Plan design flexibility and streamlined administration are keys to success in voluntary personal injury accident market, finds Eastbridge Consulting Group

AVON, CONNECTICUT, USA (August 19, 2021)

According to Eastbridge’s U.S. Voluntary/Worksite Sales Report for2020, sales for personal injury accident products totaled $906 million and represented 12% of the total voluntary sales. Despite a 23% decrease in sales in 2020 as a result of the pandemic, carriers surveyed in the 2021 VoluntaryPersonal Injury AccidentPlans Spotlight™ Report expect accident sales to increase and fully recover within the next two years.

Carriers note a few key challenges in competing in the voluntary accident marketplace, primarily the necessity to have customizable/modular product design and systems to support this flexibility. They also note the need for streamlined, easy-to-use administrative services and claims integration capabilities.

The 2021 VoluntaryPersonal Injury AccidentPlans Spotlight™ Report examines the current voluntary accident insurance market and profiles 41 personal injury accident plans of 32 leading carriers. Following are a few findings from the report:  

  • Group accident plans offering indemnity-based benefits dominate the market.
  • Over 70% of plans profiled offer both heaped and level commissions, compared to half of the accident plans in 2018 and only a quarter of plans profiled in 2015.  
  • Carriers seek to differentiate themselves by offering a variety of innovative product features, such as organized sports/active lifestyles benefit, benefits that target specific market segments, and coverage for PTSD/brain injuries or telemedicine benefits.

For each plan, the report details:  

  • Product features, including platforms, detailed benefits, portability, and plan flexibility  
  • Underwriting/eligibility guidelines and parameters  
  • Pricing structure, rating basis, guarantees, and sample rates  
  • Commissions and claims metrics
  • Product results (sales, participation, average premium, etc.)   
  • Differentiators and results; challenges and future trends  

Voluntary Personal Injury Accident Plans, a Spotlight™ Report

The report is available for purchase for $3,000. For additional information or to purchase the report, e-mail info@eastbridge.com or call us at (860) 676-9633

Report Summary

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.


Press Release Index