Sales for voluntary vision plans have grown in both the short- and long-term, experiencing growth of 16% from 2017-2019 and a 4% 10-year compound average growth rate, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. Most of the providers participating in Eastbridge’s 2020 Voluntary Vision Products survey reported increases in 2019 sales compared to 2018, but are less optimistic about 2020 sales, expecting slightly higher or similar results as a result of the pandemic. Despite the expected short-term challenge in sales, carriers anticipate future growth, citing the development of plans with more flexible options and benefits, expanded network scope, and product bundling with medical, dental, or other voluntary product lines.
Other key findings from the report include:
The Voluntary Vision Products Spotlight™ Report reviews the current state of the voluntary vision market to help carriers better understand the overall market and how their product compares to the competition. The report covers 11 providers representing 12 vision plans and also profiles three other providers using secondary data.
Voluntary Vision 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.