GI NEWS

Process

Time to completion

MGA Best practices

Step One: Request for proposal

GI Underwriting request form and census submission

Up to 48 hrs

• Required information on GI Underwriting Request form
• Census in Excel® format
• Good understanding of broker/employer benefits goals

Underwriting review

Offer summary and illustration(s) delivered to broker

Requoted offer requests

+ up to 48 hrs

Step Two: Offer letter and enrollment materials

Offer letter request. Confirmation of plan design, plan effective date, final census and marketing plan (if voluntary) submitted to The Standard's GI Sales Team

Up to 24 hrs

Final census, complete, with 3 year history of variable compensation (if applicable)

Upon notification of sold offer, the MGA initiates producer appointment in the applicable states or case situs state

Final underwriting review, offer letter and illustration delivered to broker

GI Sales Team receives signed offer letter and list bill agreement

Populated enrollment packet delivered to MGA via secure link

+ up to 48 hrs

Step Three: Sold case submission

GI Sales team receives completed applications and producer report

7 to 10 business days

Applications reviewed and follow-up by agency is strongly recommended

Items that commonly require follow-up:

• Missing or incomplete information
• Changes made without insured's initials
• Detailed information about other Insurance
• Detailed information about tobacco usage

Policies issued

Policies, with invoice, delivered to MGA

GI Sales Team receives signed receipt agreement, premium payment and any other delivery requirements.

Step Four: In force service

Adding Employees

GI Sales Associate receives request for new hire, enrollment packet

Enrollment materials and illustration delivered electronically to MGA

up to 48 hours

GI Sales Associate receives signed application

Application review and follow-up by agency is strongly recommended

Items that commonly require follow-up:

• Missing or incomplete information
• Changes made without insured's initials
• Detailed information about other Insurance

Detailed information about tobacco usage

Policy issue

(Policy delivered to MGA. Initial premium due automatically included and requested on next employer invoice)

5 to 7 business days

Annual benefit increases and plan renewals

120 days before renewal effective date, Sales Associate reaches out to MGA for current employee census

Timely return (within 30 days) of renewal census

GI Sales Associates receive updated census data

Submission of a complete, uncapped census ensures all eligible participants are enrolled and reviewed for any enhancements to current offer

Underwriting review and approval, systems update and policy endorsements issued

7 to 28 business days

GI Sales Associate mails policy endorsements to the MGA for distribution to the employer and policyholders. (Increased premium billing is automatically included on the next employer list-billed invoice.)

Terminating employees from existing plans

MGA emails GI Sales Associate or Billing Specialist requesting employee termination

Up to 3 business days

GI Billing Specialist terminates employee on the first of the month following employee termination date or receipt of termination notification, if later

Policy must be current, paid up to date before the policy conservation process can be initiated

The GI Team mails policy conservation paperwork directly to the policy owner

MGA's confirmation of employee's current address ensures policy conservation materials are received in a timely manner.