Underwriting group disability requires an understanding of the marketplace, the needs of employers and the dynamics of the group being insured.
Symetra works with an experienced underwriting team to ensure the disability choices presented are the best fit at a competitive price.
Groups should be established for at least two years. Other underwriting considerations include:
- Type of industry
- Employer profile
- Employee demographics (date of birth, gender, occupation, salary)
- Plan design - a copy of the group's current policy is needed
- Claims and premium experience (over 100 lives for STD; over 500 lives for LTD)
- Noncontributory: 100% of eligible employees
- Contributory/Voluntary: Greater of 25% of eligible employees or 10 enrolled employees
- Noncontributory/Core: 100% of eligible employees
- Contributory/Buy-Up/Voluntary: Greater of 25% of eligible employees or 10 enrolled employees
All groups require a census to be completed prior to quoting. The census must include employees' date of birth, gender, occupation/job title and salary in an Excel format.