Powerful Benefit Solutions... for Decision Makers... to expand your employee benefit offerings and...

transcript

Powerful Benefit Solutions. . .Powerful Benefit Solutions. . . for Decision Makers for Decision Makers

. . . to expand your employee benefit offerings and help save costs.

. . . to conduct your benefits enrollments.

. . . to simplify your benefits administration.

. . . to expand your employee benefit offerings and help save costs.

. . . to conduct your benefits enrollments.

. . . to simplify your benefits administration.

The Colonial AdvantageThe Colonial Advantage

11 A Benefits Communication Company

A Benefits Communication Company 22 An

Enrollment Company

An Enrollment Company

33 A Strong Supplemental Insurance Company

A Strong Supplemental Insurance Company

The Advantage of The Advantage of Benefits CommunicationBenefits Communication

Benefits CommunicationBenefits CommunicationBenefits CommunicationBenefits Communication

* Worksite Product Trends, Eastbridge Consulting Croup, Inc., 2005** 2006 MetLife Employee Benefits Trend Study* Worksite Product Trends, Eastbridge Consulting Croup, Inc., 2005** 2006 MetLife Employee Benefits Trend Study

97% of employers and employees have 97% of employers and employees have a growing interest in products that help a growing interest in products that help cover deductibles and cover deductibles and out-of-pocket expenses.*out-of-pocket expenses.*

More than one-third of employees are More than one-third of employees are interested in a wider array of voluntary interested in a wider array of voluntary benefits.**benefits.**

97% of employers and employees have 97% of employers and employees have a growing interest in products that help a growing interest in products that help cover deductibles and cover deductibles and out-of-pocket expenses.*out-of-pocket expenses.*

More than one-third of employees are More than one-third of employees are interested in a wider array of voluntary interested in a wider array of voluntary benefits.**benefits.**

Customized MaterialsCustomized MaterialsCustomized MaterialsCustomized Materials

Print materialsPrint materials Payroll stuffersPayroll stuffers PostersPosters Tent cardsTent cards FliersFliers BrochuresBrochures

Newsletter articlesNewsletter articles E-mail announcementsE-mail announcements PowerPoint presentationsPowerPoint presentations Spanish materialsSpanish materials

Print materialsPrint materials Payroll stuffersPayroll stuffers PostersPosters Tent cardsTent cards FliersFliers BrochuresBrochures

Newsletter articlesNewsletter articles E-mail announcementsE-mail announcements PowerPoint presentationsPowerPoint presentations Spanish materialsSpanish materials

Benefits CommunicationBenefits CommunicationBenefits CommunicationBenefits Communication

One-on-One MeetingsOne-on-One Meetings

Salary Illustrations& Benefit Statements

Group MeetingsGroup Meetings

Group MeetingsGroup MeetingsGroup MeetingsGroup Meetings

Major medicalMajor medical

DentalDental

VisionVision

401(k) and pension plans401(k) and pension plans

DisabilityDisability

PTO/sick leavePTO/sick leave

Major medicalMajor medical

DentalDental

VisionVision

401(k) and pension plans401(k) and pension plans

PTO/sick leavePTO/sick leave

One-On-One MeetingsOne-On-One MeetingsOne-On-One MeetingsOne-On-One Meetings

Customized presentation Customized presentation of benefits and employee of benefits and employee contributions.contributions.

Salary illustrations, Salary illustrations, benefits statements & benefits statements & election forms.election forms.

Update employee data.Update employee data.

Customized presentation Customized presentation of benefits and employee of benefits and employee contributions.contributions.

Salary illustrations, Salary illustrations, benefits statements & benefits statements & election forms.election forms.

Update employee data.Update employee data.

Salary IllustrationsSalary IllustrationsSalary IllustrationsSalary Illustrations

Employee’s cost and your cost

Customized Benefits StatementsCustomized Benefits StatementsCustomized Benefits StatementsCustomized Benefits Statements

Employer’sContributionEmployer’s

Contribution

The Advantage of The Advantage of Efficient EnrollmentsEfficient Enrollments

Colonial’s Suite of Enrollment ServicesColonial’s Suite of Enrollment ServicesColonial’s Suite of Enrollment ServicesColonial’s Suite of Enrollment Services

Group meetings. Group meetings.

