The Fundamental Series Disability Income Protection.
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Transcript of The Fundamental Series Disability Income Protection.
The Fundamental Series™ Disability Income Protection
Agenda
Disability Marketplace
Introduction to the Fundamental Series
Claims Overview
Q&A
Disability Insurance Market Overview
Mark Hardy
RBC’s Leadership Position – Market Share
2011 vs. 2012 New Business Market Share (Annualized Premium)
Source: LIMRA Canadian Individual Income Insurance Survey Q4/2012, Q4/2011
RBC’s Leadership Position – Market Share
RBC New Business Annualized Premium and Industry Rank by Year
)
Source: LIMRA Canadian Individual Income Insurance Survey Q4/2006-2012
RBC’s Leadership Position – Market Share
Inforce Market Share, 2012 (Annualized Premium)
)
Source: LIMRA Canadian Individual Income Insurance Survey Q4/2012
RBC’s Leadership PositionUnderwriting
› 31 Living Benefit Underwriters trained in Disability Insurance and/or Critical Illness
› 24 of the 31 are Devoted to Underwriting Disability Insurance
› Combined 100’s of Years of Underwriting Experience› 2 Financial Underwriting Consultants› A team of Part-time and Full-time physicians to consult
on complex medical issues
Wage Growth1997-2011
Source: Statistics Canada Labour Force Survey, 1997-2012
Wage Index – Base 1997
Full Time Employment Index – Base 1997
Source: Statistics Canada Labour Force Survey, 1997-2012
Full Time Employment1997-2011
Disability Opportunity2010 - 2020
Estimated Market – 2010 - 2020
Source: Statistics Canada Labour Force Survey, 1997-2012; HRSDC COPS
Trades & Transport2010 - 2020
Source: Statistics Canada Labour Force Survey, 1997-2012; HRSDC COPS
$1,000,000,000
Introduction to Fundamental Series
Michael Thompson
Introducing the Fundamental Series
› Knowing the Market and RBC Insurance’s Dominance what do we have to offer?
› Simplicity– At the Time of Application– At the Time of Underwriting– At the Time of Claim
› Loss of Income and Business Overhead Expense
RBC Insurance Living Benefit Portfolio
Individual Disability Insurance
The Professional Series
The Foundation Series
The Bridge Series
The Fundamental Series
Retirement Protector
Business Disability Protection
Business Overhead Expense
Key Person Protector
Business Loan Protector
Disability Buy Sell
Critical Illness Protection
Non Cancellable T65 and T75
Guaranteed Renewable T65 and T75
Term 10
Simplified CI
The Fundamental Series – Loss of Income Features
› Loss of Income– Guaranteed Renewable Contract– Injury Only or Injury and Illness Coverage– 24 Hour or Non-Occupational Coverage– Benefits based on either Gross or Net Earned Income– Benefits issued in $100 Increments– Partial Disability Benefits Included– No Pre Existing Condition Exclusion
The Fundamental Series – Loss of Income Features
› Loss of Income– $10,000 Accident Medical Expense
Reimbursement Benefit Included– Best Doctor’s Provided when Illness is Purchased– Illness Underwritten in 30 Days– Injury Policy Issued in 5 Days
› Total Disability Definition
The Fundamental Series – Loss of Income Features
First 36 Months Regular
Occupation Definition
After 36 Months Reasonable Occupation Definition
The Fundamental Series – Loss of Income Features
Maximum Injury and Illness Coverage Issue Limits
Class 1 and 2 $6000
Class 3, 4, 5 and 6 $5000
The Fundamental Series – Loss of Income Features
Accident Death & Dismemberment
Issue Ages 18 to 64
Coverage To Age 70
Face Amount $100,000 to $500,000
Accidental Medical Expense Reimbursement
Benefit Rider$100,000
The Fundamental Series – Loss of Income Features
Feature Business Overhead Expense
Benefit Period 12 Times the Monthly Benefit
Elimination Period 30 Day
Partial Disability Benefit 50% of Monthly Benefit for a Maximum of 3 Months
The Fundamental Series – Injury Application
The Fundamental Series – Injury Application
Pre-Qualifying Questions1. Are your bodily movements or daily activities
currently limited or restricted by any injury or other condition?
