Can your clients maintain a competitive benefits program and a strong bottom line? They’re looking for someone with solutions – and you want to be the person they can count on. With Colonial Life as your benefits partner, you can. Our voluntary benefits, one-to-one benefits counseling, and flexible enrollment options offer the kinds of solutions you and your clients are looking for.
Unlike many carriers today, voluntary benefits is not and never was a sideline for us. Colonial Life has been doing this for a long time – about 70 years. We're one of the original pioneers of this market. Today, we’re the second largest voluntary benefits provider in the U.S.
But we’re more than just another voluntary benefits carrier. What sets us apart in meeting the real needs of today’s employers is our benefits counseling and enrollment capabilities for accounts of all sizes – both for their core and voluntary benefits. And the best part? We don’t charge for these services. They are simply value added to our product offering.
How does having us as a partner help you? It gives you a competitive edge, helping you to distinguish yourself to clients, furnish proven solutions and to insulate yourself from competitors. As one of our brokers put it: “By having a partner who’s flexible and provides multiple options, you can cover the breadth of your agency’s clientele. It gives you the tools to be able to satisfy clients in different size categories who care about their employees and want to communicate effectively to them.”
And while we may be second in the country in terms of size, we’ve been first with brokers for the past two years in the Benefits Selling magazine Readers’ Choice Awards. This past year, we broke industry records by placing first in all five categories that we were eligible for.
Let's take a look at Colonial Life’s voluntary benefits and how they can help you and your clients. Rising health care costs put you in the role of delivering bad news to your clients every year. Their employees are feeling the pinch of greater financial exposure, while employers’ need to attract and retain quality employees more than every. Everybody is looking for solutions! If you can’t offer your clients a solution, chances are someone else will.
Our products help your clients: - Manage costs and bridge gaps in their core benefits - Provide solutions if they're moving to a high-deductible health plan - Offer a limited benefit medical plan for uninsured employees I
Employees' appetite for worksite voluntary products continues to grow. Colonial Life participation ranges between 30-55% in our benefits. Because most employees prefer to purchase their benefits at work, according to the latest LIMRA research, offering options such as medical gap coverage, income protection and life insurance helps your clients offer a more competitive benefits program without hurting their bottom line. I
Let's look at an example of how our benefits can work: Let's say your client needs to increase the deductible on his health insurance by $1,000. You can help fill that gap for employees by offering a Hospital Confinement Indemnity plan with $1,000 benefit. Your client saves almost $20,000 on his health plan, and his employees can choose to cover the increased financial exposure through convenient payroll deduction.
At Colonial Life, we don’t just offer benefits — We can provide turnkey enrollment and benefits counseling for your client’s entire benefits program if you choose – anytime, anywhere. Our traditional one-to-one enrollments offer the most employee engagement and best opportunity for decision-making support. To help educate and counsel employees on their benefit needs, we come to the worksite and spend one-to-one time with each employee. Our Call Center provides another one-to-one option for employees who can't meet face to face. We also offer the option of co-browsing with a benefits rep over the Internet. Self enrollment and group meetings offer alternative options to access employees who work remotely or are not able to meet with a benefits representative. The web-based technology that powers all of our enrollments is our simple-to-use Harmony® system, which features online and offline capabilities.
Colonial Life’s professional, trained benefit reps provide quality, consistent enrollment communications – regardless of the size of the company or the number of employees or number of states. We help ensure this quality and consistency through our customer satisfaction measure (the BQI) and through Colonial Life College, our national training program. Also our benefit reps are certified in communicating core benefits as well as voluntary benefits.
What employees don’t know and understand about their benefits can hurt your clients’ ability to attract and retain a quality workforce. Colonial Life’s thorough benefits counseling helps your clients get more return from their benefit dollars because employees will realize the total value of their job, including their “hidden paycheck.” It’s a proven fact that the more employees understand their benefits, the more they appreciate them. When our professional benefit reps step in as your partner with an enrollment, the real benefit is a stronger relationship with your clients because of happier, long-term employees and less hassle in managing benefits. vices at no direct cost
During a one-to-one session, we provide employees with information on their specific benefit choices – showing both their contribution and your client’s. Here is an example of the summary that we will provide for each employee. It shows every benefit the employee selected, all benefits that are pre-tax and all benefits that are after-tax. And, here on paper, the employee sees exactly what the employer spends on the cost of each benefit.
Here is a sample Benefits Statement, another free service we provide for the employee, designed to show the employee's “hidden paycheck.” This statement adds employer contributions for benefits and shows this as a part of the employee’s total compensation. It can provide a total overview of all benefits, including medical insurance, vision, 401k match, paid time off and retirement plans. Again on paper, employees learn the true dollar value of their benefits and gain appreciation for what your clients provide. An individual election form completes the process by providing employees and employers with a clear summary of employees’ enrollment decisions.