Multi-location and Multi-location and multi-state enrollment multi-state enrollment capabilities.capabilities.

One-on-one sessions with One-on-one sessions with personalized benefits personalized benefits statements and salary statements and salary illustrations.illustrations.

Options for remote employees Options for remote employees or staggered shifts.or staggered shifts.

Group meetings. Group meetings.

Multi-location and Multi-location and multi-state enrollment multi-state enrollment capabilities.capabilities.

One-on-one sessions with One-on-one sessions with personalized benefits personalized benefits statements and salary statements and salary illustrations.illustrations.

Options for remote employees Options for remote employees or staggered shifts.or staggered shifts.

Sales AutomationSales AutomationSales AutomationSales Automation

Primary enrollment Primary enrollment method today.method today.

Works ideally with Works ideally with our primary enrollment our primary enrollment model: enroller-assisted model: enroller-assisted one-on-one.one-on-one.

Primary enrollment Primary enrollment method today.method today.

Works ideally with Works ideally with our primary enrollment our primary enrollment model: enroller-assisted model: enroller-assisted one-on-one.one-on-one.

Web-Based EnrollmentWeb-Based EnrollmentWeb-Based EnrollmentWeb-Based Enrollment

Enroller assisted or self-enrollment.Enroller assisted or self-enrollment.

Supports remote work environments, Supports remote work environments, staggered shifts & multiple locations.staggered shifts & multiple locations.

Accessible 24/7 during enrollment Accessible 24/7 during enrollment period.period.

Tech support available by e-mail or Tech support available by e-mail or phone.phone.

Online benefits library.Online benefits library.

Reporting tool.Reporting tool.

Enroller assisted or self-enrollment.Enroller assisted or self-enrollment.

Supports remote work environments, Supports remote work environments, staggered shifts & multiple locations.staggered shifts & multiple locations.

Accessible 24/7 during enrollment Accessible 24/7 during enrollment period.period.

Tech support available by e-mail or Tech support available by e-mail or phone.phone.

Online benefits library.Online benefits library.

Reporting tool.Reporting tool.

HarmonyHarmonySMSMHarmonyHarmonySMSM

Conducting Enrollments on a Whole New Scale

Sharp enrollment solutions.

Fine-tuned communications.

Sound security.

Conducting Enrollments on a Whole New Scale

Sharp enrollment solutions.

Fine-tuned communications.

Sound security.

Simple App SystemSimple App SystemSimple App SystemSimple App System

Pre-printed, paper-based manual Pre-printed, paper-based manual applications for group meetings.applications for group meetings.

Generic or pre-filled with employee Generic or pre-filled with employee census data.census data.

Up to 5 products supported on one Up to 5 products supported on one application.application.

Excel spreadsheet to input Excel spreadsheet to input employer data, product selections employer data, product selections and census data.and census data.

Pre-printed, paper-based manual Pre-printed, paper-based manual applications for group meetings.applications for group meetings.

Generic or pre-filled with employee Generic or pre-filled with employee census data.census data.

Up to 5 products supported on one Up to 5 products supported on one application.application.

Excel spreadsheet to input Excel spreadsheet to input employer data, product selections employer data, product selections and census data.and census data.

Complete the ProcessComplete the ProcessComplete the ProcessComplete the Process

The Advantage ofThe Advantage ofSupplemental InsuranceSupplemental Insurance

ColonialVoluntaryProducts

Products That Help Fill the GapsProducts That Help Fill the GapsProducts That Help Fill the GapsProducts That Help Fill the Gaps

EmployerBenefitsPackage

EmployerBenefitsPackage• Medical• Life• Retirement

• Medical• Life• Retirement

The Advantage of The Advantage of Supplemental InsuranceSupplemental InsuranceThe Advantage of The Advantage of Supplemental InsuranceSupplemental Insurance

