Product Management Division
"Product diversification also remains strong with five products over $135M of annualized premium inforce."
Development continues on our new Paid Family Medical Leave (PFML) product on a state-by-state basis and we secured our second product approval in the state of Oregon in early 2023. In September 2023, we will go live with this product in Oregon and a few other states are in development to follow close behind in 2024. Group Disability product enhancements have now been developed and are in the filing process with structured rollouts anticipated in targeted states in the fall.
Our new Individual Accident Only plan was rolled out in July of 2022 and generated over $20M in new sales over the first five months. We are now developing our first Group Accident Only product and anticipate some structured rollouts in targeted states later in 2023. The group product will be strategically positioned as a complement to the individual product in areas where the group product is a better fit.
Product work is in a very active state with several products in flight and product strategies that are designed to provide our Customers with sound product solutions that provide good value and meet the demands of an ever-changing worksite market.