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6 GREAT Reasons to talk to Colonial Life

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

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6 GREAT Reasons to talk to Colonial Life

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  1. 6 GREAT Reasonsto talk to Colonial Life Presented by Robert Richey Agency Development Manager

  2. 6 GREAT Reasonsto 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

  3. 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 Industry-Leading Products

  4. 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 1 new 100-life account a month= $75,600 in commissions alone Every benefit-eligible employee in your accounts= $63 in annual commissions Do the math at BrokerRevenue.com! 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.

  5. 2. Differentiate yourself with services, not just products 1-to-1 benefits counseling Dependent verification Core & VB enrollment CCH HRAnswersNow Benefits education E-Services Section 125 services NEW! Youville website

  6. 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.

  7. 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!

  8. 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

  9. 2. Differentiate yourself with services, not just products Paycheck illustrations Allow employees to see how their choices affect their paycheck

  10. 2. Differentiate yourself with services, not just products Benefits Statements Illustrate employer’s investment in employee

  11. 2. Differentiate yourself with services, not just products Flexible enrollment options Consolidated core and voluntary options for anytime, anywhere enrollment Employees may enroll: One-to-one Co-browse Callcenter Alternatives: Group enrollment Self-enroll online

  12. 2. Differentiate yourself with services, not just products 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

  13. 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.

  14. 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

  15. 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

  16. 3. Rest easy with our transparent enrollment quality for all sizes

  17. 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

  18. 4. Open doors with our NEWEST product: Group Medical Bridge 1.0 Employers respond to rising costs Current Health Plan New 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 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.

  19. 4. Open doors with our NEWEST product: Group Medical Bridge 1.0 • 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 Out-of-pocket costs Medical Bridge solution Expenses covered by health insurance Expenses covered by health insurance 1Plan design and benefits vary by state. See state specific plan information for availability in each state.

  20. 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 • Age-banded • Composite • Discountedcomposite Enrollment • Defined enrollment period required Benefits vary by state, and product may not be available in all states.

  21. 4. Open doors with our NEWEST product: Group Medical Bridge 1.0 Add Group Medical Bridge 1.0 Premiums have decreased… Employees’ out-of-pocket exposure has increased… Solution… Plan design and benefits vary by state. See state specific plan information for availability in each state.

  22. 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 Brokers voted for our products in the 2006, 2007, 2008, 2009 and 2010 Benefits Selling Readers’ Choice Awards. • 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.

  23. 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 BRIGHTidea! BRIGHT 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. 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.

  24. 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 Top choice • In U.S. top 5 voluntary carriers for sales and in-force premium • Eastbridge U.S. Worksite Sales Report, Eastbridge Consulting Group, 2010 Top Five • Named #1 worksite/voluntary benefits company • National Association of Health Underwriters (NAHU) members, 2010 Number one

  25. The Client • Multi-state affordable housing provider • 213 benefit-eligible employees • 41 locations CASE STUDY Client Consultant

  26. 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

  27. 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

  28. 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. CASE STUDY

  29. Have you talked to us lately Let’s Talk! 316-250-4214 Wichita Office

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