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Employer initial presentation

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Employer initial presentation

  1. 1. A New Consultative Approach to Voluntary Benefits REALITY BUSINESS TODAY’S
  2. 2. Endorsed by NFIB Expand Your Company’s Benefits Without Increasing Your Costs! NFIB really values our consultative approach to delivering valuable solutions to small business America.
  3. 3. Today’s Business Reality <ul><li>Many people depend on you: </li></ul><ul><ul><li>Customers </li></ul></ul><ul><ul><li>Suppliers </li></ul></ul><ul><ul><li>Employees </li></ul></ul><ul><li>In a time when many companies are eliminating benefits: </li></ul><ul><ul><li>Expand your Benefits vs. Eliminate </li></ul></ul><ul><ul><li>Generate Cost Savings </li></ul></ul><ul><ul><li>Reduce Turnover </li></ul></ul>
  4. 4. Employee Behavior <ul><li>31% - Say benefits are why they came to work for their employer </li></ul><ul><li>38% - Say benefits are why they stay with their current employer </li></ul>Studies Show How Availability of Benefits Affects Employee Behavior * “MetLife Study of Employee Benefits Trends.” Metropolitan Life Insurance Company, 2005
  5. 5. What Does it Cost to Replace an Employee? <ul><li>For someone who is performing well and leaves his or her position, research indicates that employers face obvious and hidden costs such as: </li></ul><ul><ul><li>Lost productivity </li></ul></ul><ul><ul><li>Lost intellectual property </li></ul></ul><ul><ul><li>Overtime cost due to recruiting </li></ul></ul><ul><ul><li>Recruitment costs in general </li></ul></ul><ul><ul><li>Retraining costs </li></ul></ul>* “The True Cost of Employee Turnover.” performanceadvantage.com, as seen on 9/26/2008. Replacing a worker costs between 30% and 150% of that worker’s annual salary.*
  6. 6. <ul><li>Mission & Strategy </li></ul><ul><ul><li>Dedicated to Changing the Way Americans Think About, Purchase and Use Life Insurance ® </li></ul></ul><ul><ul><li>Leveraging superior differentiated solutions to become the #1 life insurance company for America’s broad middle market </li></ul></ul><ul><ul><li>Committed to meeting the needs of employers and employees through our voluntary benefit products and services </li></ul></ul><ul><ul><li>A distinct distribution advantage that utilizes a consultative approach to assist employees in making informed decisions </li></ul></ul>American General Life and Accident Insurance Company
  7. 7. Commitment to Our Customers <ul><ul><li>Provided financial security to Americans for over 100 years </li></ul></ul><ul><ul><li>Paid over $3.6 billion in benefits during the last five years* </li></ul></ul><ul><ul><li>Have over 7.8 million policies in-force* </li></ul></ul><ul><ul><li>Professional sales force of licensed insurance representatives </li></ul></ul>* As of November, 2008
  8. 8. Consider the Financial Ratings of the Company <ul><li>American General Life and Accident has Solid Ratings. </li></ul><ul><ul><li>Strength </li></ul></ul><ul><ul><li>Stability </li></ul></ul><ul><ul><li>Security </li></ul></ul>The most prominent independent rating agencies continue to recognize our company in terms of insurer financial strength and claims paying ability. You can visit our web-site www.agla.com for more information. Home Office - Nashville, Tennessee
  9. 9. Traditional Voluntary Benefits <ul><li>Traditional Voluntary Benefit programs offer a wide array of coverage through single need type products such as: </li></ul><ul><ul><li>Term or Permanent Life Insurance </li></ul></ul><ul><ul><li>Accident Insurance </li></ul></ul><ul><ul><li>Critical Illness Insurance </li></ul></ul><ul><ul><li>Cancer Insurance </li></ul></ul><ul><ul><li>Disability Insurance </li></ul></ul><ul><ul><li>Supplemental Health Insurance </li></ul></ul>Experience has Demonstrated Limitations
  10. 10. <ul><li>The Problem for Employees: </li></ul><ul><ul><li>Provided a folder of product brochures and asked to select which products best meet their needs </li></ul></ul><ul><ul><li>Without guidance in understanding of how to assess risk associated with each product solution </li></ul></ul><ul><ul><li>Forced to decide whether to spend their limited premium dollars on: </li></ul></ul><ul><ul><ul><li>life insurance  disability insurance </li></ul></ul></ul><ul><ul><ul><li>cancer insurance  or other single need coverage </li></ul></ul></ul>Traditional Approach Many times…gambling on the wrong option!
  11. 11. Information/Decision Making Dilemma <ul><li>Market research indicates the traditional enrollment approach is leading to anxiety or inaction by the employee. </li></ul><ul><li>“ Too often, workers have to make decisions about which benefits they need and how much to spend on them without understanding the risks they face or the best choices to protect themselves and their families. As employees become benefits decision-makers, they also need providers and employers to give them useful information on how to make those choices.” </li></ul>* “Unum Reports Workers Underestimate Risks, Lack Safety Net” InsuranceBroadcasting.com, as seen on 9/26/08. Insurance Newscast
  12. 12. AGLA’s Differentiated Approach <ul><ul><li>Your employees don’t have to gamble as they choose how to spend their premium dollars </li></ul></ul><ul><ul><li>We prefer a consultative approach to educate your workforce on the risk they have </li></ul></ul><ul><ul><li>Enables your employees to make informed decisions that will provide greater financial security </li></ul></ul><ul><ul><li>AGLA’s Superior Differentiated Solution </li></ul></ul>Multiple Coverages Under One Policy With One Premium Commitment
