According to Eastbridge’s U.S. Voluntary/Worksite Sales Report for 2020, sales for personal injury accident products totaled $906 million and represented 12% of the total voluntary sales. Despite a 23% decrease in sales in 2020 as a result of the pandemic, carriers surveyed in the 2021 Voluntary Personal Injury Accident Plans Spotlight™ Report expect accident sales to increase and fully recover within the next two years.
Carriers note a few key challenges in competing in the voluntary accident marketplace, primarily the necessity to have customizable/modular product design and systems to support this flexibility. They also note the need for streamlined, easy-to-use administrative services and claims integration capabilities.
The 2021 Voluntary Personal Injury Accident Plans Spotlight™ Report examines the current voluntary accident insurance market and profiles 41 personal injury accident plans of 32 leading carriers. Following are a few findings from the report:
For each plan, the report details:
Voluntary Personal Injury Accident Plans, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.