Voluntary
Vision Products 2009
Voluntary vision products have stormed on the scene over the past few years. As an industry, we sold over $138 million in new voluntary vision sales in 2007. The product has grown considerably in the past few years as more employers move to employee-pay-all plans and those not offering employer-funded vision coverage see that voluntary vision is a much wanted and reasonably priced benefit.
Voluntary Vision Products 2009 examines the current state of the market from the standpoint of providers/carriers. Specifically, Eastbridge gathered data from 12 different companies active in the market. For each company, we report (as it relates to voluntary vision products):
- Product features, including product type, benefit amounts, available options, etc.
- Underwriting guidelines/eligibility parameters
- Commissions
- Enrollment methodology
- Trends and the future
With this data, companies can continue to fine-tune their strategies around their voluntary vision products and use the competitive intelligence to compare their plans against other providers.
[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 now available for purchase for $2,000. 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. Introduction
B. Report
Objectives
C. Methodology
D. Key Findings
2. General Company Information
A. Voluntary Products Offered
B. Definition of Voluntary
C. How long Offered Vision
D. Distribution
E. 2008 Results
F. Percentage of Sales as Voluntary
G. Penetration
H. Persistency
I. Loss Ratios
1. Competitors
3. Product Details
A. Product Specifics
1. Product Structure
2. Eye Exam Benefit
3. Lenses/Frame Benefit
4. Contact Lenses Benefit
5. Eye Surgery Benefit
6. Product Options
7. Other Benefits, Features, or Options
8. Optional Riders
9. Employee vs. Employer Choice
10. Maximum Annual Benefit
11. Waiting Period
12. Exclusion/Limitations
13. Family/Dependent Coverage
14. Competitive Differentiators
B. Provider Network
1. Types of Providers
2. Provider Compensation
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. Multiple Plan Designs
4. Enroller Type
5.
Pre-Tax Enrollment
6.
Re-enrollment Process
G. Trends and the Future
1. Concerns about Product
2. Other Trends
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