Voluntary
Vision Products
Voluntary
vision products are an “emerging” product in the
voluntary world. In fact, the percentage of voluntary carriers
offering a vision product has increased from 22 percent in
2002 to 31 percent in 2006, according to a 2006 Eastbridge
study on product trends. Another 27 percent of carriers say
they are likely to introduce a vision product in the next few
years. In 2005, voluntary vision products sales were estimated
at $15 million (according to sales results gathered for Eastbridge’s
2005 U.S. Worksite Sales Study). Employers are fueling
the trend as more and more are moving to employee-pay-all vision
plans to reduce their overall benefit costs.
Voluntary
Vision Products examines the current state of the market
from the standpoint of providers/carriers. With this data,
carriers can continue to fine-tune their strategies around
their voluntary vision products and use the competitive intelligence
to compare their plans against the competition
The report
begins with a brief profile of the carriers/providers surveyed.
Then it takes a close look at the voluntary vision products
of each carrier, including:
- Product
features (structure, options, benefits paid, exclusions,
riders, etc.)
- Provider
networks
- Underwriting
- Costs
- Commissions
- Sales
and enrollment
- Trends
and the future
[Note: In
order to protect the confidentiality of those surveyed, all
data is reported anonymously by assigning each a random number.]
Order Info: The
report is available for purchase for just $1,000. To order your
copy, simply email us at info@eastbridge.com or
call (860) 676-9633. Published
2006.
Table of Contents
1. Executive Summary
A. Introduction and Report
Objectives
B. Methodology
C. Key Findings
2. General Carrier Information
A. Brief Description of Profiled Providers
1. Voluntary Vision Sales for 2005
2. Penetration
3. Persistency
4. Claims Experience
B. Competition
1. Primary Competitors
2. Competitive Differentiators
3. Product Details
A. Product Specifics
1. Product Structure
2. Product Options
3. Employee
vs. Employer Choice
4. Eye Exam Benefit
5. Lenses/Frame
Benefit
6. Contact Lenses Benefit
7.
Eye Surgery Benefit
8. Waiting Period
9. Exclusions/Limitations
10.
Optional Riders
11. Unique Features or Benefits
12.
Family/Dependent Coverage
B. Provider Network
1. Types of Providers
2. Provider Competition
3. Member
Access to Providers
C. Underwriting
1. Minimum Size Group
2. Unacceptable Industries
3. Eligibility Requirements
4. Minimum Participation Requirements
5. Underwriting Questions
6. Renewal Underwriting
D. Costs
1. Premium Structure
2. Employer-Paid vs. Voluntary
Premiums
E. Commissions
F. Sales and Enrollment
1. Standalone vs. Packaging
2. Enrollment Method
3. Enroller Type
4. Multiple Plan Designs
5. Pre-Tax Offering
6. Re-enrollment Process
G. Trends and the Future
1. Concerns about Product
2. Other Trends
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