Avon, CT (June 12 , 2007) — Since the introduction of worksite critical illness products in the mid to late 1990s, there have been a number of additions/revisions to the product. For one, group critical illness products have gained a greater share of the market, now accounting for roughly 40 percent of critical illness sales. This is most likely due to the influx of group carriers to the market. Additionally, the newer generation plans typically pay a benefit more than one time by “categorizing” the covered conditions.
These are just two of the findings presented in Eastbridge’s updated study, Worksite Critical Illness Products 2007. The study examines today’s critical illness market and identifies the market’s top players and competitors. It then takes a close look at the voluntary critical illness product of various carriers.
“Today”s carriers are looking at different ways to differentiate their product from competitors,” says Bonnie Brazzell, president of Eastbridge. “In the earlier years, carriers focused on adding more and more conditions. But now they are offering value-added features, like structuring the plan to pay for more than one critical illness, as a way to stand out and entice buyers.”
Many of the new plans have also built flexibility into the design with more ‘optional’ benefits or certain benefits carved out.
The Worksite Critical Illness Products 2007 study examines the current state of the critical illness market and provides general information on each carrier’s results, competitors, persistency, penetration, product success factors, etc. It also examines the practices of 17 critical illness providers, including product structure and benefits, underwriting parameters, commissions, future outlook, and concerns about the product.
The data is designed to help insurance carriers better understand where their product ‘fits’ relative to the competition and whether they need to refine and/or enhance their critical illness product accordingly.
The report is now available for purchase for $2,500. More information about the report, including the table of contents, is available on the Eastbridge website (www.eastbridge.com). To purchase the report, e-mail us at [email protected] or phone (860) 676-9633.
Eastbridge Consulting Group, Inc., is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada. www.eastbridge.com.
Tags: critical illness, Eastbridge
