Using DMS’ DI Made Easy program, Knights of Columbus delivers critical income protection to its members with the addition of a new individual disability insurance product – Income Armor!
A timely offering…
With workers becoming disabled today in ever increasing numbers at a time when fewer employers are paying for group long-term disability protection, Knights of Columbus recognizes the critical importance of “injury and sickness paycheck protection” in the context of a comprehensive financial planning process. The burden on workers, not only to protect their own income streams, but also to fund their own retirement, continues to grow along with concerns about the future funding of the Social Security Disability Income program. Upon considering how to best meet the changing needs of its members, Knights of Columbus selected DMS to provide the experience and expertise needed to deliver a valuable solution to their members in the U.S. and Canada through a unique program — DI Made Easy.
Tailored to the middle income market…
Designed to provide affordable income protection to middle income families, Income Armor is a low cost, high value disability product that offers competitive premiums, comprehensive benefits and optional riders that allow members to personalize coverage to fit their specific needs and budget. Supported by a streamlined and simplified underwriting process, Income Armor is customer and agent friendly.
Delivered in a safe and efficient manner…
With their internal resources focused on core product and service initiatives, Knights of Columbus was able to rely upon the disability experts at DMS and Munich Re to develop and implement a unique disability product to serve the needs of its members. Leveraging the experience, scale, and expertise of the disability sector’s leading TPA and reinsurer, Knights of Columbus was able to maintain their involvement in the design process, providing input into pricing objectives, assumptions, competitive positioning, and desired product features.
The end result is an intelligent and responsibly designed disability product delivered on time and on budget, and at a cost well below the company’s internal cost structure.
Creating enhanced insurer value, sales opportunity and synergy with core products…
With so few insurers offering disability income protection, DI Made Easy represented a great way for Knights of Columbus to further differentiate its overall product portfolio and provide more comprehensive financial security to its members. A source of new sales for Knights of Columbus agents, the product also became a door opener with new members, especially younger ones, who were more open to a discussion concerning financial risks associated with injury or sickness than with death. DI also became a great product to cross sell after the life sale.
DMS and Munich Re collaborated with Knights of Columbus to create a pre-qualification program for DI based on the underwriting results for life applicants with premium waiver. Any life customers issued a preferred or preferred plus life contract with premium waiver were offered guaranteed issue DI coverage if they were currently working full time. What tremendous news for agents to bring to their clients when delivering life policies!
Keeping internal resources focused on the core while creating portfolio differentiation, sales synergy and a new source of revenue and profits – DI Made Easy made it all possible!
