2 Thursday 100 What the Future Holds for Voluntary ...€¦ · About Allstate Benefits Founded in...
Transcript of 2 Thursday 100 What the Future Holds for Voluntary ...€¦ · About Allstate Benefits Founded in...
Donna MorganSenior Vice President,
Enrollment Technology Solutions
Allstate Benefits
Voluntary Benefits& Technology Integration
About Allstate
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The Allstate Corporation
(NYSE: ALL) is the nation’s largest
publicly held insurer
for personal lines
Originally part of Sears, Roebuck and
Co., we became an independent public
company in 1995
One in every 8 U.S. households has an
Allstate product
Currently #89 in the Fortune 100 and well
known for our famous pledge:
“You’re in Good Hands with
Allstate”
Allstate Benefits
About Allstate Benefits
Founded in 1956 as American Heritage Life Insurance Company
Headquartered in Jacksonville,
Florida
Acquired in 1999 by The Allstate
Corporation
Now using the marketing name Allstate Benefits
4 | 2016 PlanSource Eclipse Conference Allstate Benefits
One of America’s Leading Voluntary Benefits Providers
Deliver value to our brokers and employers by providing leading
voluntary benefits solutions, through innovative products,
service and flexible enrollment
capabilities that integrate with employers’ core benefit strategy
Defend our leadership position and grow our market share in
the voluntary benefits market bystrengthening our valueproposition across all
customer segments
• Licensed in 49 states, DC, Guam, Puerto Rico and US Virgin Islands
• Rated A+ by A.M. Best
• Products top-rated by LIMRA & Eastbridge
• Protect four of the top ten US retailers
• Fastest growing company in the category for the last six years
• Our staff of approximately 1,000 is fully dedicated to voluntary benefits and there is no outsourcing of functions
• Powered by The Good HandsSM
- a brand employers and
employees alike already recognize, know and trust
• Flexible, innovative and creative approach to product development
– in response to the changing market and the needs of employers and consumers
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VISION
MISSION
Allstate Benefits
Driving Industry Growth
• The voluntary industry continues to grow at a steady pace, with overall sales increasing 3.6% from 2014 to 2015*
• Allstate Benefits achieved a 6% growth in new sales in 2015*
*U.S. Voluntary/Worksite Sales Report, Carrier Results for 2015; Eastbridge Consulting, April 2016
Allstate Benefits Total Written Premium %
Voluntary industry new business
premium
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3.6%
6.0%
Market Expansion Enrollment Solutions
Service ExperienceCompetitive Portfolio
Modernize Operating Model / New Growth Capabilities
• Collateral Redesign / POD
• ESR Online• Gateway Services
• EnrollMyWay
• Benefit Agent
• Account Implementation• Billing / Administration
• Customer Service Resource
• Call Center – CIT/IVR
• Claims
• New Group Accident product• Executive Critical Illness
• HSA compliant Hospital Indemnity
• Group Term Life / ER Paid
• Dynamic distribution• Canadian expansion
• Roadside Services• Small Business Initiative
• PinnacleCare
Corporate Strategic Priorities
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Best-In-Class Support and Service
• We always have the customer in mind when we make decisions,
design processes and handle daily tasks
• Our Sales, Underwriting,
Account Implementation and Marketing teams partner closely,
following a plan of action to ensure a smooth pre-enrollment
experience
• Post-enrollment, our Customer Care, Claims and Administration
teams are ready to provide exceptional service and careful
attention to detail
Allstate Benefits Circle of Service
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Our Product Portfolio
• Accident
• Cancer
• Critical Illness
• Life
• Term Life
• Disability
• Supplemental Health
• Dental
• Vision
• Accident
• Cancer
• Critical Illness
• Life
• Term Life
• Disability
• Supplemental Health
• Heart/Stroke
• Term Life
• Short Term Disability
• Long Term Disability
Group Products Individual Products
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True Group Products
Our Market Differentiators
Chicken Soup for the Soul Grief SupportMichael J. Fox
Foundation PinnacleCare Travel Assistance
The good hands are doing more than ever before.SM
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Legal and Financial Services
American Cancer Society CarebookBreast Cancer
Awareness
Market Differentiators - Carebook
• Powerful online health management tool, providing a secure place to store important health information
• Accessed through a web portal, making your health information accessible 24x7 - whether during an emergency situation, while traveling, or when you’re going to a new health care provider
• Goes beyond simply storing information – also monitors the data and offers recommendations and guidance based on it
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Market Differentiators - PinnacleCare
• We have an unprecedented partnership with
PinnacleCare that gives employers the opportunity to
offer concierge health advisory services along with
our industry-leading Group Voluntary Critical Illness
products or our new Enhanced Group Term Life
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• Upon diagnosis of a covered critical illness,
PinnacleCare provides:
- Expert medical opinion/confirmation of diagnosis
- Research on diagnosis and treatment options
- Customized report identifying top local, regional or
national specialists
- Facilitated appointments with top specialists or
medical centers
- Gathering, organizing, and forwarding of key
medical records
- Virtual consultation for expert medical opinion,
as warranted
Research Expertise Access
PinnacleCare
Case Study
KimberlyWilliamsDiagnosis:CancerAge:51
“You wouldn’t believe the feeling to get a diagnosis like that…but then to realize that you’ve got the
coverage to pay for everything.”
