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Employer initial presentation
- 1. A New Consultative Approach to Voluntary Benefits REALITY BUSINESS TODAY’S
- 2. Endorsed by NFIB Expand Your Company’s Benefits Without Increasing Your Costs! NFIB really values our consultative approach to delivering valuable solutions to small business America.
- 14. Quality of Life…Insurance SM Please wait. The video will begin shortly. When finished, please tap outside this box to continue.
- 26. A New Consultative Approach to Voluntary Benefits REALITY BUSINESS TODAY’S
Editor's Notes
- <Use opening script>
- Recognizing the value of this program, the National Federation of Independent Business, NFIB, has endorsed American General Life and Accident Insurance Company as a provider of Voluntary Benefits for their member companies. NFIB really values our consultative approach to delivering valuable solutions to small business America. As you can see, this program is designed to allow employers like you to ”Expand Your Company’s Benefits Without Increasing Your Costs.&quot;
- As an employer many people depend on you – your customers, your suppliers, but most of all your employees. In a time when many companies are eliminating employee benefits, wouldn’t it be nice to expand yours? Especially… if we can structure the program in a way that generates cost savings for your business through reduced turnover. I’d like to show you an example of real cost savings.
- Studies show that availability of benefits definitely affects employee behavior: 31% Say Benefits Are Why They Came To Work For Their Employer 38% Say Benefits Are Why They Stay With Their Current Employer
- For someone who is performing well and leaves his or her position, research indicates that employers face obvious and hidden costs such as: Lost productivity Lost intellectual property Overtime cost due to recruiting Recruitment costs in general Retraining costs Replacing a worker costs between 30% and 150% of that worker’s annual salary! I think you’d agree that implementing a program that can positively impact employee behavior holds significant value for your company. So let me take a minute to tell you about who we are and how we do that.
- We, at American General Life and Accident Insurance Company, are a company dedicated to Changing the Way Americans Think About, Purchase and Use Life Insurance. Leveraging superior differentiated solutions to become the # 1 life insurance company for America’s broad middle market. Committed to meeting the needs of employers and employees through our voluntary benefit products and services. Our career sales force affords us a distinct distribution advantage to be able to utilize a consultative approach for each particular business that will include educational seminars, along with access to licensed insurance professionals to assist your employees in making informed decisions.
- As you can see, American General Life and Accident has been providing security to Americans for over 100 years. We paid over $3.6 Billion dollars in benefits, in the last 5 years alone. We have over 7.8 million policies in force serviced by a very professional sales force.
- When making a decision concerning voluntary benefits, it’s always important for you and your employees to consider the ratings of the company you do business with. The most prominent independent rating agencies continue to recognize our company in terms of insurer financial strength and claims paying ability. You can visit our web-site for more information about our ratings.
- Traditional Voluntary Benefit programs have enabled employers to offer a wide array of coverage through single need type products to address the types of risk outlined below: Term or permanent life insurance Accident Insurance Critical Illness Insurance Cancer Insurance Disability Insurance Supplemental Health Insurance However, experience has demonstrated that the traditional approach has limitations.
- The problem with this approach is that employees are provided a folder of product brochures for 8-10 products and are asked to select which products best meet their needs… without guidance in understanding how to assess risk associated with each product solution. Many times, with limited funds, employees are forced to decide whether to spend their premium dollars on life insurance, cancer insurance, disability insurance or some other single need type coverage...many times gambling on the wrong option.
- Market research indicates this is causing an information and decision making dilemma which many times leads to anxiety or inaction by the employee. Quote from Insurance NewsCast article dated 7/3/08: “ Too often, workers have to make decisions about which benefits they need and how much to spend on them without understanding the risks they face or the best choices to protect themselves and their families. As employees become benefits decision-makers, they also need providers and employers to give them useful information on how to make those choices.”
- This is where we, as American General Life and Accident Insurance Company, distinguish ourselves from the competition. Rather than asking your employees to gamble as they choose how to spend their premium dollars—we prefer to use a consultative approach to educate your employees about the risks they face and enable them to make informed decisions that will provide greater financial security. We are excited to offer your employees a superior differentiated solution that may enable them to secure protection for multiple coverage needs, under one policy, with one premium commitment.
- These superior differentiated solutions are available in AGLA’s Quality of Life…Insurance products. <Show 4 minute video (on next slide).>
- <The video should load in a few minutes and automatically play.> <If you have not downloaded the “4 Minute Quality of Life…Insurance” video onto the SmartPad, this screen will remain black and the video will not play.> <To advance the slide, be sure to tap on the screen, but not in the black square (where the video would be displayed).> <Tapping on the black square during the video will cause the video restart from the beginning.>
- Quality of Life…Insurance is changing the way American’s think about, purchase and use life insurance. Traditional life insurance is designed to provide security for your loved ones in the event of your premature death. What about financial help during critical or long-term chronic illnesses …or income if you become disabled? Quality of Life…Insurance offers you the flexibility to access cash value to provide money to supplement your retirement or for other needs.
- <Read Slide> Quality of Life…Insurance is an affordable, flexible and more useful approach to what today’s families need. It’s innovative coverage that can help in case of a heart attack, stroke, or invasive cancer. It’s life insurance you don’t have to die to use.
- While we are extremely proud of this one element of our program, the Quality of Life Solution, there are certainly other advantages to you and your workforce by implementing a strong voluntary benefits program offering differentiated solutions. As you can see, our program requires no employer contribution to premiums— so there is really no direct cost to you for the benefits your employees elect. As mentioned previously, using this method to expand your benefits can actually generate cost reductions for your business by improving employee retention and enhancing productivity.
- In addition, you won’t have to worry about increasing administration costs to support the program. It involves very simple deduction and remittance administration procedures which we’ll be glad to review with your payroll administrator. You’re simply adding benefit options that research indicates your workforce desires. Their participation is entirely voluntary. So, if we are going to make new options available to your workforce on a voluntary basis, how do we accomplish that?
- We begin by conducting a brief informational seminar for all employees which usually requires 20 to 25 minutes. The primary intent is to create goodwill towards you, for offering additional benefit options, while providing a complete overview of the program. We’ll highlight information about the superior differentiated solutions available. Employees will also be provided a benefit assessment survey prompting evaluation of their current financial protection. We can conduct the seminar at a time that will have the least impact on productivity and workflow.
- After attending the seminar and completing the assessment your employees will be able to obtain additional information, if interested. We will announce that you are approving expanded interview time for employees to schedule a complete fact-finding / solutions interview at the worksite. Some employees may desire to have their spouse present for the individual interview, if you approve. Otherwise, with your agreement and sponsorship, we will facilitate those interviews offsite.
- Obviously the program holds many advantages for your employees, beginning with a consultative approach aimed at providing greater financial security for employees and their families. More importantly, those interested in learning more will have access to licensed insurance professionals that will assist with fact-finding, risk assessment, and product solution design. This removes the anxiety of gambling on uninformed choices and/or spending their premium dollars ineffectively. Your employees will have access to competitively priced coverage which is completely portable and enjoy the ease and convenience of payroll deduction.
- To implement this program at (Prospect’s Company), here’s all that’s required: You’ll need to understand and endorse the program. Your involvement in the planning process will help ensure the highest levels of participation and employee satisfaction. We’ll leverage your knowledge of your company to formulate the most effective implementation plan. When dealing with choices regarding your program, I’ll share best practice experiences from companies we have worked with in the past. In addition, should you choose to do so, you will have the opportunity for an expanded review of you own benefit needs.
- In order for us to move forward, we’ll need to decide on the timing and logistics for your seminar and establish your employee communication plan. I can provide sample announcement letters that introduce the program and the timing and logistics for the employee seminar. I’ll also be happy to prepare these letters on your company letterhead for distribution prior to the seminar date. Additionally, I’ll provide all necessary electronic equipment. I’ll provide you a sample of the material that will be used during the individual meetings with your employees. I’d also like to have you review the actual video that we’ll use with your employees that further explains the Quality of Life…Insurance solution. As a matter of fact, this media was produced with different audiences in mind— the one we’ll use for your workforce examines individual or family situations. I’d like for you to see the version that focuses on business owner solutions. Again, we value your input in the planning process.
- In addition to your commitment, the only program requirements are that at least 2 unrelated employees apply for coverage on which the total premiums billed to your company meet the minimum requirement of $50 per month. In addition, you will need to sign a payroll deduction agreement. We will provide you a billing statement each month, so you may remit premiums deducted directly to our company. I’ll need you to introduce me to the person who does your payroll, so that I can explain the very simple administrative procedures associated with this process.
- I think you can see AGLA’s new differentiated, consultative approach, properly implemented… can hold significant value for your company… and your workforce… while allowing you to structure the program to best meet your company’s needs. Do you have any questions about the program? If you’re ready to move forward…I’d like to review the simple agreement and we can begin the planning process! <At this point you have an opportunity to address questions and close by securing Employer’s Acceptance form.> <If the owner/decision maker processes payroll administration, you will also use information in the “Administrator’s Guide” to review procedures for establishing deductions and managing billing remittance activities with this individual, rather than a payroll administrator.> <If not, and a third party processes the payroll deduction functions, you will need to gain a positive introduction to that individual/firm to enable you to facilitate the administration interview.> <Finally…project your participation rate… and count your commissions!>