Voluntary personal injury accident plans continue to be an important and evolving part of the overall market according to Eastbridge Consulting.

AVON, CONNECTICUT, USA (May 7, 2015)

Accident sales have been somewhat volatile year-over-year since 2007. Despite the up and down nature, accident products have consistently represented around 12 to 14 percent of overall voluntary sales since that time and are expected to maintain or even increase this share in the coming years given the implementation of health care reform. Based on the U.S. Voluntary/Worksite Sales Report for 2014, sales for personal injury accident products totaled $886.7 million, representing about 13 percent of the total voluntary sales and an increase of 14 percent over 2013 accident sales.

The 2014 Voluntary Personal Injury Accident Plans Spotlight™ Report examines the current voluntary accident insurance market and profiles 24 personal injury accident plans of 19 leading carriers. Following are a few findings from the report:

• The majority of accident products currently on the market were introduced in the last few years.
• Accident plans are now being offered by a larger number of traditional group companies; only six of the 19 participating carriers offer an individual product; however, all of those also offer a group accident product.
• The carriers believe that flexibility and the specific benefits provided are key market differentiators for accident products today and will continue to be so in the future.

For each plan, the report details:

• 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

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.