U.S. Supplemental Insurance Market Overview
This year, we conducted our inaugural State of the Supplemental Market survey. With 2020 data for 15 products among 54 carriers, we aggregated sales and inforce results to assist with understanding the current status of the supplemental insurance market. Moreover, in 2020, we also conducted a variety of research projects to provide insight into specific products of the supplemental insurance market such as the Accident, Critical Illness, Hospital Indemnity, and Worksite Life markets. We synthesized the findings from these reports to create a comprehensive overview to provide valuable perspective of how the products fit into the larger arena of the supplemental insurance market.
Authors: David Bahlinger, Ashlee Borcan, Darrell Spell, Michael Weilant
State of the Supplemental Market
In early 2021, we collaborated with NASBI to conduct our State of the Supplemental Market Survey. This survey provides insight into the financial impacts of the pandemic on the supplemental market. Data was collected on 15 products and covers topics such as sales and inforce, product development, industry themes and risks in the market.
Authors: Ashlee Borcan, Robert Eaton, Jennifer Howard, Bill Mehilos, Nate Sandrowicz, David Bahlinger, Darrell Spell, Michael Weilant
Accident Indemnity and Accident Medical Expense
This report compares Accident Indemnity and Accident Medical Expense data across group, individual worksite, and individual non-worksite products. It also provides data on sales and inforce, buyer profile, product features, underwriting, pricing, profitability, risks, and administrative technology and systems.
Authors: Nate Sandrowicz, David Bahlinger, Darrell Spell, Michael Weilant
Critical Illness
Our CI report compares data across group, individual worksite, and individual non-worksite products, exploring sales and actuarial components of the CI market. It also provides data on sales and inforce, buyer profile, product features, underwriting, pricing, profitability, risks, and administrative technology and systems. Finally, it offers a deep dive into durational lapse rates as a percent of premium volume, as a percent of count of lives, and segmented by market type and issue age bands.
Authors: Ashlee Borcan, Jennifer Howard, David Bahlinger, Darrell Spell, Michael Weilant
Hospital Indemnity
The HI report compares data across group, individual worksite, and individual non-worksite products, exploring sales and actuarial components of the HI market. It also provides data on sales and inforce, buyer profile, product features, underwriting, pricing, profitability, risks, and administrative technology and systems.
Authors: Ashlee Borcan, Jennifer Howard, David Bahlinger, Darrell Spell, Michael Weilant
Worksite Life
These reports focus on Term, Whole Life, and Universal Life products. These reports provide data on sales and inforce, buyer profile, product features, underwriting, pricing, profitability, risks, and riders.
Authors: Bill Mehilos, Robert Eaton, David Bahlinger, Darrell Spell, Michael Weilant
Dental
Our Dental report focuses on commercial dental products and information on top-line sales and inforce data. In addition, the report takes a deeper look at pricing, risks, network, and underwriting. This data is segmented by individual, small group, and large group, as well as PPO and HMO/POS, and synthesized to provide a high-level analysis of key market trends.
Authors: Joanne Fontana, David Bahlinger, Darrell Spell, Michael Weilant
Short-Term Care
The Short-Term Care report sheds light on the current practices and experiences of the nearly all the remaining carriers in the STC market. It covers product types, marketing, sales and inforce, underwriting, regulations, actuarial, and claims.
Authors: Robert Eaton, David Bahlinger, Darrell Spell, Michael Weilant
Compliance
The Compliance report delves into common and state-specific regulations for supplemental health insurance including accident, critical illness, and hospital indemnity products. It includes expert commentary on Milliman’s experience and observed trends.
Authors: Stacy Koron, Taylor McKinnon, David Bahlinger, Darrell Spell, Michael Weilant
Pet Insurance
This Pet Insurance report provides a summary of respondents' thoughts on demand, target markets, obstacles, interest, and market entry methods. Finally, participants shared what other information would be helpful on this topic.
Authors: David Bahlinger, Stacy Koron, Christin Kuretich, Jamie Shooks, Michael Weilant