  13. 13. AGLA’s Differentiated Solution <ul><li>These superior differentiated solutions are available in AGLA’s Quality of Life…Insurance SM products. </li></ul><ul><li>It’s life insurance you truly don’t have to die to use. </li></ul>
  14. 14. Quality of Life…Insurance SM Please wait. The video will begin shortly. When finished, please tap outside this box to continue.
  15. 15. Changing The Way Americans Think About, Purchase And Use Life Insurance ® You now have choices on how to use your life insurance: <ul><ul><li>Life insurance to help take care of loved ones </li></ul></ul><ul><ul><li>Accelerated Benefit Riders to help with the costs of critical or long-term chronic illnesses or conditions </li></ul></ul><ul><ul><li>Income if you become disabled </li></ul></ul><ul><ul><li>Cash Value to supplement your retirement income, or to help with other needs </li></ul></ul>
  16. 16. Preserve Your Quality of Life <ul><li>Quality of Life…Insurance SM is an affordable, flexible and more useful approach to what today’s families need. It’s innovative coverage that can help in case of a heart attack, stroke, or invasive cancer. </li></ul><ul><li>It’s life insurance you don’t have to die to use. </li></ul>
  17. 17. Employer Advantages <ul><li>This program does not require any employer contributions to premiums! </li></ul><ul><ul><li>No direct cost to you for the benefits your employees elect </li></ul></ul><ul><li>Using this method to expand your benefits can actually generate cost reductions for you by: </li></ul><ul><ul><li>Improving employee retention, and </li></ul></ul><ul><ul><li>Enhancing productivity </li></ul></ul>
  18. 18. Employer Advantages <ul><ul><li>No increasing administration costs to support our program </li></ul></ul><ul><ul><li>Simple deduction and remittance administration procedures </li></ul></ul><ul><ul><li>Additional benefit options that your workforce desires </li></ul></ul><ul><ul><li>Employee’s participation is entirely voluntary </li></ul></ul>
  19. 19. Educational Seminar <ul><ul><li>A brief informational seminar for all employees </li></ul></ul><ul><ul><li>Intended to create goodwill towards their employer </li></ul></ul><ul><ul><li>Highlights the consultative approach and information about the superior differentiated solutions available </li></ul></ul><ul><ul><li>A benefit assessment survey will be provided for employees to evaluate their current financial protection </li></ul></ul><ul><ul><li>The seminar should be conducted at a time that will have the least impact on productivity and workflow </li></ul></ul>
  20. 20. Employee Choice <ul><li>After attending the seminar and completing the assessment, your employees will be able to: </li></ul><ul><ul><li>Obtain additional information about the products and services we provide </li></ul></ul><ul><ul><li>Attend an expanded interview for a complete fact-finding and solutions interview at the worksite </li></ul></ul><ul><li>Some employees may desire to have their spouse present for the individual interview, if you approve. Otherwise, with your agreement and sponsorship, we will facilitate those interviews off-site. </li></ul>
  21. 21. Employee Advantages <ul><ul><li>A consultative approach aimed at providing greater financial security for employees and their family </li></ul></ul><ul><ul><li>Access to licensed insurance professionals who specialize in risk assessment and product solution design </li></ul></ul><ul><ul><li>Removes anxiety over gambling on uninformed choices and/or spending their premium dollars ineffectively </li></ul></ul><ul><ul><li>Competitively priced, portable coverage </li></ul></ul><ul><ul><li>Convenient premium payments by payroll deduction </li></ul></ul>
  22. 22. What An Employer Has To Do <ul><ul><li>Understand and endorse the program </li></ul></ul><ul><ul><li>Be involved in the planning process for the installation of the program </li></ul></ul><ul><ul><li>Work with us to formulate the most effective plan for implementation </li></ul></ul><ul><ul><li>Consider using AGLA’s Best practices w hen dealing with choices for the program </li></ul></ul>
  23. 23. Moving Forward Together <ul><li>Activities for the Employer: </li></ul><ul><ul><li>Decide on the time of your seminar </li></ul></ul><ul><ul><li>Create your seminar introduction </li></ul></ul><ul><li>What I will provide: </li></ul><ul><ul><li>All electronic equipment and materials for the seminar </li></ul></ul><ul><ul><li>Samples of the seminar materials </li></ul></ul><ul><ul><li>Video used for individual interviews </li></ul></ul><ul><ul><ul><li>Business Owner version for your review </li></ul></ul></ul>Dear Employees, Thank you for attending today’s seminar…
  24. 24. Program Requirements <ul><ul><li>At least two unrelated employees with premiums totaling at least $50 per month </li></ul></ul><ul><ul><li>A payroll deduction agreement </li></ul></ul><ul><ul><li>An introduction to your payroll administrator </li></ul></ul>
  25. 25. Your Company… Your Employees… Your Choice <ul><li>AGLA’s Voluntary Benefit program can hold significant value for your company and your workforce while allowing you to structure the program to best meet your company’s and your employees’ needs. </li></ul><ul><li>Let’s review the agreement and begin the planning process. </li></ul>
  26. 26. A New Consultative Approach to Voluntary Benefits REALITY BUSINESS TODAY’S

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