News
2000 sales results continue Minnesota Life Group division's dramatic growth
St. Paul, Minn., May 2001 — Minnesota Life Group Insurance reported sales of $54.2 million in new annual premium in 2000 — continuing the company's position as one of the fastest-growing group life insurers in the country.
"This is our fifth consecutive year of outstanding sales results," said James E. Johnson, senior vice president, Group Insurance. "While growth rates in the industry are modest, our in-force annual premium in the group market is up twenty percent from 1999, and our insurance in force is up 24 percent. "Johnson attributes the dramatic growth to superior customer service and tailor-made solutions to clients' benefits needs.
"Online enrollment and electronic signature in group life insurance are two examples of how we use advanced technology to make it easy to do business with us," explained Johnson. "Our use of technology allows our clients' employees to "serve themselves" when selecting benefits."
Existing clients also are being well served by Minnesota Life Group Insurance, as reflected in the 99 percent retention rate of existing annual premium business last year.
"We've developed several levels of internet usage for our clients," said Maria O'Phelan, Minnesota Life's director of Group Technology and Customer Service. "Some prefer to simply post information about group life insurance benefits on their intranet and use more traditional administrative and enrollment techniques." Others opt for an extranet created by Minnesota Life that allows program administrators to receive immediate answers to questions about claims or enrollment status. While Minnesota Life uses innovative technology to provide the best customer service possible, it strives to keep the "human touch" a part of interactions with clients as well.
"Using technology for technology's sake doesn't work if it ultimately doesn't provide better service to the client, "says O'Phelan. "No matter how sophisticated our technology solutions become, our "live" customer service representatives are still just a phone call away."
The year 2001 is promising to be another successful one for Minnesota Life Group Insurance. Recently, the company was selected to provide group life insurance for the State of Illinois' 175,000 active and retired employees. The sale represents $15 billion in group life insurance coverage for an annual premium of $55 million.
Founded in 1880, Minnesota Life Insurance Company provides financial security for individuals and businesses in the form of insurance, pensions and investments. It is one of a few insurance groups in the United States carrying "very high" ratings including A++ from A.M. Best, AA+ from Standard & Poor's, Aa2 from Moody's Investors Service and AA+ from Fitch. Minnesota Life serves over six million people with more than $240 billion of life insurance in force and $20 billion in assets under management. Its combined work force of 4,400 people is located at its St. Paul headquarters and agencies and offices across the country.Contact:
Maggie Jensen
Media Relations Consultant
Minnesota Life Insurance Company
Phone: (651) 665-7558
Pager: (612) 650-0433
400 Robert Street North
St. Paul, MN 55101-2098
margaret.jensen@securian.com
