While the VSTD market has seen modest growth since 2012, many of those reporting growth figures indicated the line had double-digit growth in 2016. Most of the increase was fueled by employer interest in switching from traditional employer-paid plans as well as improvement in electronic enrollment capabilities that better educate employees on the product and continued broker interest in selling the product. To remain competitive, however, many carriers recognize the need to develop products with richer benefits and higher GI maximums—both of which can put pressure on long-term profitability.
The Voluntary Short-Term Disability Products Spotlight™ Report gives carriers a current view of the voluntary short-term disability market overall and profiles key players selling the product. Following are a few findings from the report:
This year’s report includes data from 21 carriers representing 25 different VSTD products. The report includes:
Voluntary Short-Term Disability Procucts, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.