Embed Size (px)
DESCRIPTION
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 - PowerPoint PPT Presentation
Citation preview
6 GREAT Reasons to talk to Colonial
Life
Presented byRobert RicheyAgency Development Manager
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
6 GREAT Reasons to talk to Colonial Life
Industry-Leading Products
1. Expand your income NOW with our 1-to-1 voluntary benefits model
Flexible Enrollment
Options
Value-Added Services
Immediate revenue……no additional overhead/investment
…no need to become a voluntary benefits expert
…simply plug in to our turnkey VB model
Benefits Counseling &
Education
1 new 100-life account a month=
$75,600in commissions
aloneEvery 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.
1. Expand your income NOW with our turnkey voluntary benefits model
1-to-1 benefits counseling = 46% increase in participation
Renewals for life on qualified business
Do the math at BrokerRevenue.com!
2. Differentiate yourself with services, not just products
1-to-1 benefits counseling
Core & VB enrollment
Section 125 services
Dependent verification
CCH HRAnswersNow
E-Services
NEW! Youville website
Benefits education
Limited-time WELLNESS OFFERWe 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
Certain steps and requirements must be met for your client to participate. Ask your Colonial Life contact for complete details.
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
2. Differentiate yourself with services, not just products
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
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
2. Differentiate yourself with services, not just products
2. Differentiate yourself with services, not just products
Flexible enrollment optionsConsolidated core and voluntary options for anytime, anywhere enrollment
Call center
One-to-one
Group enrollmentAlternatives:
Employees may enroll:
Self-enroll online
Co-browse
2. Differentiate yourself with services, not just products
Accurate post-enrollment data
Streamlined enrollment
Ongoing local serviceMulti-year & new hire enrollment
Approach supports:
Business quality index/ client satisfaction
Consistent message
Flexible enrollment optionsConsolidated core and voluntary options for anytime, anywhere enrollment
Dependent verification
Benefit counselors can:• Clearly explain eligibility criteria
• Remove ineligible dependents
• Add newly eligible dependents
• Return employee’s electronic signature
2. Differentiate yourself with services, not just products
Minimum account size of 500 lives required. Ask your Colonial Life benefits contact for details.
Employer Benefits Statement
2. Differentiate yourself with services, not just products
• Employer information• Standard services• More complex services
Illustrates value of Colonial Life services
Shows cost savings overview based on:
• 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 Importance of One-to-One
Overall Employee Satisfaction-Payer Size
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
3. Rest easy with our transparent enrollment quality for all sizes
New Health Plan
1Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 2006-2010.2National 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.
Current Health Plan
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
• 60% of Americans do not have funds to cover unexpected costs2
Employee out-of-pocket costs
Expenses covered by health plan
Employers respond to rising costs
4. Open doors with our NEWEST product: Group Medical Bridge 1.0
Expenses covered by health insurance
Medical Bridge solution
Out-of-pocket costs
1Plan design and benefits vary by state. See state specific plan information for availability in each state.
Expenses covered by health insurance
• 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
4. Open doors with our NEWEST product: Group Medical Bridge 1.0
Benefits vary by state, and product may not be available in all states.
Group contract
Flexible plan designs
Underwriting options
Premiumoptions
Enrollment
• HSA-compliant option (in most states)• Higher benefit amounts and flexibility• Employer optional benefits
• Situs state• Optionally renewable; no portability option• Min. 10 enrolled + participation
• Guaranteed issue (GI)• Guaranteed issue with pre-ex waived (GX2)
• Age-banded• Composite• Discounted composite
• Defined enrollment period required
4. Open doors with our NEWEST product: Group Medical Bridge 1.0
Current Plan Proposed PlanAnnual deductible $500 $1,500
Co-insurance 80/20 70/30
EE Cost $177 $154ER Cost $532 $461Total Cost $708 $615
% Change +17% -13%: $71 x 100 EEs = $7,100/mo
Plan design and benefits vary by state. See state specific plan information for availability in each state.
Hospital Confinement $1,000
Outpatient Surgery Option 1
Health Screening $50
GMB 1.0 Premium EE Discounted Composite Rate = $17.47/mo
TOTAL SAVINGS $7,100 - $1,747 = $5,353/mo = $64,236/yr
Premiums have decreased…Employees’ out-of-pocket exposure has increased…Solution…
Add Group Medical Bridge 1.0
4. Open doors with our NEWEST product: Group Medical Bridge 1.0
BROKERS VOTED FOR OUR
PRODUCTS IN THE 2006,
2007, 2008, 2009 AND 2010
BENEFITS SELLING
READERS’ CHOICE
AWARDS.
• Underwriting approach simplifies enrollment and encourages higher participation
Help most employees qualify:
• 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 (GI) underwriting
Limited-time offer for DISABILITY & GROUP CRITICAL ILLNESS INSURANCE!
Guaranteed issue ...
NO minimum participation ...
NO health questions ...
... what a BRIGHT idea!
5. Increase sales and revenue with our guaranteed issue underwriting
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.
For new Colonial Life cases offering 2 employee-paid 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.
BRIGHT
6. Count on the industry’s top choice
TOP CHOICE
TOP FIVE
NUMBER ONE
Voted brokers’ top choice and most broker-friendly carrier 6 years in a rowBenefits Selling Readers’ Choice Awards, 2006-11
In U.S. top 5 voluntary carriers for sales and in-force premiumEastbridge U.S. Worksite Sales Report, Eastbridge Consulting Group, 2010
Named #1 worksite/voluntary benefits companyNational Association of Health Underwriters (NAHU) members, 2010
Client Consultant• Multi-state affordable housing provider
• 213 benefit-eligible employees
• 41 locations
The Client
CASE STUDY
• 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.
The Challenge
CASE STUDY
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.
The Solution
CASE STUDY
CASE STUDY
• 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.
The Results
Have you talked to us lately
Let’s Talk!316-250-4214 Wichita Office