• Individual Short Term Disability

• Group Short Term Disability

• Individual Short Term Disability

• Group Short Term Disability

Life InsuranceLife Insurance

• Individual Term Life

• Group Term Life

• Universal Life

• Whole Life

• Individual Term Life

• Group Term Life

• Universal Life

• Whole Life

Supplemental HealthSupplemental Health

• Accident

• Hospital Confinement Indemnity

• Group Hospital Confinement Indemnity

• Cancer• Group Cancer• Critical Illness

• Group Critical Illness

• Accident

• Hospital Confinement Indemnity

• Group Hospital Confinement Indemnity

• Cancer• Group Cancer• Critical Illness

• Group Critical Illness

The Advantage ofThe Advantage ofSuperior ServiceSuperior Service

Premium Only Plan Premium Only Plan

Save on taxes.Save on taxes.

Increase employees’ Increase employees’ spendable income.spendable income.

Premium Only Plan Premium Only Plan

The Advantage of Superior ServiceThe Advantage of Superior ServiceThe Advantage of Superior ServiceThe Advantage of Superior Service

*Based on 26 pay periods

Flexible Spending Flexible Spending AccountsAccounts

*Based on 2006 South Carolina Tax Tables

Save valuable Save valuable administrative administrative time with time with services you services you can count on.can count on.

Approximately 70% Approximately 70% of Colonial’s new of Colonial’s new premium historically premium historically comes from existing comes from existing business each year.business each year.

30%30%

70%70%

Long-Term Relationships

Eight in 10 Plan Eight in 10 Plan

Administrators would Administrators would

recommend Colonial to recommend Colonial to

others.*others.*

* 2006 LIMRA Survey* 2006 LIMRA Survey

Eight in 10 Plan Eight in 10 Plan

Administrators would Administrators would

recommend Colonial to recommend Colonial to

others.*others.*

E-Services provide E-Services provide value-added tools.value-added tools.

Ez Billing “paperless”Ez Billing “paperless”billing systembilling system

E-Pay E-Pay

E-Bill E-Bill

Ez-AdministrationEz-Administration

E-Services provide E-Services provide value-added tools.value-added tools.

Ez Billing “paperless”Ez Billing “paperless”billing systembilling system

E-Pay E-Pay

E-Bill E-Bill

Ez-AdministrationEz-Administration

More than 90% of More than 90% of policyholders say policyholders say their calls are their calls are answered in a timely answered in a timely manner.*manner.*

9 in 10 Colonial claimants are satisfied with claims service overall & would recommend Colonial to others.*

* 2006 LIMRA Survey

9 in 10 Colonial claimants are satisfied with claims service overall & would recommend Colonial to others.*

* 2006 LIMRA Survey

93% of non-disability claims, 90% of disability claims and 91% of all claims are paid in 10 business days or less.93% of non-disability claims, 90% of disability claims and 91% of all claims are paid in 10 business days or less.

Non-DisabilityClaims

Disability Claims All Claims70

Non-DisabilityClaims

Disability Claims All Claims

Enjoy all the benefits and services of three companies in one, at no direct cost to you.

Put the power ofThe Colonial Advantage

to work today!

Enjoy all the benefits and services of three companies in one, at no direct cost to you.

Put the power ofThe Colonial Advantage

to work today!

Powerful Benefits Solutions…Powerful Benefits Solutions…One SourceOne SourcePowerful Benefits Solutions…Powerful Benefits Solutions…One SourceOne Source

Colonial Supplemental Insurance is the marketing brand of Colonial Life & Accident Insurance Company. Colonial Supplemental Insurance, ‘‘for what happens next’’ and the logo, separately and in combination, are registered service marks of Colonial Life & Accident Insurance Company. All rights reserved.

