Eastbridge Frontline™ Report examines overall product trends in the voluntary market

AVON, CONNECTICUT, USA (June 16, 2020)

The majority of survey respondents in Eastbridge Consulting Group’s Voluntary Product Trends Frontline™ Report mentioned “brokers expecting an open enrollment period with guaranteed issue every year,” followed by “carriers adding more features, benefits, or options to their voluntary products” and “more pressure to increase technology funding” as the top three most pronounced product trends in today’s voluntary market.

In addition to overall product trends, the study asked key players in the market about their areas of greatest pressure points for voluntary, plans and reasons for new product introductions or revisions, product profitability, and growth products for their company and the industry overall. The report also examines the carriers’ approach to product design, willingness to remove certain product protections, product bundling and claims integration practices.

Following are some of the key findings from the report:

  • Eighty-two percent of carriers surveyed plan to introduce new products or revise existing products in 2020. Hospital indemnity/supplemental medical were the most commonly mentioned products to be added in the next two years, followed by life products (whole, universal and term).
  • Of those carriers planning revisions to existing voluntary products, the changes planned include adding new benefits and features, updating contract language, simplifying underwriting, and developing flexible pricing and services.

Voluntary Product Trends is an Eastbridge Frontline™ Report that is conducted bi-annually. Eastbridge Information Partners as well as survey participants receive the Frontline™ Reports free of charge. For more information regarding the Information Partner program or about Eastbridge reports, email the company at info@eastbridge.com or visit the website at www.eastbridge.com.

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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