logging in or signing up feb15-actuaries-John-Mungall aSGuest9553 Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 87 Category: Business & Fin.. License: All Rights Reserved Like it (0) Dislike it (0) Added: January 07, 2009 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Slide 1: Life Insurance Alternative Distribution Channels Worksite Marketing in Selected Markets A Paper presented to the Global Conference of Actuaries New Delhi, 15-16th February 2005 John Mungall, FFA AEGON What is Worksite Marketing? : What is Worksite Marketing? Selling products through the affinity of an employer relationship Leverage vendor’s relationships with employers Delivery via web, phone, mail, and face-to-face. Varies by market Why Worksite Marketing? : Why Worksite Marketing? Opens up large market Benefits from employer endorsement Employer moral responsibility Government initiatives Discount, comfort,ease of purchase & payment The US Market : The US Market Definition: “Voluntary, employee-paid, insurance and financial products, paid by payroll deduction” In force premiums of US$11.6 billion Top company sold $1.1 billion of new business in 2002 US Products : US Products Life – top up to employer plan Health – “gap fill” to employer paid benefit, e.g., to cover $2000 deductible Disability income Critical illness Vision, dental US Case Study : US Case Study Who? Major retailer, US wide store network Why? Health benefit cost reduction => 10,000 associates lost entitlement to benefit What? Broker designed package of medical, term, dental benefits,with low & high options. Paid by payroll deduction US Case Study (2) : US Case Study (2) How? Brochure issued by desk-drop. Call centre engaged, website set up, to handle enrolment What next? Employees sign to acknowledge receipt of brochure. One-to-one advice sessions. By second renewal, take-up increased to 60% Provider success criteria : Provider success criteria Strategic focus – bottom line accountability Distribution – separate distribution team Product – depth and quality Administration – “price to play” Why Worksite Marketing? – India : Why Worksite Marketing? – India Crucial issues: Employer benevolence Replacement of employer paid benefits Payment by payroll deduction Gov’t initiatives, e.g., demographic imperative, health & pensions For vendors, how to get to the decision makers in employers? Slide 10: Life Insurance Alternative Distribution Channels Worksite Marketing in Selected Markets A Paper presented to the Global Conference of Actuaries New Delhi, 15-16th February 2005 John Mungall, FFA AEGON You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
feb15-actuaries-John-Mungall aSGuest9553 Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 87 Category: Business & Fin.. License: All Rights Reserved Like it (0) Dislike it (0) Added: January 07, 2009 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Slide 1: Life Insurance Alternative Distribution Channels Worksite Marketing in Selected Markets A Paper presented to the Global Conference of Actuaries New Delhi, 15-16th February 2005 John Mungall, FFA AEGON What is Worksite Marketing? : What is Worksite Marketing? Selling products through the affinity of an employer relationship Leverage vendor’s relationships with employers Delivery via web, phone, mail, and face-to-face. Varies by market Why Worksite Marketing? : Why Worksite Marketing? Opens up large market Benefits from employer endorsement Employer moral responsibility Government initiatives Discount, comfort,ease of purchase & payment The US Market : The US Market Definition: “Voluntary, employee-paid, insurance and financial products, paid by payroll deduction” In force premiums of US$11.6 billion Top company sold $1.1 billion of new business in 2002 US Products : US Products Life – top up to employer plan Health – “gap fill” to employer paid benefit, e.g., to cover $2000 deductible Disability income Critical illness Vision, dental US Case Study : US Case Study Who? Major retailer, US wide store network Why? Health benefit cost reduction => 10,000 associates lost entitlement to benefit What? Broker designed package of medical, term, dental benefits,with low & high options. Paid by payroll deduction US Case Study (2) : US Case Study (2) How? Brochure issued by desk-drop. Call centre engaged, website set up, to handle enrolment What next? Employees sign to acknowledge receipt of brochure. One-to-one advice sessions. By second renewal, take-up increased to 60% Provider success criteria : Provider success criteria Strategic focus – bottom line accountability Distribution – separate distribution team Product – depth and quality Administration – “price to play” Why Worksite Marketing? – India : Why Worksite Marketing? – India Crucial issues: Employer benevolence Replacement of employer paid benefits Payment by payroll deduction Gov’t initiatives, e.g., demographic imperative, health & pensions For vendors, how to get to the decision makers in employers? Slide 10: Life Insurance Alternative Distribution Channels Worksite Marketing in Selected Markets A Paper presented to the Global Conference of Actuaries New Delhi, 15-16th February 2005 John Mungall, FFA AEGON