Slide LibrarySlide LibrarySlide LibrarySlide Library

Number of Voluntary Benefits OfferedNumber of Voluntary Benefits OfferedNumber of Voluntary Benefits OfferedNumber of Voluntary Benefits Offered

10-19 20-99 100-499 500-999 1000-4999 5000 +

Percent of Firms Offering at Least One Voluntary Benefit

LIMRA 2005

Voluntary Benefits Offerings, 1999-2002Voluntary Benefits Offerings, 1999-2002Small Employers (20–99 employees)Small Employers (20–99 employees)Voluntary Benefits Offerings, 1999-2002Voluntary Benefits Offerings, 1999-2002Small Employers (20–99 employees)Small Employers (20–99 employees)

Accident AD&D Cancer CriticalIllness

Life STD Suppl.Medical

LIMRA 2005

Voluntary Benefits Offerings, 1999-2002Voluntary Benefits Offerings, 1999-2002Midsize Employers (100–999 employees)Midsize Employers (100–999 employees)Voluntary Benefits Offerings, 1999-2002Voluntary Benefits Offerings, 1999-2002Midsize Employers (100–999 employees)Midsize Employers (100–999 employees)

LIMRA 2005

Voluntary Benefits Offerings,1999-2002Voluntary Benefits Offerings,1999-2002Large Employers (1,000–4,999 employees)Large Employers (1,000–4,999 employees)Voluntary Benefits Offerings,1999-2002Voluntary Benefits Offerings,1999-2002Large Employers (1,000–4,999 employees)Large Employers (1,000–4,999 employees)

LIMRA 2005

Average Participation Rate Average Participation Rate (percent of eligible employees) (offers the voluntary benefit)(percent of eligible employees) (offers the voluntary benefit)Average Participation Rate Average Participation Rate (percent of eligible employees) (offers the voluntary benefit)(percent of eligible employees) (offers the voluntary benefit)

Factors Influencing Participation RatesFactors Influencing Participation Rates

Communication and enrollment Communication and enrollment methods usedmethods used

Employer’s current benefit offeringsEmployer’s current benefit offerings

Number of voluntary benefits Number of voluntary benefits currently in placecurrently in place

Employer’s demographic profileEmployer’s demographic profile

Cost of coverageCost of coverage

Factors Influencing Participation RatesFactors Influencing Participation Rates

Communication and enrollment Communication and enrollment methods usedmethods used

Employer’s current benefit offeringsEmployer’s current benefit offerings

Number of voluntary benefits Number of voluntary benefits currently in placecurrently in place

Employer’s demographic profileEmployer’s demographic profile

Cost of coverageCost of coverage

All Firms

Voluntary Life 34%

STD 33%

Supplemental Life 30%

Voluntary LTD 30%

AD&D 26%

Accident 21%

Cancer 18%

LIMRA 2005

Ways to Improve ParticipationWays to Improve ParticipationWays to Improve ParticipationWays to Improve Participation

Percent of Percent of EmployersEmployers

Better communication of benefitsBetter communication of benefits 37%37%

Meet one-on-one with employeesMeet one-on-one with employees 10%10%

Better meetingsBetter meetings 9%9%

Offer a comprehensive benefits planOffer a comprehensive benefits plan 4%4%

LIMRA 2005

Communication MethodsCommunication MethodsCommunication MethodsCommunication Methods

One-on-One

Both Group &One-on-OneMeetings

Do Not HoldMeetings

LIMRA 2005

Employee Perspective on Employee Perspective on Voluntary BenefitsVoluntary BenefitsEmployee Perspective on Employee Perspective on Voluntary BenefitsVoluntary Benefits

Percent AgreePercent Agree

If I were to consider a new job, whether they If I were to consider a new job, whether they offered voluntary benefits would be a factor offered voluntary benefits would be a factor in my decision.in my decision.

62%62%

I am less likely to leave my employer I am less likely to leave my employer because they offer voluntary benefits.because they offer voluntary benefits.

