We’ve had a great start to the 2020-2021 GME program year! As we enter peak season, we want to make sure you’re aware of new reports, marketing materials and how to use the Benefit Increase Rider.
So far this year, The Standard’s GME program has seen:
- Significant growth of non-graduate policies (36%)
- BIR gaining momentum, representing half of increase sales
- Buyers in their last year of training most often choose the $7,500 option
New GME Reports
The new GME Production Reports are delivered to you each week and capture up-to-date program information including premium, lives and progress to goals for buyers in their last year of training as well as those in earlier years. You’ll see year-over-year breakouts for all of these. The report also provides a breakout of monthly benefits by amounts, pending applications and eApp use.
Reminder: The Standard’s participation is measured on policies placed for applicants in their final year of residency or fellowship. All other policies will be counted in the resident or fellow's year of completion.
New Marketing Materials
- When to Buy Flyer - shows the benefits of purchasing early or in their last year of training and also reminds them to maximum their coverage at training completion.
- Physician Claims Paid Flyer - shows real-world examples of paid claims, including Own Occupation claims.
GME Policyowner Survey
The key takeaway from the policyowner survey was that program coordinators or residency program directors were responsible for half of broker introductions. The survey also showed three top reasons physicians bought The Standard’s policy:
- Product features
- Value for the price
- Ease of purchase
Benefit Increase Rider Key Dates and Tools
We want to help ensure that your placed GME policies will continue to grow with your clients’ income.
BIR Timeline
BIR Accelerated Option
BIR Renewal: Application Tips
To renew BIR when there is less than 10% income increase, indicate the following on the application:
- Producer Information Report: Indicate 'Renewal only, less than 10% increase in income'
- Insurance Applied For: Check purchase/renew box, indicate $0
- General Information #6: Indicate current-year and prior-year income and 'Renewal only, less than 10% increase in income'
The policyowner must be a non-owner, W-2 employee with less than 10% income increase since their last option date or original issue. Financial documentation is required for California policyowners.
For policyowners still in training, please send us an email with resident/fellow name, policy number, specialty and anticipated completion date.
BIR Summary Reports
We send each agency a monthly report showing increase option dates for all BIRs — GME and fully underwritten. Ask your agency for your program's upcoming BIR option dates.
Remember, the Platinum Advantage for GME Increase Opportunities Flyer shows all the ways policyowners can increase coverage.
These tools can help you:
- Understand policyowner renewal dates and timelines
- Understand all opportunities for policy increases
- Get in front of clients early
Streamline the App Process: Earn an iPad
Want an iPad? Submit a minimum of 40% of applications via eApp (at least 15) to earn an iPad. Only one per program. The iPad will be delivered at the close of the 2020-2021 program year.
New RFP Window
We’ll accept proposals for new GME programs now through Sept. 1, 2021. Please note programs must have at least 300 residents and fellows. We’re currently not accepting proposals for institutions in California.
Please contact your regional director with questions. We’re here to help.
For Producers Only