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Treatment:Amount paid by Major Medical: $132,807.00
Amount paid by her Allstate Benefits plan: $11,362.00
Patient’s responsibility: $3,000.00
A crisis averted
The Challenge
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Products
Value-Adds Individual Consumers
Enrollment: Has changed
1980sIndividual agents meet
with consumers at their home
1990sEnrollment counselors engage with
employees, utilizing proprietary
laptop enrollment systems
2000sReal-time, employee facing
interaction with online
enrollment solutions
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Distribution: Hasn’t changed
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Brokers Employers Employees & Their Families
VoluntaryBenefits
DISTRIBUTION
The Role of Brokers
• Voluntary benefits provide additional revenue streams through expanded products/services
• Brokers are able to bring broader solutions to employers
• Employers need brokers more than ever to help them formulate their benefits strategy – then successfully deliver to employees
• Brokers need technology solutions to bring to employers
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Benefit Brokers responsible for 60% of voluntary sales in 2015
(up 3% from 2015)*
*U.S. Voluntary/Worksite Sales Report, Carrier Results for 2015; Eastbridge Consulting, April 2016
The Need of Employers
• Employers understand they need voluntary benefits to attract/retain quality employees, but these products have to fit within their ecosystem of benefits
• With a diverse employee population, employers need products that address multi-generational financial protection needs
• Employers continue to focus on their core competencies and outsource most HR and benefit related activities
• Voluntary benefits provide valuable financial protection to an employer’s most important asset – their employees
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Critical Illness sales grew 25% in 2015*
*U.S. Voluntary/Worksite Sales Report, Carrier Results for 2015; Eastbridge Consulting, April 2016
The Expectations of Employees
• Voluntary benefits have never been as relevant to individual consumers as they are today
• Employees expect employers to provide VB offerings as a core component of their overall benefits package
• Consumers need the ability to customize their benefits to fit their unique needs (Accident vs. CI vs. Life vs. Disability)
• Assume an online purchase experience – 24/7, mobile, education, gamification, instant gratification
*Kaiser Family Foundation, 2015
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25% of non-elderly Americans don’t have enough liquid assets to cover a
mid-range deductible of $1,200/individual or $2,400/family*
Playing “Catch-up” Today
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• We must give employers solutions that leverage their investments in benefits administration systems
Since 2011, Allstate Benefits has been developing enrollment solutions that integrate with employers benefits administration systems
• Success depends on our ability to deliver a business support model that aligns with a technology driven culture – product design, education, enrollment, claims, payment, and portability
Carriers must execute an enterprise level modernization strategy
• Investment in operational infrastructure
Allstate Benefits has grown our enrollment support team +200% in last 18 months; $4M+ annual investment, including dedicated team driving growth, integration and scalability with strategic technology partners
Avoiding Extinction Tomorrow
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• Technology – mobile apps (Uber/Venmo), benefit/claims integration
• Products – speed-to-market, relevancy & access
• Data analytics – buying behaviors, integration with health & wellness programs
• Delivery – employees expect employers to include voluntary offerings as part of their core benefit; employers have a vested interest in ensuring employee financial welfare
• Regulatory alignment – data/technology standards, filing requirements, consumer oriented
Delivering On Our Promise of Financial Protection
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BrokersEmployers
Employees & Their Families
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We are the Good Hands®
We help customers realize their hopes and dreams by providing
the best products and services to protect them from life’s
uncertainties and prepare them for the future.
Thank You