Agenda § Disability Marketplace § Introduction to the Fundamental Series § Claims Overview § Q&A
Disability Insurance Market Overview Mark Hardy
RBC’s Leadership Position – Market Share 2011 vs. 2012 New Business Market Share (Annualized Premium) Source: LIMRA Canadian Individual Income Insurance Survey Q 4/2012, Q 4/2011
RBC’s Leadership Position – Market Share RBC New Business Annualized Premium and Industry Rank by Year ) Source: LIMRA Canadian Individual Income Insurance Survey Q 4/2006 -2012
RBC’s Leadership Position – Market Share Inforce Market Share, 2012 (Annualized Premium) ) Source: LIMRA Canadian Individual Income Insurance Survey Q 4/2012
RBC’s Leadership Position Underwriting › 31 Living Benefit Underwriters trained in Disability Insurance and/or Critical Illness › 24 of the 31 are Devoted to Underwriting Disability Insurance › Combined 100’s of Years of Underwriting Experience › 2 Financial Underwriting Consultants › A team of Part-time and Full-time physicians to consult on complex medical issues
Wage Growth 1997 -2011 Wage Index – Base 1997 Source: Statistics Canada Labour Force Survey, 1997 -2012
Full Time Employment 1997 -2011 Full Time Employment Index – Base 1997 Source: Statistics Canada Labour Force Survey, 1997 -2012
Disability Opportunity 2010 - 2020 Estimated Market – 2010 - 2020 Source: Statistics Canada Labour Force Survey, 1997 -2012; HRSDC COPS
Trades & Transport 2010 - 2020 $1, 000, 000 Source: Statistics Canada Labour Force Survey, 1997 -2012; HRSDC COPS
Introduction to Fundamental Series Michael Thompson
Introducing the Fundamental Series › Knowing the Market and RBC Insurance’s Dominance what do we have to offer? › Simplicity – At the Time of Application – At the Time of Underwriting – At the Time of Claim › Loss of Income and Business Overhead Expense
RBC Insurance Living Benefit Portfolio The Professional Series Individual Disability Insurance The Foundation Series The Bridge Series The Fundamental Series Retirement Protector Business Overhead Expense Business Disability Protection Key Person Protector Business Loan Protector Disability Buy Sell Non Cancellable T 65 and T 75 Critical Illness Protection Guaranteed Renewable T 65 and T 75 Term 10 Simplified CI
The Fundamental Series – Loss of Income Features › Loss of Income – Guaranteed Renewable Contract – Injury Only or Injury and Illness Coverage – 24 Hour or Non-Occupational Coverage – Benefits based on either Gross or Net Earned Income – Benefits issued in $100 Increments – Partial Disability Benefits Included – No Pre Existing Condition Exclusion
The Fundamental Series – Loss of Income Features › Loss of Income – $10, 000 Accident Medical Expense Reimbursement Benefit Included – Best Doctor’s Provided when Illness is Purchased – Illness Underwritten in 30 Days – Injury Policy Issued in 5 Days
The Fundamental Series – Loss of Income Features › Total Disability Definition First 36 Months Regular Occupation Definition After 36 Months Reasonable Occupation Definition
The Fundamental Series – Loss of Income Features Maximum Injury and Illness Coverage Issue Limits Class 1 and 2 $6000 Class 3, 4, 5 and 6 $5000
The Fundamental Series – Loss of Income Features Accident Death & Dismemberment Issue Ages 18 to 64 Coverage To Age 70 Face Amount $100, 000 to $500, 000 Accidental Medical Expense Reimbursement Benefit Rider $100, 000
The Fundamental Series – Loss of Income Features Feature Business Overhead Expense Benefit Period 12 Times the Monthly Benefit Elimination Period 30 Day Partial Disability Benefit 50% of Monthly Benefit for a Maximum of 3 Months
The Fundamental Series – Injury Application
The Fundamental Series – Injury Application Pre-Qualifying Questions 1. Are your bodily movements or daily activities currently limited or restricted by any injury or other condition? 2. Are you currently working a minimum of 20 hours per week, 35 weeks per year? 3. Are you a Canadian citizen or been granted Permanent Resident (landed immigrant) status by the Canadian government?
The Fundamental Series – Illness Application
The Fundamental Series – Feature Summary
The Fundamental Series – Rate Guide › What’s Included – All Premium Rates – Occupational Classifications – Issue Limits – Benefit Determination Chart – Underwriting Guidelines – Height & Weight Chart
The Fundamental Series – Who do we Sell? › Name You’ve Written Down › Self Employed Clients – High Gross Income and Low Net Income – Using BOE as “Foot in the Door” › Medically Impaired Clients › Blue Collar Workers – WSIB Mentality › “Non-Traditional” Groups › Young Clients – Injury policy and Graduate them to Fully Underwritten policies
The Fundamental Series – Alternate Offers The Fundamental Series gives You the Opportunity to Insure Every Canadian!
Break – 10 Minutes
RBC Insurance Leadership Position Claims Practices and Philosophies Jocelyn Tardif
Claims Philosophy › Provide thorough, fair, objective claim evaluation › Pay approved claims promptly, with high level of service › Assist clients, where appropriate, in their return to work efforts
Claims Payment Information › Annual cash benefits: › $331 million › Annual new claims: around 5, 300 › Open LTD and IDI claims: around 10, 300
Our Claims Resources Disability Managers Doctors Clinical Specialists Field-based Employees Disability Specialists Field-Based Rehabilitation Specialists Financial Consultants
Our Medical Resources Orthopaedic Surgeons Dr. Joseph Schatzker C. M. , MD. , B. Sc. (med. ), F. R. C. S. (C ) Dr. John J. Murnaghan MD. MA. MSc. FRCSC. Psychiatrists Dr. Joan Tucker M. D. F. R. C. P. (C), ABPN Dr. Sarah Vander. Burgh B. Sc. MD Neuropsychologist Dr. Ivan Kiss, B. Sc. , M. A. , Ph. D. , C. Psych. Internal Medicine Dr. Estera Bekier, M. D. , F. R. C. P. (C) Dr. Alice Dong, MD, FCBOM, ABPM
New Claim Dedicated Claims Contact › Easy to start the process through a general toll-free phone line › Assistance with Filling out claim forms › Hand-holding through the pre-claim process › Very experienced with simplified Individual Disability Claims › Over 10 years of claims-handling experience.
Definition of Disability & Other Provisions Definitions of Disability Change of Definition at 36 Months Other Provisions… Return to Work Assistance Recurrent Disability (6 Months)
Return to Work Assistance › Client, employer and attending physician interviews › Clinical reviews › Independent Medical Evaluations Vocational Rehabilitation / Return to work plans may also include: › Work site modifications › Job site analysis and work conditioning › Transferable skills analysis › Job search and resume-writing assistance
Senior Sales Consultant
The Fundamental Series – Compensation + Override to MGA
The Fundamental Series – Compensation › Example… $1500 of Premium FYC 30% Compensation $450 MGA Override 150% Total Broker Compensation $1125 Annually Payable
Highlights › › › › › Market Opportunity RBC Insurance’s Leadership Position Simplicity Strong Definition of Disability Best Doctors No Pre Existing Condition Exclusion Increments of $100 Alternative Offers on all RBC Disability Insurance Compensation
Call to Action › We want to Partner with you › What can our Sales Consultants offer – Best in Class Insurance Products and Services – In Field Support – Advice for All your Clients › Help you Build your Business
Thank You for Your Time
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