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Simply Unum. How will you navigate the changing benefits landscape?. Demographic trends in employee population. Top employee financial concerns *. Affordable health insurance Enough money for retirement Enough money for healthcare during retirement Enough money in case of critical illness
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Simply Unum How will you navigate the changingbenefits landscape?
Top employee financial concerns* Affordable health insurance Enough money for retirement Enough money for healthcare during retirement Enough money in case of critical illness Paying for medical care Enough money in case of disability Providing for a spouse/family if employee dies unexpectedly 90% 82% 79% 77% 75% 74% 60% 0% 25% 50% 75% 100% Impact of healthcare costs on employees Since 2000, premiums for employer-sponsored health insurance in the U.S. have been rising four times faster on average than workers’ earnings1, and the percent of workers participating in their employers’ plans has been dropping.2 Affordable health insurance *Source: Unpublished Employee Study data, LIMRA International, 2005. 1 The Henry J. Kaiser Family Foundation, "Employee Health Benefits: 2007 Annual Survey," September 2007 2 The Federal Reserve Bank of San Francisco Economic Letter, “Health Insurance Costs and Declining Coverage,” #2006-25, September 29, 2006, p. 2.
20 15 10 5 $17.2 $15.6 $14.6 $13.2 $11.7 $9.4 $8.0 $7.4 $6.4 $5.7 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 As a result, the shift to voluntary Industry inforce premium — worksite products Average $ in billions Source: “U.S. Worksite Sales Report Carrier Results for 2006,” Eastbridge Consulting Group, Inc., May 2007.
19% 53% 81% 47% We see the trend: A turn toward employee funding Unum STD Sales 2001 2007
Increasingly diverse workforce Need for benefit variety Need for cost efficiency Healthcare costs escalating. Increased focus on productivity Need to make administration easy Multiple plans to manage (employer- and employee-funded) Benefit communication challenges Need to empower employees to make educated choices So how do these trends impact our business?
Wouldn’t if be great if you could see a better road ahead? • Effectively communicated benefit choices • Guarantee issue/simplified underwriting • Streamlined group and voluntary • All products enrolled together • One bill for all products • Salaried enrollers • New hires enroll online or through Call Center
Effectively communicated benefit choices Meets the needs of a diverse workforce $ Cost-effective solutions Simplified administration Stretches the benefits budget Minimizes the burden of managing the plan Introducing Simply Unum All on a single platform with the superior service you expect from Unum
Increase sales Simply Unum Reduce the administrative burden on your team helps you . . . Strengthen your relationships with clients Simply Unum helps you grow your business
Single platform for group and voluntary One website • Customers are automatically set up when plan is sold • All administration is online, including plan history Easy implementation • Information submitted from the quote is “transferred” to the platform • Customers can complete set-up questions in 10 minutes • The set-up can be delegated to brokers Help is always one phone call away.
Single platform for group and voluntary • Billing in arrears—customers do not have to pay ahead • New tools make bill reconciliation quick and simple • Automatically produces payroll deductions for all products • Automatically tracks recent and pending changes • Easy-to-update employee information for all benefits • Make your changes once—they are applied throughout One bill and one payment
New claims services for employers and employees • Employees can file online or over the phone • Employers receive an alert when a disability claim is filed, and complete their portion online • Employers can file a group life claim online, on behalf of the beneficiary • Employer and employees can keep track of claims through a robust online claim-tracking service Easy to file, easy to track
Enhanced service • Experienced service reps with extensive training • Superior service delivery focused on first-call resolution • Hours of live support 8:00 am – 11:00 pm M-F EST • Enables a sense of customer intimacy—we know who you are, and why you might be calling • Ensures a seamless experience for you and your customers • Automatically routes calls to the right area • Provides service representatives with the up-to-date information for all of their customers’ benefits Service is always one call away for all benefits and all questions. Features advanced customer relationship management (CRM) technology
Enhanced service Local support to help you grow your business • Sales support staff—expert help for your Simply Unum sales • Enrollment manager—recommends and executes effective enrollment strategies • Account manager—dedicated Simply Unum expert to assist you and your support staff
Effective pre-enrollment communications Education, communication means better decision-making, improved participation, fewer questions • Posters • Payroll stuffers • E-mail and intranet content • Print and electronic formats • PowerPoint presentations for group and one-on-one meetings • CEO endorsement letters • Brochures and flyers • Spanish translations available • State-specific versions available
motivating simple engaging differentiating economical readable Pre-sale education
Web self-service Groupmeetings One-on-one guidance Telephonic Full-service enrollment support Enrollment your way Any combination
Enrollment timeline • Group and voluntary enrolled from a single census • Effective dates can be staggered to permit adequate time for employee communication and enrollment For example: Group employer-paid: June 01 Voluntary: August 01
Enrollment benefit summary • Designated enrollment manager works with you and your client throughout the process. • All types of enrollment driven by our proprietary enrollment system.
By completing a new hire information screen, the plan administratorsets everythingin motion. New employee enrollment • New employees can enroll for all Simply Unum coverages using one quick and efficient process. • System will guide plan administrator. • Web or telephonic with “live” person support. • Plan administrator notified when an employee enrolls, the payroll deduction amount, and when to begin the deduction.
New employee will be added automatically to your statement. Efficient new hire enrollment
The advantages of Simply Unum enrollment Industry standard SimplyUnum • Automated case set-up process • Customer-centric enrollment communications • Simply Unum U/W approach • Enhanced electronic enrollment options • Innovative new hire enrollment process (perpetual) • Seamless payroll deduction • Re-entering data to set up enrollment system • One brochure per product • Paper intensive, incomplete information, incorrect rates • U/W delays (E of I processing impacts on first bill) • New hire — Paper forms to employees, HR collects paperwork and deductions, etc. • Given paper approach, incorrect deduction amounts entered
Integrating group and voluntary benefits — Simply Unum case study • About the customer • Manufacturing company • 40 employees • Average annual salary — $42,320 • Average age — 39 • About the broker • Traditional group broker focused primarily in the core market • Avoided VB products in the past due to their views of inconsistent service • Additional revenue potential from VB
Why Simply Unum • Intrigued with the Simply Unum platform because of structured service and administration capabilities, particularly consistent billing • Unum Enroll: • Unum employees do not receive incentive compensation based on enrollment results • An enrollment manager provides control over the entire enrollment process • VB products were viewed by the employer as value-added to the overall benefits program • Packaged pricing was very attractive
Enrollment results • Two days of 1 x 1 enrollments and two days of telephonic enrollment • Employees seen: 40 (100% of total employee population) • Employees participating: 30 voluntary participants • Employees participating/employees seen: 75%
The power of the full portfolio The Results Sold group STD, group life and AD&D, group voluntary life and AD&D, accident and critical illness
How Simply Unum benefits you • In the first year, voluntary products increase brokerrevenue by 356%($5,830/$1,635) • In years 2-10, broker revenue increases by 223%($1,865/$835) • In years 11+, broker revenue increases by 213%($1,776/$835)
