November 22, 2014 4:25 PM ET

Insurance

Company Overview of Colonial Life & Accident Insurance Company

Company Overview

Colonial Life & Accident Insurance Company provides supplemental insurance products. Its products include accident, disability, cancer, critical illness, and life and hospital confinement coverage. Colonial also offers claims, policyholder, and account services. The company was founded in 1939 and is based in Columbia, South Carolina. Colonial Life & Accident Insurance Company operates as a subsidiary of Unum Group.

1200 Colonial Life Boulevard West

Columbia, SC 29202-1365

United States

Founded in 1939

Phone:

803-798-7000

Fax:

803-731-2618

Key Executives for Colonial Life & Accident Insurance Company

Chief Executive Officer
Age: 61
President
Senior Vice President of Finance and Risk Management
Senior Vice President of National Sales
Senior Vice President of Customer Service and Information Technology
Compensation as of Fiscal Year 2014.

Colonial Life & Accident Insurance Company Key Developments

Colonial Life Announces Earnings Results for the Third Quarter of 2014 and Sales Results for the Nine Months of 2014

Colonial Life announced earnings results for the third quarter of 2014 and sales results for the nine months of 2014. The company generated another strong quarter at $71.2 million of operating earnings compared to $69 million a year ago. The underlying profitability remains excellent, producing an operating ROE of 16% for the quarter. Sales increased 13% for the third quarter compared to the same period in 2013. Sales increased 9% for the year-to-date compared to the same period in 2013.

Colonial Life & Accident Insurance Company Unveils Two New Life Insurance Plans

Colonial Life & Accident Insurance Company's newest life insurance products offer America's employers and their employees more options to protect and preserve what they have worked so hard to build. The new products include an employer-paid group term life plan and a long-term care benefit rider on whole life insurance policies. Colonial Life's new group term life insurance product allows employers to conveniently provide a popular benefit to employees. Term life insurance is an affordable option that can help employees and their families replace lost income in the event of a death and is guaranteed-issue, meaning no health questions for employees. The employer-paid option uses a composite rate structure, which means the same rate for all employees, regardless of age or tobacco use. The group term life insurance coverage also can be offered on an employee-paid basis and provides options tailored for both large and small accounts. For small accounts, program administration is simple. For larger accounts, employers can customize additional options to fit the needs of their employees.

Colonial Life Extends Enrollment Power Through Partnership with PlanSource

A new partnership between Colonial Life and PlanSource offers employers and their employees streamlined access to enrollment capabilities and services that can save them time and money Colonial Life's Harmony(R) enrollment system now offers real-time integration with PlanSource, a leading provider of online software applications for the benefits industry. With a few clicks, employees can enroll in a broad range of benefits including Colonial Life's insurance products -- including disability, cancer, critical illness, hospital confinement, life and accident insurance -- all from directly within the PlanSource platform, providing a seamless enrollment experience of comprehensive core and voluntary benefits for employers of all sizes. The PlanSource platform also has an integrated HR Administrator Portal with powerful reporting options and a premium billing tool that will list all Colonial Life elections, as well as active plans from other carriers, all in one place. Electronic data interchange services guarantee carriers receive and process enrollment information electronically to save time and money. In addition, benefits communication tools help employer groups communicate the value of their employee benefit offerings and increase overall company satisfaction. This integration enables brokers to upgrade their employee groups to a powerful, streamlined, web-based enrollment and administration system that reduces human resources labor costs and provides a barrier-to-entry for competing brokers.

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