Voya 2013 Annual Report Download - page 36

Products and Services
Our Employee Benefits segment offers stop loss insurance, group life, VB, and group disability products.
These offerings are designed to meet the financial needs of both employers and employees by helping employers
attract and retain employees and control costs, as well as provide ease of administration and valuable protection
for employees.
Stop Loss. Our stop loss insurance provides coverage for mid-sized to large employers that self-insure their
medical claims. These employers provide a health plan to their employees and generally pay all plan-related
claims and administrative expenses. Our stop loss product helps these employers contain their health expenses by
reimbursing specified claim amounts above certain deductibles and by reimbursing claims that exceed a specified
limit. We offer this product via two types of protection—individual stop loss insurance and aggregate stop loss
insurance. The primary difference between these two types is a varying deductible; both coverages are re-priced
and renewable annually.
Group Life. Group life products span basic and supplemental term life insurance as well as accidental death
and dismemberment for mid-sized to large employers and affinity groups. These products offer employees
guaranteed issue coverage, convenient payroll deduction, affordable rates and conversion options.
Voluntary Benefits. Our voluntary benefits business involves the sale of universal life insurance, whole life
insurance, critical illness, accident insurance and short-term disability income through the workplace. This
product lineup is 100% employee-paid through payroll deduction. New products have been introduced that focus
on group-like structures that address the cost-shifting trend.
Group Disability. Group disability includes group long term disability, short term disability, telephonic
short term disability, voluntary long term disability and voluntary short term disability products for mid-sized to
large employers. This product offering is typically packaged for sale with group life products, especially in the
middle-market.
The following chart presents the key employee benefits products we offer, along with data on annual
premiums for each product:
($ in millions) Annualized In-Force Premiums
Employee Benefits Products Year Ended December 31, 2013
Medical Stop Loss ................... $563.4
Group Life ......................... $487.7
Voluntary Benefits ................... $157.0
Disability .......................... $ 86.5
Markets and Distribution
Our Employee Benefits segment works primarily with national and regional benefits consultants, brokers,
TPAs, enrollment firms and technology partners. Our tenured distribution organization provides local sales and
account management support to offer customized solutions to mid-sized to large employers backed by a national
accounts team. We offer innovative and flexible solutions to meet the varying and changing needs of our
customers and distribution partners. We have many years of experience providing unique stop loss solutions and
products for our customers. In addition, we are an experienced multi-line employee benefits insurance carrier
(group life, disability, stop loss and elective benefits).
We primarily use three distribution channels to market and sell our employee benefits products. Our largest
channel works through hundreds of brokers and consultant firms nationwide and markets our entire product
portfolio. Our Voluntary sales team focuses on marketing elective benefits to complement an employer’s overall
benefit package. Our Affinity sales team specializes in working with TPAs to market to members of association
and affinity groups. ING Employee Benefits breadth of distribution gives us access to and the products to meet
the needs of employers and their employees.
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