Client: Financial services company with 50,000 employees worldwide
While conducting a thorough review of our client’s disability and leave program, the Pacific Resources team identified a significant gap in their Group Long-Term Disability (LTD) coverage. Limitations in the group LTD program, including the earnings definition and the monthly benefit maximum, led to a significant portion of the employee population being underinsured.
Through our consultation, we identified several options with the associated cost and risk implications for the client to consider. For example, increasing the monthly plan maximum benefit, while providing more coverage for the higher income employees, also changed the risk profile of the group and had a significant impact on their fully insured premium. After careful analysis, we recommended our client implement a supplemental Individual Disability Insurance (IDI) program. The program would be offered on a voluntary basis to employees at the Director-level and above.
A successful IDI program implementation requires:
We collaborated with the client to develop the best plan design (i.e. all standard guaranteed-issue so that employees did not need to submit individual evidence of insurability) and a robust communications plan. We advised the client that to achieve maximum awareness about the program, the communications had to come directly from them. All messages in the campaign were developed by us, but sent by the employer via company email.
Each messaging opportunity contained various links that allowed employees to learn about the benefits through the platform best suited for them. These included:
Our post-enrollment data reflects an increase in employee engagement associated with each messaging opportunity. This led to an increase in program education and participation.
Program results included: