Carriers participating in Eastbridge’s Voluntary Short-Term Disability Products Spotlight™ Report mentioned the long- and short-term effects of COVID-19 as a key area of concern. They are monitoring potential health impacts to their VSTD plans, including the potential for claims increases, and lowered participation from increased self-service enrollments for a complex product.
Another area of key concern is the emerging state disability and paid family medical leave programs that have the potential to impact market demand, participation and sales and may require carriers to invest in better employee-education materials and administrative expertise to manage and integrate with various programs and requirements.
On the positive side, some carriers believe both the emergence of STAT/PFML plans and COVID-19 will increase awareness of and participation in voluntary disability plans, both of which will help sales long-term.
Voluntary Short-Term Disability Products, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.