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feb15-actuaries-John-Mungall

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Information about feb15-actuaries-John-Mungall
Business-Finance

Published on January 7, 2009

Author: aSGuest9553

Source: authorstream.com

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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

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