COLUMBIA, S.C. (May 22, 2006) - Colonial Supplemental Insurance is now the second-largest provider of voluntary worksite benefits in the country, according to a recent study released by LIMRA International. The Worksite Marketing of Voluntary Products Quarterly U.S. Sales Survey Fourth Quarter 2005 report listed 2005 sales of $286 million for Colonial, its highest ever.
In addition, continued higher sales in first quarter 2006 created a record-setting premium processing month for the company in March. Colonial hit a company record in processing customer premiums and premium deposits, beating the previous record set in December 2005.
"There is a real demand by business owners and employees for the voluntary benefits solutions and enrollment services Colonial provides," says Randy Horn, Colonial´s president and chief executive officer. "With increases in health care costs, more businesses are searching for solutions and voluntary benefits definitely fill a need in the marketplace."
Colonial also saw a tremendous first-quarter increase in the number of plan administrators using Colonial´s E-services to manage their benefits program administration:
There was a large increase in plan administrators signing up to use ColonialConnect for Plan AdministratorsSM,
an exclusive web site that allows Colonial accounts around-the-clock access to information, service tools and forms they need for their employees´ benefits plan. Plan administrators have access to tips on easier claims filing, enrollment, billing and plan administration; forms for claims, reinstatement or changes to coverage; and online reports and tools for plan administration. More than 25,000 accounts have joined the web site since it was made available in mid-2001.
More plan administrators than ever took advantage of Ez Billing, a free paperless billing service that allows plan administrators to submit an electronic file of their benefits deduction information.
A higher number of accounts participated in the E-Bill Notification service, which sends an e-mail notification each time an account´s new billing information is posted online at the ColonialConnect web site.
Colonial recently expanded its E-services to include Ez Administration, an online tool that allows accounts to view and make adjustments to employee-level information.
"Accounts want hassle-free voluntary benefits administration, and plan administrators can save time and work by having instant access to account information, such as online bills and employee coverage information," Horn adds. "The increasing popularity of our ColonialConnect web site shows that more plan administrators prefer easier and quicker ways to do business with their voluntary benefits carrier."
About Colonial
Colonial Supplemental Insurance is the marketing brand of Colonial Life & Accident Insurance Company. Colonial is a market leader in providing voluntary insurance to employees and their families through the workplace, along with personal benefits communication, enrollment capabilities and a commitment to service. Colonial Supplemental Insurance products are underwritten by Colonial Life & Accident Insurance Company and include a broad portfolio of insurance coverages, such as disability, accident, life, cancer, critical illness and hospital confinement indemnity insurance policies. Similar products, if approved, are underwritten in New York by a Colonial affiliate, The Paul Revere Life Insurance Company. A subsidiary of UnumProvident Corporation, Colonial is based in Columbia, S.C. and operates in 49 states, the District of Columbia and Puerto Rico. "Colonial Supplemental Insurance," "for what happens next" and the logo, separately and in combination, are registered service marks of Colonial Life & Accident Insurance Company. All rights reserved. For more information about Colonial´s products and services or opportunities with the company, call (803) 798-7000 or visit www.coloniallife.com