Worksite
Personal Injury Accident Products
In 2007, personal injury accident plans accounted for almost 15 percent of all worksite/voluntary sales. With total sales over $730 million and an increase of almost 10 percent over the prior year’s sales, accident plans (not including AD&D only plans) remain an important product in many carrier’s portfolio.
Eastbridge Consulting Group’s 2009 Worksite Personal Injury Accident Products report is designed to help carriers better understand today’s voluntary accident insurance market so they can more effectively position their own accident product to penetrate this market. The report begins with a look at the current state of the voluntary accident market (i.e., the need for the product, competitors and results). Then we closely examine the accident products of sixteen carriers. For each carrier we studied:
- Product features, including platform, benefits, exclusions, etc.
- Underwriting/eligibility parameters
- Cost structure
- Commissions
[Note: In order to protect the confidentiality of the carriers profiled, all data is reported anonymously by assigning each carrier a random number.]
The report is now available for purchase for $3,000. More information about the report, including the table of contents, is available on the Eastbridge website at (insert). To purchase the report, e-mail us at info@eastbridge.com or phone (860) 676-9633.
Published
2009.
Table of Contents
1. Executive Summary
A. Report Objectives
B. Key Findings
C. Methodology
2. Market Overview
A. The Need
B. Carrier Perspective
1. Top Competitors
2. Accident Sales
3. Penetration
4. Demographics
5. Average Annualized Premium
6. Persistency/Lapse Rates
3. Carrier Product Details
A. Product Structure
1. Platform
2. On- and Off-the-Job Benefits
3. Emergency Benefits
4. Specified Injury Benefits
5. Surgical Benefits
6. Hospital Benefits
7. Additional Care Benefits
8. Other Benefits
9. Disability Benefits
10. Other Riders
11. Elimination/Waiting
Periods
12. Pre-Existing Conditions Exclusion
13. Other Features, Benefits, or Services
14. Flexibility
15. Family
Coverage
16. Portability
17. Benefit Reductions
18. Renewability and Termination
19. Differentiating Factors
B. Rates
1. Premium Structure
2. Family Plan Structure
3. Rate Comparisons
C. Underwriting
1. Target Account Size
2. Minimum Case Size
3. Prohibited Industries
4. Employee Eligibility
Guidelines
5. Underwriting Questions
6. Participation Requirements
D. Distribution
1. Enrollment Method
2. Commissions
E. Miscellaneous
1. When Introduced
2. Coverage Effective Date
3. Claims
F. Trends
1. Anticipated Changes
2. Concerns
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