News
Minnesota Life Group Insurance doubles new annual premium in 2001
St. Paul, MN, February 25, 2002 — Minnesota Life Group Insurance reported a remarkable 96 percent increase in new annual premium for 2001, continuing the company's position as one of the fastest-growing group life insurers in the country. The company also retained 96 percent of its existing clients.
"This is our sixth 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 life market is up 17 percent from 2000, and our insurance in force is up 32 percent." Johnson attributes the dramatic growth to superior customer service and plans customized to meet client needs.
"Our team approach in working with new clients allows us to creatively develop programs that meet their group life needs," added Johnson. "Our leading-edge technology also simplifies enrollment and administrative processes for our clients." Minnesota Life uses online enrollment and electronic signature technology that allows clients' employees to "serve themselves" when selecting benefits.
"We've developed several levels of internet usage for our clients," said Maria O'Phelan, vice president, 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 implement high-tech programs that streamline group life administration and enrollment, it strives to maintain "high touch" interaction with clients.
"Using technology for technology's sake doesn't work if it ultimately doesn't provide better service for the client, " explained O'Phelan. "No matter how sophisticated our technology becomes, our customer service representatives are still just a phone call away."
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 Services and AA+ from Fitch. Minnesota Life serves over six million people with nearly $300 billion of life insurance in force and $19 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.
