because the partner you choose counts
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Because the Partner You Choose Counts
An Industry Leader and Pioneer
Founded in 1939
Pioneered worksite benefits via payroll deduction in 1955 and laptop enrollment technology in early 1990s
Second-largest U.S. provider of voluntary worksite benefits*
60,000+ accounts and 2.9 million in force policies
Exceeded $1 billion in in-force premium in 2007
Operates in 50 states and DC; in New York, operates under Colonial Voluntary Benefits through an affiliate, The Paul Revere Life Insurance Company
*LIMRA International, “Worksite Marketing of Voluntary Products Quarterly U.S. Sales Survey Fourth Quarter 2007
One Source
Benefits Counseling Benefits Counseling
EnrollmentServicesEnrollmentServices
InsuranceProductsInsuranceProducts
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…
The Competitive EdgeEnjoy the Ease and the Accolades
6 Is a Perfect Number!
2008 Benefits Selling Readers’ Choice Awards Best disability product
Most innovative carrier
Carrier at the forefront of the consumer-driven health market
Most broker-friendly carrier
Best voluntary life insurance product
Best enrollment company (honorable mention)
Double-digit increases in health insurance premiums
Higher deductibles
Higher co-pays
Greater employee financial exposure
Employee attraction and retention issues
Voluntary Benefits Solutions The Challenges
Help clients manage costs and bridge gaps in their core benefits
Provide solutions for clients who are moving to high-deductible health plans
Offer a limited benefit medical plan for uninsured employees
Voluntary Benefits Solutions Our Products
1. Medical – Hospital Confinement Indemnity Insurance, Accident Insurance, Limited Benefit Medical Plan*
2. Income Protection – Disability Insurance
3. Catastrophic Illnesses – Cancer Insurance, Critical Illness Insurance
4. Survivor Benefits – Term and Cash Value Life Insurance
Employer Benefits Package
Medical
Life
Retirement
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.
Annual Employer Savings: $19,398
How Voluntary Benefits Can Work
Increase deductible by $1,000 Offer Hospital Confinement Indemnity plan* with
$1,000 benefit
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 BridgeSM 3000 Level 2: $1,000 Hospital Confinement Benefit, Employee-Only Coverage
Employee (EE)Deductible
MedicalBridgePremium
MonthlyGroup HealthPremium
AnnualEmployerFunding
$500.00
$1,500.00
$0
$18.50/EE/mo
$13,462.00
$11,845.50
$161,544.00
$142,146.00
One-to-one benefits counseling
Call center and co-browsing one-to-one options for employees who can’t meet face-to-face
Self-enrollment and group meeting alternative enrollment options
Flexible enroller payment options
Expertise in multi-state/multi-location accounts
Flexible Enrollment Options Tailored to Enrollment Needs
Turnkey benefits enrollment & communications
Business Quality Index (systematic tracking system)
Tracks persistency/customer satisfaction at the enroller level throughout account lifecycle
Independent post-enrollment surveys
Colonial Life College
Structured national training program
Certification programs:
Core benefit enrollments National Enrollment Team (“Best in the Business” designation) Consumer-driven benefits
Flexible Enrollment Options Enrollment Quality Control
Help employees understand their total benefits program and “hidden paycheck”
Boost job satisfaction and retention
No direct cost!
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
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
Personal Salary Illustrations allow employees to see how their choices affect their paycheck
Benefits Counseling
Benefits Communication Tools
Employer’sContribution
Customized Benefits Statement illustrates the employer’s investment in the employee
Benefits Counseling
Benefits Communication Tools
Free Premium Only Plans (POPs)
Discounted Flexible Spending Accounts (FSAs)
Peace of mind – Help ensure clients understand their options, have access to their plan document and stay in compliance
Strategic alliances – Ceridian and Ameriflex
Section 125 Programs
Service You Can Trust
99 percent of plan administrators say it’s easy to reconcile our
invoices.
Our goal is to make doing business with us as easy as possible
We make sure of it:o Independent LIMRA
surveyso Internal measureso Independent customer
research
Service You Can Trust What the Surveys Say
Brokers voted us the most
broker-friendly carrier in 2008.
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.*
A means to fund core enrollments and benefits counseling services
No hassle... (we get it!)
Commitment to honoring Broker of Record letters
By partnering with us, you can take advantage of...
Service You Can Trust Broker Services
Broker website
Broker Service Center
Marketing and enrollment materials
Hardcoded commissions
An additional revenue stream
By partnering with us, you can take advantage of...
Service You Can Trust Broker Services
Broker Commissions
Are you using more than one company for voluntary benefit offerings and enrollment?
How much of your gross commission is going toward funding those services?
Are you ever billed for additional expenses after the enrollment ends?
What value-added services are your clients getting at no additional charge?
How much do you net from your voluntary benefits business?
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
1
When you compare nothing but net, you can typically earn more with us than you net with our top competitors!
Higher Broker Commissions
Nothing but NET
Colonial Life Can Give You HIGHER Commissions!
WHY? Because we significantly raised our commission rates in 2008 and we don't charge to enroll your business.
Applies to new accounts with an effective date of Nov. 1, 2008, or later
Choose a Partner You Can Count On
We work with you while you work for your clients
We add value: Voluntary benefits and
services that increase employee understanding and appreciation of all their benefits
We’re Colonial Life. And we’re making benefits count.
©2008 Colonial Life & Accident Insurance Company.
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