While there is such a thing as happy accidents, falling down and breaking a leg is not the first thing most people think of.
According to the Centers for Disease Control and Prevention, an estimated 35 million Americans visit the emergency room because of not-so-happy accidents each year.1
So it makes sense more employers are offering accident insurance.
In fact, this voluntary benefit, which provides a lump sum cash payment for an accident covered under the policy, has grown from 37% in 2018 to 65% in 2022.2
Here are some trends that make the benefit more valuable than ever:
1. Hi, technology
Say hello to a better overall accident insurance product, with the help of some great advancements in technology.
With work-from-home-or-anywhere-but-the-office numbers higher than ever, online capabilities such as enrollment systems are evolving to become cutting edge.3
Are you seeing tech improvements in the enrollment process?
The pandemic has created a lack of face-to-face meetings, which in turn, has produced a need for more dynamic digital marketing materials and videos.
And artificial intelligence (AI) has the potential to take insurance from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry.4
2. Employer-funded defined contribution
Here’s a concept: Let’s let employees decide for themselves which benefits best meet their needs.
With an employer-funded defined contribution (also called a “shopping spree”) employees can choose which benefits are most important to them, from the usual four (dental, vision, life and disability) to voluntary benefits like accident insurance.5
3. Bundle up
Bundling may not be a new concept, but when it comes to employee benefits, it’s certainly gaining in popularity.
Not only does bundling have the potential to save consumers money, but it may also create a price break for employers.3
With many carriers marketing their supplemental benefits together, bundling is easier than ever. Plus, partnering products removes the need to decide which voluntary benefit holds the most value.
The industry as a whole is evolving to meet the needs of consumers. And while things like telemedicine and therapy services for cognitive behavioral events are being covered by some providers, artistic accidents do not yet qualify.6