Answer Financial and SAM'S CLUB to Offer Group Health Insurance to Small Businesses; Nation's Largest Warehouse Continues Strong Focus on the Needs of Small Employers.Business Editors LOS ANGELES--(BUSINESS WIRE)--March 8, 2004 Answer Financial, provider of the SAM'S CLUB Sam's Club is a membership-only warehouse club owned and operated by Wal-Mart Stores, Inc. History The first Sam's Club opened in April 1983 in Midwest City, Oklahoma in the United States.[1] Sam's Club is named after Sam Walton. Insurance Services program, will offer group health insurance plans to small businesses through the SAM'S CLUB Insurance Services program, allowing business owners to more easily provide an appropriate suite of employee benefits. This launch builds on an already extensive list of insurance products available nationwide geared towards SAM'S CLUB Business Members including commercial property, liability and worker's comp insurance as well as auto, home, life and individual health insurance plans. The initial rollout of group health will be to five states largely populated with SAM'S CLUB Business Members: Illinois, Missouri, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Ohio and Tennessee. The new products are Preferred Provider Organization pre·ferred provider organization n. Abbr. PPO A medical insurance plan in which members receive more coverage if they choose health care providers approved by or affiliated with the plan. (PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there ) plans with a range of deductibles, coinsurance A provision of an insurance policy that provides that the insurance company and the insured will apportion between them any loss covered by the policy according to a fixed percentage of the value for which the property, or the person, is insured. and out-of-pocket limits to fit the budget of virtually any employer. These small group health plans are geared toward companies with between two and 99 employees looking to replace an existing plan or add health insurance as a new employee benefit. "Providing insurance is one of the biggest challenges when competing for employees and improving retention," said Cara Kinzey, vice president of membership, SAM'S CLUB. "As the purchasing agent Noun 1. purchasing agent - an agent who purchases goods or services for another agent - a representative who acts on behalf of other persons or organizations for small businesses nationwide, SAM'S CLUB continues to add services that benefit small business owners and enable them to improve their business efficiencies." "Health insurance is a particularly challenging aspect of small business ownership," noted Answer Financial Inc. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Alan Snyder. "We are delighted to be able to offer SAM'S CLUB Business Members a superior solution. The team at Answer Financial and our partner providers can walk the business owner through the process and help them make the best choices." Members can purchase insurance from top-rated carriers for both their business and personal needs through the SAM'S CLUB Insurance Services program. Access is available online at the SAM'S CLUB website, www.samsclub.com or via a toll-free call to 1-888-345-2111. After the initial rollout, additional states will be added with the eventual goal of being able to offer small group health insurance products to SAM'S CLUB member businesses nationwide. SAM'S CLUB (www.samsclub.com), a division of Wal-Mart Stores, Inc., is the nation's largest warehouse chain serving small business owners and operators. More than 46 million members utilize SAM'S CLUB as their purchasing agent and resource for consistent savings on products and services that meet their business and personal needs. Sales in 2003 were $31 billion. Answer Financial Inc., rated #1 by multiple independent Web rating authorities, features auto, home, life, health, dental and long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. insurance as well as annuity products, prepaid legal services legal services n. the work performed by a lawyer for a client. , home warranty A Home warranty is an insurance contract that covers the repair and replacement costs of home appliances. The warranty generally covers equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. , vision and prescription discount plans, commercial insurance, online banking, travel protection, pet insurance and more. The company offers the products of more than 230 top-rated national providers through intranets, the Internet and by toll-free phone access to experienced, licensed agents. Answer Financial Inc. distributes its products as a voluntary benefit to hundreds of large employers and affinity groups, as well as a private labeled customer product for leading financial institutions. The Company has produced more than 635 web executions for its program sponsors. |
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