6 GREAT Reasons
to talk to Colonial Life
Presented by
Robert Richey
Agency Development Manager
6 GREAT Reasons
to talk to Colonial Life
Expand your income NOW
Differentiate yourself with services
Rest easy with enrollment quality for all sizes
Open doors with Group Medical Bridge 1.0
Increase sales with guaranteed issue
Count on the industry’s top choice
1. Expand your income NOW with our
1-to-1 voluntary benefits model
Immediate revenue…
Flexible
Enrollment
Options
…no additional
overhead/investment
…no need to become a
voluntary benefits expert
…simply plug in to our
turnkey VB model
IndustryLeading
Products
Benefits
Counseling &
Education
Value-Added
Services
1. Expand your income NOW with our
turnkey voluntary benefits model
1 new 100-life
account a month=
$75,600
 1-to-1 benefits counseling = 46%
increase in participation
 Renewals for life on qualified business
in commissions
alone
Every benefit-eligible
employee in your
accounts=
$63
in annual
commissions
Assume: 100-life account, 50% participation, $707 annual premium per person, 75% collected
premium rate, and Colonial Life product mix of 30% disability, 30% Group Medical Bridge, and
40% universal life insurance. This is an estimate only. Results may vary based on actual
performance levels and other factors.
2. Differentiate yourself with
services, not just products
2. Differentiate yourself with services,
not just products
Limited-time WELLNESS OFFER
We pay for the wellness program your
client selects for one full year!
Choice of one of three wellness programs,
depending on account size
Life Health Assessment - Ceridian
NurseLine - Optum Health
Wellness Screening - Optum Health
For new Colonial Life cases offering 2 employee-paid Colonial Life products
and that allow us to meet with at least 75% of their eligible employees
Certain steps and requirements must be met for your client to participate.
Ask your Colonial Life contact for complete details.
2. Differentiate yourself with services,
not just products
Benefits communication &
education services
• Better benefits understanding
•
•
and appreciation
Better educated health care
consumers
Cost savings & happier,
healthier employees!
2. Differentiate yourself with services,
not just products
Benefits Learning Center
Welcome to Youville®!
• Helps employees get a
•
•
jump start on pre-enrollment
benefits education
Interactive online tool
offering entertaining way for
employees to explore their
unique benefits needs
Employees can print
recommendations to bring
to their enrollment session
2. Differentiate yourself with services,
not just products
Paycheck illustrations
Allow employees to see
how their choices affect
their paycheck
2. Differentiate yourself with services,
not just products
Benefits Statements
Illustrate employer’s
investment in employee
Flexible enrollment options
Consolidated core and voluntary options
for anytime, anywhere enrollment
Employees may enroll:
One-to-one
Co-browse
Call center
Alternatives:
Group enrollment
Self-enroll online
Flexible enrollment options
Consolidated core and voluntary options
for anytime, anywhere enrollment
Approach supports:
Streamlined enrollment
Consistent message
Accurate post-enrollment data
Ongoing local service
Multi-year & new hire enrollment
Business quality index/ client satisfaction
2. Differentiate yourself with services,
not just products
Dependent verification
Benefit counselors can:
• Clearly explain eligibility criteria
• Remove ineligible dependents
• Add newly eligible dependents
• Return employee’s electronic
signature
Minimum account size of 500 lives
required. Ask your Colonial Life benefits
contact for details.
2. Differentiate yourself with services,
not just products
Employer Benefits Statement
Illustrates value of
Colonial Life services
Shows cost savings
overview based on:
• Employer information
• Standard services
• More complex services
3. Rest easy with our transparent
enrollment quality for all sizes
• Post-enrollment “Benefits
•
•
•
•
Guys” surveys
Daily enrollment reporting
Consistent oversight with
Business Quality Index (BQI)
National training program –
Colonial Life College
Certification programs and
ongoing education
3. Rest easy with our transparent
enrollment quality for all sizes
Overall Employee Satisfaction
Overall Employee SatisfactionPayer Size
Importance of One-to-One
Improve Understanding
3. Rest easy with our transparent
enrollment quality for all sizes
Large-Case Expertise
• 57+ years of success
• Dedicated corporate team
National Benefits Counselor Team
• 1,350 certified local benefit
counselors across 50 states
• 8.5-year average tenure
• Annual re-certification requirement
• Multi-year enrollment
• Ongoing local service
4. Open doors with our NEWEST product:
Group Medical Bridge 1.0
Current Health Plan
New Health Plan
Employee
out-ofpocket
costs
Employers respond to rising costs
Employer saves money with
new plan design
• Higher annual deductible
• Higher co-insurance amounts
Employees face more costs
• 2X increase in employees covered
by plan with a $1,000+ deductible1
Expenses covered by
health plan
1
• 60% of Americans do not have
funds to cover unexpected costs2
Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 2006-2010.
National consumer study, Financial Industry Regulatory Authority Investor Education Foundation
In consultation with U.S. Dept. of Treasury and President’s Advisory Council on Financial Literacy, 2009.
