While accident sales have seen a compound annual growth rate of just over 3 percent since 2007, over half of the group plans profiled experienced double-digit sales growth in 2017 compared to 2016. Based on the U.S. Voluntary/Worksite Sales Report for 2017, sales for personal injury accident products totaled $1,071 billion, increasing almost 12 percent over 2016 accident sales and representing just over 13 percent of the total voluntary sales. Demand for accident products is expected to maintain or even increase in the coming years given the rise in popularity of high deductible health plans and health savings accounts. To remain competitive, a majority of carriers plan to enhance or change their existing product in the next few years by offering more options, multiple plan levels, broader benefit amounts, and unique benefits for organized sports or pain management, to name a few.
The 2018 Voluntary Personal Injury Accident Plans Spotlight™ Report examines the current voluntary accident insurance market and profiles 33 personal injury accident plans of 23 leading carriers. Following are a few findings from the report:
For each plan, the report details:
Voluntary Personal Injury Accident Products, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.