With our Section 125 services, Colonial Life can help your clients enhance their employee benefits package while reducing the tax burden for both the employer and the employee. Colonial Life has strategic alliances with two industry leaders in Section 125 administration – Ceridian and Ameriflex. Through these alliances, we offer free Premium Only Plans (POPs) and discounted Flexible Spending Accounts (FSAs). These companies can also help ensure your clients understand their options, have access to their plan document and stay in compliance.
Colonial Life’s goal is to make doing business with us as easy as possible, saving you and your clients valuable time and energy. Any company can say they offer great service. At Colonial Life, we go to great lengths to make sure of it – independent LIMRA surveys, internal measures, customer research. And we publish the results – for all of our customers to see. - Brokers industry-wide agreed that our service is superior, voting us the “Readers’ Choice” for the carrier easiest to do business with in 2006 and the carrier with the best back-office service in 2007. - Also, 99 percent of plan administrators say it’s easy to reconcile our invoices. - Our customer service reps consistently score above 90 percent for their courtesy, accuracy, professionalism and knowledge. - 9 in 10 claimants voice strong approval for the service they’ve received from Colonial Life and would recommend us to others.
Colonial Life also offers services and benefits specifically for our brokers. Since the majority of our business is generated through brokers, we do everything we can to ensure a strong, profitable and long-term relationship. With us, you benefit from: - An additional revenue stream - A means to fund core enrollments and benefits counseling services - No hassle... (...we get it) - Commitment to honoring Broker of Record (BOR) letters
- Hardcoded commissions - Broker website with a business tracking system and account search tool - Free CCH HRAnswersNow access for you AND your clients - A dedicated Broker Service Center - And marketing and enrollment materials
At Colonial Life, we’re committed to being a partner you can count on. We work with you as you work for your clients. With us as your voluntary benefits partner, you can deliver solutions your clients need and help your clients boost employee satisfaction and retention. Your clients need solutions to managing costs while remaining competitive, making voluntary benefits essential. Carriers are jumping into the market left and right, so why should you choose Colonial Life? It’s simple. We’re Making Benefits Count.
1. Because the Partner You Choose Counts
2. An Industry Leader and Pioneer <ul><li>Founded in 1939 </li></ul><ul><li>Pioneered worksite benefits via payroll deduction in 1955 and laptop enrollment technology in early 1990s </li></ul><ul><li>Second-largest U.S. provider of voluntary worksite benefits* </li></ul><ul><li>50,000+ accounts and 2.7 million in force policies </li></ul><ul><li>Exceeded $1 billion in in-force premium in 2007 </li></ul><ul><li>Operates in 50 states and DC; in New York, operates under Colonial Voluntary Benefits through an affiliate, The Paul Revere Life Insurance Company </li></ul>*LIMRA International, “Worksite Marketing of Voluntary Products Quarterly U.S. Sales Survey Fourth Quarter 2007
3. One Source Benefits Counseling Enrollment Services Insurance Products
4. The Competitive Edge “ By having a partner who’s flexible and provides multiple options, you can cover the breadth of your agency’s clientele. It gives you the tools to be able to satisfy clients in different size categories who care about their employees and want to communicate effectively to them.” Brian Tarpey, president of The Tarpey Group, LLC, N.J. Distinguish Yourself… Furnish Solutions… Preserve Your Clients…
5. The Competitive Edge Enjoy the Ease and the Accolades Record-Breaking FIVE Readers’ Choice Awards: 1. Most innovative carrier 2. Best critical illness product 3. Carrier offering best back-office support 4. Carrier that communicates best with brokers 5. Best whole life product
6. <ul><li>Double-digit increases in health insurance premiums </li></ul><ul><li>Higher deductibles </li></ul><ul><li>Higher co-pays </li></ul><ul><li>Greater employee financial exposure </li></ul><ul><li>Employee attraction and retention issues </li></ul>Voluntary Benefits Solutions The Challenges
7. <ul><li>Help clients manage costs and bridge gaps in their core benefits </li></ul><ul><li>Provide solutions for clients who are moving to high-deductible health plans </li></ul><ul><li>Offer a limited benefit medical plan for uninsured employees </li></ul>Voluntary Benefits Solutions Our Products
8. <ul><li>1. Medical – Hospital Confinement Indemnity Insurance, Accident Insurance, Limited Benefit Medical Plan* </li></ul><ul><li>2. Income Protection – Disability Insurance </li></ul><ul><li>3. Catastrophic Illnesses – Cancer Insurance, Critical Illness Insurance </li></ul><ul><li>4. Survivor Benefits – Term and Cash Value Life Insurance </li></ul>Employer Benefits Package <ul><li>Medical </li></ul><ul><li>Life </li></ul><ul><li>Retirement </li></ul>Colonial Life’s Personal Insurance Products Voluntary Benefits Solutions Our Products Underwritten by Colonial Life & Accident Insurance Company. Products have exclusions and limitations that may affect benefits payable. Coverage may vary by state and may not be available in all states.
