Carriers rated critical illness, personal injury accident, and hospital indemnity coverage as the top three expected growth products for the industry and their company over the next two to three years, according to Eastbridge Consulting Group’s 2020 Voluntary Product Trends Frontline™ Report.
The top two most frequently offered products by over 90% of carriers surveyed are personal injury accident and critical illness. Short-term disability follows with almost 80% of carriers offering this coverage. Rounding out the top five are term life and hospital indemnity, offered by just over 60% of carriers. In addition, just under a third of carriers offer some type of discount or non-traditional product.
Over 50% of carriers rated cancer and accident as “very profitable” product lines. The majority of carriers rated their products as having “average profitability,” which is similar to the previous three surveys. Very few of the participating carriers rated any voluntary products as “not profitable or financially attractive” or “currently not profitable but expected to be in the future.”
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 [email protected] 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.