We are pleased to announce that Brian Anderson has joined SCOR Global Life in the Americas as Vice President, Group Marketing and Underwriting. In his role, Brian will be developing, underwriting, pricing and retaining Group Life and Accident business. He is located in the Minneapolis Group Office.
Brian has had 23 years of experience in the Group Insurance industry. He most recently served as Second Vice President and Actuary, Group Insurance at Securian (Minnesota Life). He also served in various Group actuarial roles at both Securian and Northwestern National Life Insurance Company (ING/Reliastar).
Given SCOR’s strategic emphasis on the Group market, we asked Brian and Mark Laulainen, VP, Group Life & Accident, a few questions about the market and SCOR’s increased participation.
How does SCOR as a life reinsurer support the companies who market Group Life?
SCOR has a team of actuaries, underwriters and risk management professionals in Minneapolis dedicated to Group Life reinsurance, who are supported by the company’s additional capabilities in Charlotte and Kansas City. Having begun their careers working in the direct Group Life market, members of SCOR’s Group Life team have developed deep market knowledge and strong client relationships. As a trusted adviser, SCOR collaborates to develop innovative and competitive approaches to market issues and client needs.
Reinsurance and risk management expertise are core to SCOR’s Group Life solutions, including risk mitigation, underwriting support and solutions to reinsurance administration issues. We provide a wide range of actuarial consulting, facultative services (including medical underwriting assistance) and market research services:
- Actuarial support for pricing: Instead of incurring costs to hire actuarial consultants, our clients know they can call us to assist them with pricing issues, risk assessments, reviews of particular blocks of business and other pricing tools. Our team began their careers on the direct side so we understand and have experience resolving the issues that our clients face.
- Facultative underwriting: Our Group Life team is known for its fast facultative turnaround so that our clients can issue business in a timely manner.
- Claims payment: While the industry standard for Group Life claims is 30 days, we average claims payment in 14 days.
- Online underwriting manual: The SOLEM Americas underwriting manual is intuitive and easy to use. We receive much favorable feedback from our group clients who utilize this tool.
SCOR recently announced entry into the Group Health market. Does having a full Group portfolio (Life and Health) have greater appeal to buyers of Group reinsurance?
By adding medical management solutions to our portfolio of Group Life products, SCOR can be a more involved partner in our clients’overall risk management strategy. We seek to increase client satisfaction by improving the value proposition to our clients. Our service model can be adapted to a ceding company’s unique culture, level of internal resources and the desired level of collaboration with us. Some companies desire the reinsurer to have a close partnership with the company’s various operational disciplines; others prefer a more strategic, consultative relationship.
Do you still hear discussion around the potential for Group Life distribution in the evolution of health care exchanges?
In recent years, we heard many clients discussing private exchanges as a new distribution platform for Group Life products. But, given the complexity around the exchanges in the Group Health market during the past couple of years, most companies simply did not have the resources to address hurdles to adding Group Life products to exchanges. If the exchanges are here to stay, however, we see potential. Small businesses that may not have been interested in Group benefits in the past may offer our clients new business acquisition opportunities.
Is there greater interest in marketing AD&D or critical illness as standalone products instead of as supplemental coverage along with Life insurance in the Group market? How do these changes impact the Group Life reinsurance business?
Yes. Creating a standalone version of a product already being offered as supplemental coverage can expand a carrier’s portfolio of Group products without significant expense. The shift to defined contributions is responsible for growing voluntary insurance market.
For more information on how we can help your company manage your Group exposures, please contact someone on our Group Reinsurance team.