9. How Voluntary Benefits Can Work Annual Employer Savings: $19,398 <ul><li>Increase deductible by $1,000 </li></ul><ul><li>Offer Hospital Confinement Indemnity plan* with $1,000 benefit </li></ul>Example based on group of 50 eligible employees, 2007 S.C. benefit rates, average age 35. Sample rates are for illustrative purposes only; rates may vary based on account type, state, group health carrier and other factors. *Medical Bridge SM 3000 Level 2: $1,000 Hospital Confinement Benefit, Employee-Only Coverage Employee (EE) Deductible Medical Bridge Premium Monthly Group Health Premium Annual Employer Funding $500.00 $1,500.00 $0 $18.50/EE/mo $13,462.00 $11,845.50 $161,544.00 $142,146.00
10. <ul><li>One-to-one benefits counseling </li></ul><ul><li>Call center and co-browsing one-to-one options for employees who can’t meet face-to-face </li></ul><ul><li>Self-enrollment and group meeting alternative enrollment options </li></ul><ul><li>Flexible enroller payment options </li></ul><ul><li>Expertise in multi-state/multi-location accounts </li></ul>Flexible Enrollment Options Tailored to Enrollment Needs Turnkey benefits enrollment & communications
11. <ul><li>Business Quality Index (systematic tracking system) </li></ul><ul><ul><li>Tracks persistency/customer satisfaction at the enroller level throughout account lifecycle </li></ul></ul><ul><li>Independent post-enrollment surveys </li></ul><ul><li>Colonial Life College </li></ul><ul><ul><li>Structured national training program </li></ul></ul><ul><li>Certification programs: </li></ul><ul><ul><li>Core benefit enrollments </li></ul></ul><ul><ul><li>National Enrollment Team (“Best in the Business” designation) </li></ul></ul><ul><ul><li>Consumer-driven benefits </li></ul></ul>Flexible Enrollment Options Enrollment Quality Control
12. <ul><li>Help employees understand their total benefits program and “hidden paycheck” </li></ul><ul><li>Boost job satisfaction and retention </li></ul><ul><li>No direct cost! </li></ul>Benefits Counseling Benefit Reps Who Work With You 93% of employers surveyed say personal benefit communications are valuable tools for recruiting and retaining employees. - Benefit News.com, “Survey says communication is key to benefits understanding and appreciation,” December 2006
13. <ul><li>Personal Salary Illustrations allow employees to see how their choices affect their paycheck </li></ul>Benefits Counseling Benefits Communication Tools
14. <ul><li>Customized Benefits Statement illustrates the employer’s investment in the employee </li></ul>Benefits Counseling Benefits Communication Tools Employer’s Contribution
15. <ul><li>Free Premium Only Plans (POPs) </li></ul><ul><li>Discounted Flexible Spending Accounts (FSAs) </li></ul><ul><li>Peace of mind – Help ensure clients understand their options, have access to their plan document and stay in compliance </li></ul>Strategic alliances – Ceridian and Ameriflex Section 125 Programs
16. Service You Can Trust What the Surveys Say <ul><li>Brokers industrywide voted us the “Readers’ Choice” for the best back-office service in the 2007 Benefits Selling Readers’ Choice Awards. </li></ul>9 in 10 claimants voice strong approval for the service they’ve received from us and would recommend us to others.* 99 percent of plan administrators say it’s easy to reconcile our invoices. Our customer service reps consistently score above 90 percent for their courtesy, accuracy, professionalism and knowledge.*
17. <ul><li>An additional revenue stream </li></ul><ul><li>A means to fund core enrollments and benefits counseling services </li></ul><ul><li>No hassle... (we get it!) </li></ul><ul><li>Commitment to honoring Broker of Record letters </li></ul>By partnering with us, you can take advantage of... Service You Can Trust Broker Services
18. <ul><li>Hardcoded commissions </li></ul><ul><li>Broker website </li></ul><ul><li>Free CCH HR AnswersNow access for you and your clients </li></ul><ul><li>Broker Service Center </li></ul><ul><li>Marketing and enrollment materials </li></ul>By partnering with us, you can take advantage of... Service You Can Trust Broker Services
19. Choose a Partner You Can Count On <ul><li>We work with you while you work for your clients </li></ul><ul><li>We add value: </li></ul><ul><ul><li>Voluntary benefits and services that increase employee understanding and appreciation of all their benefits </li></ul></ul>We’re Colonial Life. And we’re making benefits count.