Voya 2014 Annual Report Download - page 51

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, 2014
Stop Loss .......................... $680.1
Group Life ......................... $466.2
VB ............................... $170.9
Group Disability ..................... $ 89.2
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. Voya Employee Benefits breadth of distribution gives us access to and the products to meet
the needs of employers and their employees.
Our Employee Benefits segment primarily targets mid-sized and large corporate employers and professional
associations. In addition, we market stop loss coverage to employer sponsors of self-funded employee health
benefits plans.
Employee Benefits products are marketed to employers and professional associations through major
brokerage operations, benefits consulting firms and direct sales. In the VB market, policies are marketed to
employees at the worksite through enrollment firms, technology partners and brokers. When combined with
distribution channels used by our Individual Life segment, we are able to provide complete access to our
products through worksite-based sales.
The following chart presents our Employee Benefits distribution, by channel:
($ in millions) Sales % of Sales
Channel
Year Ended
December 31, 2014
Year Ended
December 31, 2014
Brokerage (Commissions Paid) .......... $228.4 67.5%
Benefits Consulting Firms (Fee Based
Consulting) ....................... $ 94.4 27.9%
Worksite Sales ....................... $ 15.7 4.6%
Competition
The group insurance market is mature and, due to the large number of participants in this segment, price and
service are key competitive drivers. Our principal competitors include MetLife, Prudential and Minnesota Life in
Group Life, Houston Casualty, Symetra and Sun Life in Stop Loss, and Unum, Allstate and Transamerica in VB.
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