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Because The Partner You Choose Counts


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Because The Partner You Choose Counts

  1. 1. Because the Partner You Choose Counts
  2. 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>60,000+ accounts and 2.9 million in force policies </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>
  3. 3. One Source Benefits Counseling Enrollment Services Insurance Products
  4. 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. 5. The Competitive Edge Don’t settle for less than the industry’s top choice 2009 Benefits Selling Readers’ Choice Awards Best consumer-driven healthcare products Best limited benefit medical product Best broker relationships Most innovative technology product (Harmony enrollment system For four years in a row, Colonial Life has been ranked #1 with brokers industry-wide in the Benefits Selling magazine Readers’ Choice Awards.
  6. 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. 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. 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. 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. 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. 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. 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 91% of employers said having 1-to-1 benefit meetings significantly improves employees’ understanding of their benefits — but only 58% are using them. - Society for Human Resource Management National Conference Survey, Colonial Life, June 2008
  13. 13. <ul><li>Personal Salary Illustrations allow employees to see how their choices affect their paycheck </li></ul>Benefits Counseling Benefits Communication Tools
  14. 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. 15. <ul><li>Free Premium Only Plans (POPs) through Ameriflex alliance </li></ul><ul><li>Discounted Flexible Spending Accounts (FSAs) through Ceridian and Ameriflex alliances </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>Section 125 Programs
  16. 16. Service You Can Trust <ul><li>Our goal is to make doing business with us as easy as possible </li></ul><ul><li>We make sure of it: </li></ul><ul><ul><li>Independent LIMRA surveys </li></ul></ul><ul><ul><li>Internal measures </li></ul></ul><ul><ul><li>Independent customer research </li></ul></ul>99 percent of plan administrators say it’s easy to reconcile our invoices.
  17. 17. Service You Can Trust What the Surveys Say <ul><li>Brokers industry-wide voted us their top choice for best broker relationships 2009. </li></ul>98% of customers say they’ll continue their Colonial Life coverage.* 100% of plan administrators say our customer service reps are courteous, caring and professional.* Our customer service reps consistently score above 90% for their courtesy, accuracy, professionalism and knowledge.* *Cumulative results of independent LIMRA customer service survey, 2009
  18. 18. <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
  19. 19. <ul><li>Broker website </li></ul><ul><li>Broker Service Center </li></ul><ul><li>Marketing and enrollment materials </li></ul><ul><li>Hardcoded commissions </li></ul><ul><li>An additional revenue stream </li></ul>By partnering with us, you can take advantage of... Service You Can Trust Broker Services
  20. 20. Broker Commissions <ul><li>Are you using more than one company for voluntary benefit offerings and enrollment? </li></ul><ul><li>How much of your gross commission is going toward funding those services? </li></ul><ul><li>Are you ever billed for additional expenses after the enrollment ends? </li></ul><ul><li>What value-added services are your clients getting at no additional charge? </li></ul>How much do you net from your voluntary benefits business?
  21. 21. Broker Commissions Company A STD Gross Commission 65.0% Enrollment Costs (70% of gross) 45.5% Net After Enrollment (30% of gross) 19.5% How much do you net from your voluntary benefits business? Example of Net Earnings
  22. 22. 1 When you compare nothing but net , you can typically earn more with us than you net with our top competitors! Higher Broker Commissions Colonial Life Can Give You HIGHER Commissions ! WHY? Because we’ve significantly raised our commission rates and we don't charge to enroll your business. Applies to new accounts with an effective date of Nov. 1, 2008, or later
  23. 23. 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.
  24. 24. ©2010 Colonial Life & Accident Insurance Company.