BOSTON, June 6 /PRNewswire-FirstCall/ -- The John Hancock Long Term Care Insurance business unit announced it will offer a Manulife-branded niche long term care (LTC) insurance product designed for sale by agents who market group health insurance, and will be launched later in the year.
The unit has entered a marketing agreement with Individual Commercial Brokerage (ICB), a national marketing organization specializing in selling individual LTC insurance in the worksite market, to sell the product. As part of the agreement, ICB helped develop the product with Avon Long Term Care Leaders (ALTCL), a Manulife company that became part of John Hancock Long Term Care Insurance following the merger between John Hancock and Manulife. ALTCL, a pioneer in LTC insurance and risk management, will handle product development, underwriting and claims management for the new product.
ICB has an exclusive LTC insurance distribution agreement with HealthConnect Systems (HCS), the leading provider of sales automation systems for group benefits brokers. Through this exclusive partnership, HCS' 6,700 broker clients will be able to quote and enroll the new LTC insurance product automatically alongside their medical products. "The new product will have features specifically designed for group benefit brokers that are comfortable marketing group medical plans and want a uniquely designed worksite LTC insurance product with straightforward underwriting and eligibility requirements," said Barry Eldridge, President of ICB.
"We've wanted to deliver such an LTC insurance product through our platform for some time, but needed a program that was tailored to the health insurance agent and could be delivered under the guidance of an organization known for its LTC insurance success," said Peter Everett, President & CEO of HCS. "Barry Eldridge and the Manulife-John Hancock LTC insurance business unit brought us exactly what we've been looking for."
This effort represents the second LTC insurance partnership undertaken by the Manulife-John Hancock Long Term Care Insurance business unit. John Hancock continues to market its successful individual and group LTC insurance products under the John Hancock brand while pursuing niche LTC insurance markets under the Manulife name. "The Manulife-John Hancock merger creates for us the opportunity to quickly, but selectively, develop specialty niche products in new markets for producers that are not being served by the traditional carriers," said Michele Van Leer, Executive Vice President, John Hancock Long Term Care Insurance. "We hope this will help us expand our leadership position in the LTC insurance marketplace."
"With ALTCL's product expertise, ICB's marketing success in the individual worksite arena and HCS' vast access to medical producers, we're unleashing a powerful team into this unserved market which continues to demonstrate our commitment to grow in the LTC insurance space," said Van Leer.
About ICB
Individual Commercial Brokerage is a leading LTC specialist in marketing Long Term Care insurance across the United, States. Barry Eldridge, president, was one of the founding members of the National Long Term Care Network, which is known for its success in recruiting, training, and supporting insurance agents in marketing LTC insurance. Eldridge has been involved in selling insurance for over 20 years and has specialized in LTC insurance over the past 15 years. He has provided input for the development and distribution of LTC insurance products to virtually every major writer in LTC insurance in the US over those 15 years. It has been, and is now, a leading marketer for several major LTC insurers including Transamerica (Aegon) which recently announced its exit from the LTC insurance marketplace.
About HCS
HCS is the leading provider of sales automation solutions for group benefits brokers. HealthConnect has 52 carriers and 102 "carrier states" on its industry leading HealthConnect platform and processes 10,000 quote requests per day from 6,700 brokers across 17 states. HealthConnect provides brokers multi carrier quoting, enrollment and network analysis as well as HR and agency management functionality.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$350 billion (US$290 billion) as at March 31, 2005.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at http://www.manulife.com
The John Hancock Division, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock today offers a broad range of financial products and services, including whole life, term life, variable life, and universal life insurance, as well as college savings products, fixed and variable annuities, long term care insurance, mutual funds and various forms of business insurance.
About Manulife Insurance Company
Manulife Insurance Company (MIC), a subsidiary of John Hancock Life Insurance Company, is a new entrant to the LTC insurance marketplace. MIC is rated A++ by A.M. Best, Aa3 by Moody's, AA by Fitch and AA+ by Standard and Poor's.
About John Hancock Long Term Care Insurance Division
Today, John Hancock, a division of Manulife Financial Corporation, is one of the largest providers of LTC insurance overall with more than 800,000 clients and $1.1 billion of in-force premium.
Having entered the retail LTC insurance market in 1987, John Hancock is the second-largest provider of individual coverage in the country.
John Hancock began selling group LTC insurance in 1988 and today is the largest provider of employer-sponsored LTC insurance in the U.S.
In 2002, John Hancock with MetLife were together selected to administer an LTC insurance program for federal employees, retirees and various family members across the country. The program is the largest single employer- sponsored LTC insurance program of its kind.
With the merger in 2004, John Hancock Long Term Care Insurance now includes Manulife's Avon Long Term Care Leaders (ALTCL), a specialized LTC insurance third party administrator and risk manager. Located in Avon, CT, ALTCL is known for its history in product development, underwriting and claim handling. Over the past 15 years, ALTCL management has developed LTC insurance programs for more than 20 companies in 14 countries.
John Hancock Long Term Care Insurance Division
CONTACT: Melissa Simon of John Hancock Long Term Care Insurance,+1-617-572-6390
