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Recording a 12 percent hike in insurance in force and a 99 percent customer retention rate, Minnesota Life Group Insurance maintained its position in 2004 as one of the fastest-growing companies in the large group life insurance market. The company ended the year with $58 million in group life sales and nearly $340 billion of group life insurance in force.
"Ease of doing business is our vision," said Jim Johnson, senior vice president, Minnesota Life. “We continually add features to make our plans easier to administer and communicate. Our implementation services win particularly high marks among new clients who, for the second year in a row, gave us a 100 percent satisfaction rate."
Minnesota Life’s target group life insurance market is Fortune 1000 employers. The Group division also insures the employees of eight states, including Delaware, Illinois, Kansas, Minnesota, Vermont, Virginia, Wisconsin and, most recently, the State of Georgia.
Minnesota Life has increased market share with advanced technology and superior service. The company introduced web enrollment for group life insurance in 1999 and now offers online enrollment, beneficiary changes, investment management (for variable group universal life policies) underwriting exam scheduling and “real time" evidence of insurability processing. The company is now the seventh largest group life insurer in the U.S.
In 2005, Minnesota Life celebrates its 125th anniversary and the 88th anniversary of the sale of its first group life plan. The company offers term, group universal and variable group universal life insurance as well as executive benefit plans. In addition to the large group market, Minnesota Life Group Insurance serves large professional associations and the Farm Credit System.
Minnesota Life, a member of Securian Financial Group, Inc., pays nearly $600 million in group life and accelerated benefit claims annually. The company 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 agencies and see where Minnesota Life’s rankings rate relative to other companies visit the about us page.
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