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Overview of roles in a GI IDI case - Part One
GI IDI case roles leading up to the sale
GI IDI case roles leading up to the sale
- The MGA and agency.
- The Standard's regional directors.
- The Standard's group disability insurance representatives.
- The Standard GI Team.
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As the economy cools and unemployment rises, the market continues to shift to individual plans sold at the worksite. Opportunity abounds. The worksite market is wide open and the guarantee issue individual disability insurance market is significantly underpenetrated. This is far from a mature market. Nationally, total new worksite sales in 2007 were estimated to exceed five billion dollars, with the bulk of those sales in disability insurance.1
The Standard is a specialist in IDI and has a great deal of experience with medium-sized2 voluntary GI IDI plans. We have a sizable amount of GI IDI plans and level of our GI activity continues to increase each year, even in this economy. And while we sometimes hear concerns that insurance companies may not have adequate levels of capital to fund their future obligations, in the case of The Standard, we are well-capitalized and operate from a strong foundation built on disciplined underwriting. We obtain the right rate on the right risk and design products with appropriate risk profiles. The Standard's conservative fiscal management continues to position us well so we can continue to keep our promises to our customers when they need us most. Employers who shop for affordable benefits pick The Standard's voluntary GI IDI plans because we are trustworthy and ethical.
We hope you find this information helpful in selling GI IDI from The Standard. If there is a topic you would like us to address in the GI NEWS, please email IDIMarketing@Standard.com.
If you are interested in finding out more about GI IDI at The Standard, please refer to the online reference version of The Protector SeriesSM Product Guide, form 9251REF, or the new guarantee issue section of The Standard's IDIManual. (Log in to the manual at www.standard.com/di via Login to Insurance Manual at the bottom right of the web page. If you need a login, you can request one at the login page.)
Mike Feuerstein
Manager, Guarantee Issue
1Eastbridge Consulting Group, 2008.
2500 employees and under
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The role of the MGA leading up to a GI IDI sale
In GI IDI cases, the point person is the MGA (Master General Agent) and his or her agency. The MGA's agency initiates the workflow and drives the case through to completion, applying the MGA's expertise in IDI. As in any team effort success comes with communication and trust in the point person.
The MGA's agency coordinates with The Standard's regional director and the GI Team, as well as with the producer, to:
- obtain information about the customer
- verify producer licensing and appointments
- verify the case design and all final plan requirements; and
- communicate customer wishes to The Standard's GI Team.
The MGA's agency also:
- develops an enrollment plan;
- communicates the enrollment plan;
- prints and distributes enrollment kits and materials; and
- manages intake and "scrubbing" of applications.
As in a non GI IDI sale, the MGA's agency performs a final check for accuracy and looks for missing information before information is submitted to The Standard's GI Team. The MGA's agency ensures that producer appointment paperwork is in-house before anyone signs an application. All appointment paperwork must be complete before the GI Team can release applications.
The role of The Standard's regional directors leading up to a GI IDI sale
The regional directors are the liaison between The Standard's home office and the field. They are the chief resource for the MGA and other case representatives, as well as a conduit for information. If the MGA's agency is new to GI cases, the regional directors will serve as guides. They help set expectations to ensure successful communication throughout the sale of the case.
The role of The Standard's group disability insurance representatives leading up to a GI IDI sale
When GI IDI is sold in conjunction with group long term disability (LTD) from The Standard, a representative of The Standard's group disability insurance is advised. This group representative coordinates closely with the MGA's agency about:
- GI IDI case activities;
- communications with producers; and
- communications with customers.
When The Standard's group insurance representative is advised that a GI IDI case is sold, the representative contacts the MGA's agency to discuss how the MGA would like to implement the plan. Group representatives collaborate with the MGA before initiating activities or communications. As the IDI expert, the MGA leads the implementation process through coordinated efforts with The Standard's group insurance representative's office.
The role of The Standard's GI Team leading up to a GI IDI sale
The Standard's GI Team at the home office supports the MGA, the group insurance representative, producers, and regional directors by:
- preparing illustrations, offer letters, and enrollment packets;
- distributing producer reports and list bill agreements; and
- issuing and delivering policies.
For your convenience, we have attached a revised list of contacts for The Standard's GI IDI plan.
Please contact GSI@standard.com or call 800. 378.6058 if you have questions about GI IDI. We are always happy to help you.
For producer use only. Not for use with consumers.
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Standard Insurance Company, Individual Disability Insurance,
1100 SW Sixth Avenue, Portland, OR 97204, USA.