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
60,000+ accounts and 2.9 million in force policies
Operates in 50 states and DC; in New York, operates under Colonial Voluntary Benefits through an affiliate, The Paul Revere Life Insurance Company
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 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.
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
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
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
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) through Ameriflex alliance
Discounted Flexible Spending Accounts (FSAs) through Ceridian and Ameriflex alliances
Peace of mind – Help ensure clients understand their options, have access to their plan document and stay in compliance
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 industry-wide voted us
their top choice for best broker relationships
2009.
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
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
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
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.
©2010 Colonial Life & Accident Insurance Company.
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