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Minnesota Life wins group life contract for State of Georgia employees
Minnesota Life insurance Company was selected by the Georgia Merit System of Personnel Administration to provide term life insurance for employees of the State of Georgia. The plan is expected to cover around 87,000 employees, plus another 83,000 spouses and dependents.
"Servicing large state groups has become one of our specialties,” said Jim Johnson, senior vice president, Minnesota Life. "States like the cost-efficiency and advanced features of our systems, along with our high-quality, local customer service.” In addition to Georgia, Minnesota Life insures state employees in Delaware, Illinois, Kansas, Minnesota, Vermont, Virginia and Wisconsin.
The Georgia Merit System follows a well-defined process for choosing employee benefit providers that includes site visits and a scoring system for evaluating the technical and financial aspects of a benefit program. It looks at the insurer’s financial strength, technology, and the cost of the program. Minnesota Life received 1,000 out of 1,000 possible points.
Minnesota Life’s web-based group insurance products allow employees to enroll in the plan, change beneficiaries, receive underwriting updates and schedule underwriting exams online. If they need assistance while navigating the site, they can "chat” live with a customer service representative.
Additionally, Minnesota Life’s web services give benefits administrators the ability to securely transfer data, submit claims online, and check daily-updated underwriting and claims records.
Minnesota Life, a member of Securian Financial Group, Inc., is the nation’s seventh largest group life insurer. It has more than $336 billion in group life insurance in force and pays nearly $600 million in group life and accelerated benefits claims annually. Minnesota Life has provided customized group life insurance programs to government, business, and associations for more than 80 years. It is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies. For more information about the rating services and Minnesota Life’s rankings, visit the about us page.