39%39%

The availability of voluntary benefits was a The availability of voluntary benefits was a factor in my decision to join my current factor in my decision to join my current employeremployer

35%35%

LIMRA 2005

Reasons for Adding a Reasons for Adding a New Voluntary BenefitNew Voluntary BenefitReasons for Adding a Reasons for Adding a New Voluntary BenefitNew Voluntary Benefit

All All FirmsFirms

10 – 1910 – 19 20 – 9920 – 99 100 – 499100 – 499 500 – 999500 – 999 1,000 – 4,9991,000 – 4,999 5,000 +5,000 +

Employees asked for Employees asked for benefitbenefit

27%27% 27%27% 26%26% 27%27% 22%22% 30%30% 27%27%

Attract/retain good Attract/retain good employeesemployees

19%19% 20%20% 18%18% 12%12% 12%12% 6%6% 9%9%

Improve employee moral Improve employee moral / job satisfaction/ job satisfaction

14%14% 15%15% 14%14% 9%9% 15%15% 4%4% 9%9%

Give employees more Give employees more benefit choicesbenefit choices

7%7% 6%6% 9%9% 9%9% 9%9% 10%10% 7%7%

Recommended by Recommended by insurance company / insurance company / agent / brokeragent / broker

5%5% 3%3% 6%6% 2%2% 5%5% 5%5% 2%2%

To offer wide array of To offer wide array of productsproducts

5%5% 5%5% 5%5% 9%9% 9%9% 6%6% 11%11%

OtherOther 20%20% 18%18% 25%25% 27%27% 27%27% 30%30% 20%20%LIMRA 2005

Employer Satisfaction Employer Satisfaction with Voluntary Benefitswith Voluntary BenefitsEmployer Satisfaction Employer Satisfaction with Voluntary Benefitswith Voluntary Benefits

ExtremelySatisfied

Very Satisfied

SomewhatSatisfied

Not Satisfied

LIMRA 2005

Primary Reason Employer Chose Primary Reason Employer Chose Not to Offer Voluntary BenefitsNot to Offer Voluntary BenefitsPrimary Reason Employer Chose Primary Reason Employer Chose Not to Offer Voluntary BenefitsNot to Offer Voluntary Benefits

Percent AgreePercent Agree

Employee participation would be too lowEmployee participation would be too low 41%41%

Administration would be too complexAdministration would be too complex 13%13%

Satisfied with current plan designSatisfied with current plan design 10%10%

LIMRA 2005

In Force Policies by IndustryIn Force Policies by IndustryIn Force Policies by IndustryIn Force Policies by Industry

22% 13%

Accident

Cancer/CriticalIllness

Disability

SupplementalHealth

AgricultureAgricultureAgricultureAgriculture

Colonial In Force Policies as of November 2005.Colonial In Force Policies as of November 2005.Colonial In Force Policies as of November 2005.Colonial In Force Policies as of November 2005.

23% 14%

Accident

Disability

SupplementalHealth

ConstructionConstructionConstructionConstruction

Accident

Disability

SupplementalHealth

EducationEducationEducationEducation

20% Accident

Disability

SupplementalHealth

Finance, Insurance, Real EstateFinance, Insurance, Real EstateFinance, Insurance, Real EstateFinance, Insurance, Real Estate

21%14%

Accident

Disability

SupplementalHealth

GovernmentGovernmentGovernmentGovernment

19% Accident

Disability

SupplementalHealth

HealthcareHealthcareHealthcareHealthcare

22%19%

28%Accident

Disability

SupplementalHealth

ManufacturingManufacturingManufacturingManufacturing

Accident

Disability

SupplementalHealth

MiningMiningMiningMining

Accident

Disability

SupplementalHealth

Non-classified EstablishmentsNon-classified EstablishmentsNon-classified EstablishmentsNon-classified Establishments

22% 16%

Accident

Disability

SupplementalHealth

Retail TradeRetail TradeRetail TradeRetail Trade

22% Accident

Disability

SupplementalHealth

Service IndustryService IndustryService IndustryService Industry

21% 20%

30%Accident

Disability

SupplementalHealth

Trans., Comm., Elec., Gas and Sanitary ServiceTrans., Comm., Elec., Gas and Sanitary ServiceTrans., Comm., Elec., Gas and Sanitary ServiceTrans., Comm., Elec., Gas and Sanitary Service

22%17%

30%Accident

Disability

SupplementalHealth

Wholesale TradeWholesale TradeWholesale TradeWholesale Trade

Powerful Benefit Solutions... for Decision Makers... to expand your employee benefit offerings and...

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