Bankers Life and Casualty Company Wins Senior Retiree Insurance Business for State of South Dakota.Business Editors CHICAGO--(BUSINESS WIRE)--Sept. 24, 2003 Bankers Life and Casualty Bankers Life and Casualty is primarily a health insurance company in the United States. It was founded in 1879 and was previously known as White Cross. It was formerly owned by millionaire investor John D. Company, headquartered in Chicago, now covers government retirees of the State of South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). with senior retiree insurance. The policy, which took effect in July 2003, covers about 1,100 policyholders and generates about $1.6 million in annual premiums for the 125-year-old national insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . Bankers, which specializes in products designed for seniors, won the contract in a competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. process necessitated when the former insurance carrier decided to cease business activities in the state. "We're very happy to have Bankers on board as our supplemental insurance carrier," said Larry Kucker, director of benefits for the Department of Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. of South Dakota. "What you look for in a bidding process such as this one, is to find not only a competitively priced bid, but a company that has the knowledge and the staying power to provide the service we need. We feel Bankers gives us both." Bankers Vice President of Affinity Marketing, David Bledsoe, said, "Bankers focuses exclusively on products that serve the needs of seniors, and we've been doing it for a long time. We were selling what used to be called Medi-gap insurance all the way back in 1965. We were one of the first companies to do it. So we have a lot of years of experience to draw on to provide policyholders with the kind of service and attention they need." Bledsoe said the policy provides retirees with their own coverage and does not lump them together under the same coverage with active employees. It helps the state by providing retirees much-needed coverage, but lightens the premium load carried by the employer and policyholders. Established in 1879 and headquartered in the world famous Merchandise Mart in downtown Chicago, Bankers Life and Casualty Company offers seniors a broad portfolio of insurance products including 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. , life, annuities and Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. supplement. Visit Bankers Life and Casualty Company online at www.bankerslife.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion