Sales for voluntary vision plans have grown significantly over the last few years and accounted for just over five percent of all voluntary sales in 2014, according to Eastbridge’s most recent U.S. Voluntary/Worksite Sales Report. In the latest Eastbridge study on voluntary vision products, all of the providers surveyed expect their voluntary vision premiums to have increased in 2015, with many of these anticipating double-digit increases. As for the future, the providers indicated the same optimism for the product’s growth, although they mentioned concern over the impact voluntary vision may eventually have on their employer-paid vision sales. The providers also mentioned unease over continuing state-level change to vision plans associated with ACA implementation and the impact exchanges may have on future marketing and distribution.
Other key findings in the report include:
Differentiation in the voluntary vision market is driven by flexibility and variety in plan design as well as administrative strength, breadth of product portfolio, and no-cost extras such as wellness and disease management.
The majority of providers sell their voluntary vision product in conjunction with other products or on a packaged basis, most often with dental or medical.
Many providers also offer some sort of packaging pricing discount.
The latest study, entitled Voluntary Vision Products, reviews the current state of the voluntary vision market and profiles top providers in the market. In addition to profiling nine of the top providers, representing 10 vision plans, the report also profiles six other providers using secondary data.
The cost of the report is $3,000. To purchase, call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.