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Aflac’s portfolio bolstered by new acquisition

Aflac may be known as a carrier of supplemental insurance plans, but don’t let the word “supplemental” throw you. Aflac is more than a simple add-on to a benefits package: We’re now a holistic suite of insurance plans, products and services that protect workers where they need it most.

True to our ethos of care, ease and expertise, Aflac acquires businesses and divisions that allow us to give workers a complete menu of offerings. The supplemental coverage that Aflac built our name on is still there – and growing. But Aflac’s acquisitions let us offer dental plans, vision plans, group life coverage, absence management services and disability coverage.

We now offer streamlined entry for most forms of coverage, including:

product offering
  • Whole and term life insurance.
  • Absence management services.
  • Short-term disability insurance.
  • Long-term disability insurance.
  • Vision insurance.
  • Dental insurance.
  • Accident insurance.
  • Critical illness insurance.
  • Cancer insurance.
  • Hospital indemnity insurance.

Aflac also offers a value-added portfolio of service benefits that go even deeper, such as financial wellness programs; college assistance plans; and employee assistance programs that include in-person visits, telemedicine, health advocacy and more.

By choosing to double down on our strengths, Aflac is able to focus on what it does best: supporting workers by giving them peace of mind and help with expenses health insurance doesn’t cover. And this breadth of benefit offerings enables opportunities for value and savings through Aflac’s bundling discount programs – there’s more to bundle now.

Aflac gives people the holistic benefits coverage they want

Strong employee benefits packages aren’t just a “nice to have,” they’re crucial in today’s workplace.1

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60% of employers said that offering supplemental insurance helps retain talent.

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33% of employers said that offering a robust benefits package within their budget was their No. 1 benefits challenge.

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Employees ranked dental insurance, life insurance, vision insurance and accident coverage as four of the five most important benefits; only health insurance outranked them.

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57% of employees said that they were at least somewhat likely to accept slightly lower compensation in exchange for a more robust benefits package.

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35% of workers said that a better benefits package is the top thing an employer could do to keep them, second only to a pay increase.

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70% of employees who have supplemental insurance reported being satisfied with their benefits package; only 42% of workers who were not offered supplemental insurance said the same.

When Aflac acquires, we acquire the best

Aflac strategically acquires businesses for their coverage offerings, sure. But it’s more than that. Take the 2020 acquisition of Zurich North America’s U.S. Corporate Life and Pensions as an example. When Aflac brought Zurich into the flock, we also acquired other features Zurich is known for: streamlined enrollment tech solutions, employer analytics, workforce management expertise and premier account management.

Meanwhile, Aflac’s strengths – customer advocacy, consumer awareness, competitive products, among others – bring new solutions to existing Zurich clients from a single partner. In fact, the acquisition allows Aflac to double down on its customer-first ethos while existing Zurich clients continue to work with the same account teams they’ve come to trust.

This isn’t a surprise, coming from the merging of two companies that have earned A+ ratings from the Better Business Bureau.2 Nor is it a coincidence: Aflac’s “buy-to-build” strategy hinges on acquiring best-in-class providers using internal capital. “This strategic buy-to-build transaction aligns with our vision of being the No. 1 distributor of benefit solutions supporting the U.S. workforce,” says Teresa L. White, president of Aflac U.S.

The churn rate on the S&P 500 could see half of the list’s current companies replaced over the next 10 years. Aflac’s buy-to-build development circumvents this turnover, keeping pace with what the industry demands: a financially sound company that meets their clients’ needs.

Aflac: A brand consumers know, with coverage that gives them peace of mind

Nearly 90% of consumers know the Aflac brand, and half know what we do.3 That knowledge and trust translates to confidence in all the benefits your clients offer: When Aflac is made available during open enrollment, overall participation in benefits programs is higher. And with COVID-19 driving increased interest in Aflac, we are uniquely poised to help brokers give their clients what they need now.

Our coverage helps make workers’ lives better by helping with expenses health insurance doesn’t cover. We call it “supplemental” coverage because it’s a clear, useful term that distinguishes Aflac’s offerings from health insurance. But “supplemental” doesn’t mean that this kind of coverage is window dressing. Think of it as supportive coverage: a way for brokers to support their clients’ needs, a way for employers to support the people who make their business work, and a way for workers to support the people they care about most.