2
4. Open doors with our NEWEST product:
Group Medical Bridge 1.0
Out-ofpocket
costs
Medical
Bridge
solution
Expenses
covered
by by
Expenses
covered
healthhealth
insurance
insurance
1
• Benefits help employees
pay out-of-pocket costs from
a hospital confinement or
other covered health care
event
• Pays lump-sum benefits
directly to employees
• Benefits for outpatient
surgery, diagnostic tests, and
wellness visits may also be
available1
Plan design and benefits vary by state. See state specific plan information for availability
in each state.
4. Open doors with our NEWEST product:
Group Medical Bridge 1.0
Group
contract
• Situs state
• Optionally renewable; no portability option
• Min. 10 enrolled + participation
Flexible
plan designs
• HSA-compliant option (in most states)
• Higher benefit amounts and flexibility
• Employer optional benefits
Underwriting
options
• Guaranteed issue (GI)
• Guaranteed issue with pre-ex waived (GX2)
Premium
options
Enrollment
• Age-banded
• Composite
• Discounted composite
• Defined enrollment period required
Benefits vary by state, and product may not be available in all states.
4. Open doors with our NEWEST product:
Group Medical Bridge 1.0
Current Plan
Proposed Plan
Annual deductible
$500
$1,500
Co-insurance
80/20
70/30
EE Cost
$177
$154
ER Cost
$532
$461
Total Cost
$708
$615
% Change
+17%
-13%: $71 x 100 EEs = $7,100/mo
Add Group Medical Bridge 1.0
Hospital Confinement
Premiums have decreased… $1,000
Outpatient Surgery
Option 1
Employees’ out-of-pocket exposure has increased…
Health Screening
$50
Solution…
GMB 1.0 Premium
EE Discounted Composite Rate =
$17.47/mo
TOTAL SAVINGS
$7,100 - $1,747 = $5,353/mo = $64,236/yr
Plan design and benefits vary by state. See state specific plan information for availability in each state.
5. Increase sales and revenue with our
guaranteed issue (GI) underwriting
Help most employees qualify:
• Underwriting approach simplifies enrollment
and encourages higher participation
• GI and post-enrollment GI
underwriting options available for
disability, accident, hospital
confinement indemnity, cancer and
critical illness products
• Pre-established limits for certain
underwriting levels
• Many health questions are
“knock-out” questions
Colonial Life products are 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.
5. Increase sales and revenue with our
guaranteed issue underwriting
Limited-time offer for DISABILITY &
GROUP CRITICAL ILLNESS INSURANCE!
Guaranteed issue ...
NO minimum participation ...
NO health questions ...
... what a BRIGHT idea!
For new Colonial Life cases offering 2 employeepaid Colonial Life products and that allow us to
meet with the majority of their employees.
New hires may also receive GI if guidelines are met.
Certain steps and requirements must be met for your client to qualify.
Benefits may vary and may not be available in all states. Policies have limitations and
exclusions that may affect benefits payable. Ask your Colonial Life contact for complete details.
6. Count on the industry’s top choice
Voted brokers’ top choice and
most broker-friendly carrier 6
years in a row
Benefits Selling Readers’ Choice Awards, 2006-11
In U.S. top 5 voluntary carriers
for sales and in-force premium
Eastbridge U.S. Worksite Sales Report,
Eastbridge Consulting Group, 2010
Named #1 worksite/voluntary
benefits company
National Association of Health Underwriters
(NAHU) members, 2010
CASE STUDY
The Client
• Multi-state affordable housing provider
• 213 benefit-eligible employees
• 41 locations
Client Consultant
CASE STUDY
The Challenge
• Rising costs and dissatisfaction with PEO/payroll firm caused
client to move employees in-house and switch payroll and
benefits to broker handling their workers’ comp.
• Client concerns included employee confusion, increased staff
workload, and enrollment timing to ensure new health plans and
payroll services were implemented before enrollment.
CASE STUDY
The Solution
Broker brought in Colonial Life to assist with:
• Creating a tight schedule for implementation and enrollment.
• Conducting group meetings both in-person and via conference
calls, including core benefits communication in the more remote
locations.
• Providing 1-to-1 benefits counseling with eligible employees in all
41 locations, with bilingual benefits counselors where needed.
CASE STUDY
The Results
• Met 1-to-1 with 100% of eligible employees.
• Completed the multi-state enrollment in 10 days – as promised!
• Required little time or effort by client, allowing staff to focus on other
parts of the transition.
• Provided electronic and hardcopy election forms and core benefit
applications to broker and payroll provider.
• Enrolled 64% of employees in our voluntary benefit plans, including
disability and hospital confinement indemnity that was offered GI due to
the high participation.
• Generated $100,000+ in annual voluntary premium – and met guideline
of one to one-and-a-half hour’s pay per week max.
• Increased employer and employee tax savings due to increasing
participation in flex accounts and pre-taxed voluntary benefits.