I’ve spent many years in the voluntary business, and there’s no question in my mind that it’s in the midst of an exciting shift and growth spurt.
In recent years, there’s been a movement to “true group” coverage for limited benefit insurance products such as critical illness and accident. With this shift, employers can provide consistent coverage to all employees, have a simplified billing process and get away from being in the middle of the claims process. This next generation of voluntary allows employers to offer employees the coverage they desire without significant additional work for the employer. At ING U.S., the response has been overwhelmingly positive to our new “Compass” suite of voluntary products.