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.
60% of employers said that offering supplemental insurance helps retain talent.
33% of employers said that offering a robust benefits package within their budget was their No. 1 benefits challenge.
Employees ranked dental insurance, life insurance, vision insurance and accident coverage as four of the five most important benefits; only health insurance outranked them.
57% of employees said that they were at least somewhat likely to accept slightly lower compensation in exchange for a more robust benefits package.
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.
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.
2 https://www.bbb.org/search?filter_ratings=A&find_country=USA&find_latlng=32.460976%2C-84.987700&find_loc=Columbus%2C%20GA&find_text=aflac&page=1&sort=Relevance; https://www.bbb.org/search?filter_ratings=A&find_country=USA&find_latlng=32.460976%2C-84.987700&find_loc=Columbus%2C%20GA&find_text=zurich%20north%20america&page=1&sort=Relevance.
3 Aflac internal document: 2019 IMAP, Tracking the Performance of the Aflac Brand and Advertising, Q4, 2019.
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Aflac includes Aflac and/or Aflac New York and/or Continental American Insurance Company (CAIC) and/or Continental American Life Insurance Company.
The value-added services mentioned in this article are offered by multiple providers. Aflac’s affiliation with the value-added service providers is limited only to a marketing alliance. Other than this marketing alliance, Aflac and the value-added service providers are not affiliated in any way. Aflac makes no representations or warranties regarding the value-added service providers, and is not responsible for any of the products or services provided by the value-added service providers. The value-added services may not be available in all states, and benefits/services may vary by state. Each value-added service provider offers its products and services subject to its own terms, limitations and exclusions. Refer to plan details for further information on terms, limitations and exclusions.