a new generation of voluntary plan
AVON,
CONNECTICUT, USA (June
12 ,
2007)
Since
the introduction of worksite critical illness products
in the mid to late 1990s, there have been a number of additions/revisions
to the product. For one, group critical illness products
have gained a greater share of the market, now accounting
for roughly 40 percent of critical illness sales. This
is most likely due to the influx of group carriers to the
market. Additionally, the newer generation plans typically
pay a benefit more than one time by “categorizing” the
covered conditions.
These are just two of the findings presented
in Eastbridge’s updated study, Worksite Critical Illness
Products—2007.
The study examines today’s critical illness market and
identifies the market’s top players and competitors. It
then takes a close look at the voluntary critical illness product
of various carriers.
“Today’s carriers are looking
at different ways to differentiate their product from competitors,” says
Bonnie Brazzell, president of Eastbridge. “In the earlier
years, carriers focused on adding more and more conditions. But
now they are offering value-added features, like structuring
the plan to pay for more than one critical illness, as a way
to stand out and entice buyers.” Many of the new plans
have also built flexibility into the design with more “optional” benefits
or certain benefits carved out.
The Worksite Critical Illness Products—2007 study
examines the current state of the critical illness market and
provides general information on each carrier’s results,
competitors, persistency, penetration, product success factors,
etc. It also examines the practices of 17 critical illness providers,
including product structure and benefits, underwriting parameters,
commissions, future outlook, and concerns about the product.
The
data is designed to help insurance carriers better understand
where their product “fits” relative
to the competition and whether they need to refine and/or enhance
their critical illness product accordingly.
The report is now available for purchase for
$2,500. More information about the report, including the table
of contents, is available on the Eastbridge website (www.eastbridge.com).
To purchase the report, e-mail us at info@eastbridge.com or
phone (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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