2. Are you currently working a minimum of 20 hours per week, 35 weeks per year?
3. Are you a Canadian citizen or been granted Permanent Resident (landed immigrant) status by the Canadian government?
The Fundamental Series – Illness Application
The Fundamental Series – Feature Summary
The Fundamental Series – Rate Guide
› What’s Included– All Premium Rates– Occupational Classifications– Issue Limits– Benefit Determination Chart– Underwriting Guidelines– Height & Weight Chart
The Fundamental Series – Who do we Sell?› Name You’ve Written Down› Self Employed Clients
– High Gross Income and Low Net Income– Using BOE as “Foot in the Door”
› Medically Impaired Clients› Blue Collar Workers
– WSIB Mentality
› “Non-Traditional” Groups› Young Clients
– Injury policy and Graduate them to Fully Underwritten policies
The Fundamental Series – Alternate Offers
The Fundamental Series gives You the Opportunity to Insure Every
Canadian!
Break – 10 Minutes
RBC Insurance Leadership Position
Claims Practices and Philosophies
Jocelyn Tardif
Claims Philosophy
› Provide thorough, fair, objective claim evaluation› Pay approved claims promptly, with high level of
service› Assist clients, where appropriate, in their return to
work efforts
Claims Payment Information
› Annual cash benefits:
› $331 million› Annual new
claims: around 5,300
› Open LTD and IDI claims: around 10,300
$193,000,000
$138,000,000
$331,000,000
0
2,000
4,000
6,000
8,000
10,000
12,000
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
Opened Claims Benefits Paid
Opened Claims 4,500 5,500 10,000
Benefits Paid $193,000,000 $138,000,000 $331,000,000
Individual Group Total
Our Claims Resources
Disability Specialists
Field-basedEmployees
RehabilitationSpecialists
FinancialConsultants
Clinical Specialists
Doctors
DisabilityManagers
Field-Based Rehabilitation
Specialists
Our Medical Resources
Orthopaedic SurgeonsDr. Joseph Schatzker C.M., MD., B.Sc. (med.), F.R.C.S.(C ) Dr. John J. Murnaghan MD. MA. MSc. FRCSC. PsychiatristsDr. Joan Tucker M.D. F.R.C.P.(C), ABPNDr. Sarah VanderBurgh B.Sc. MDNeuropsychologistDr. Ivan Kiss, B.Sc., M.A., Ph.D., C. Psych. Internal MedicineDr. Estera Bekier, M.D., F.R.C.P. (C) Dr. Alice Dong, MD, FCBOM, ABPM
New Claim
Dedicated Claims Contact
› Easy to start the process through a general toll-free phone line
› Assistance with Filling out claim forms
› Hand-holding through the pre-claim process
› Very experienced with simplified Individual Disability Claims
› Over 10 years of claims-handling experience.
Definition of Disability & Other Provisions
Change of Definition at 36 Months
Definitions of Disability
Other Provisions…
Recurrent Disability (6 Months)
Return to Work Assistance
Return to Work Assistance
› Client, employer and attending physician interviews› Clinical reviews› Independent Medical Evaluations
Vocational Rehabilitation / Return to work plans may also include:
› Work site modifications
› Job site analysis and work conditioning
› Transferable skills analysis
› Job search and resume-writing assistance
Senior Sales Consultant
The Fundamental Series – Compensation
Override to MGA+
The Fundamental Series – Compensation
› Example…
$1500 of Premium
FYC 30%
Compensation $450
MGA Override 150%
Total Broker Compensation $1125
Annually Payable
Highlights
› Market Opportunity› RBC Insurance’s Leadership Position› Simplicity› Strong Definition of Disability› Best Doctors› No Pre Existing Condition Exclusion› Increments of $100› Alternative Offers on all RBC Disability Insurance› Compensation
Call to Action
› We want to Partner with you› What can our Sales Consultants offer
– Best in Class Insurance Products and Services– In Field Support– Advice for All your Clients
› Help you Build your Business
Thank You for Your Time