Lincoln Financial Group (NYSE:LNC) announced recently that its Lincoln Small Business area was increasing the group size it serves from 2-9 lives, to 2-14 lives. This expansion will expand the company’s presence in the small business group benefits market and increase sales opportunities for sales representatives and brokers.
The Lincoln Small Business unit is part of Lincoln Financial’s Group Protection operations, offering group life, optional life, disability and dental products to smaller businesses. And while the unit is a relatively new addition to Lincoln Financial’s Group Protection operations, its success has led to the expansion of its target group size.
Bob Risk, Senior Vice President of Group Protection Sales, said that the Group Protection business has a solid history of growth over the last ten years, and that the expansion of Lincoln Small Business would help continue that growth.
"By increasing the group size for up to 14 lives, we will increase Lincoln Financial’s market penetration, while allowing our sales representatives to concentrate on larger group cases and Lincoln’s new worksite products, including our accident and disability insurance products. This new flexibility will make Lincoln an even more attractive provider for our brokers’ small-business clients," Risk said.
Chris Jakubson, Head of Lincoln Small Business, credited Lincoln Financial’s product mix, technology and service model for its ability to compete and grow in small-case group benefits market.
"Our dedicated team of Lincoln Small Business home office sales and support staff will handle proposals, rating and sold group administration, providing a one-stop sales experience for the broker. Because the Lincoln Small Business unit is focused only on small business, brokers can continue to expect and receive the same outstanding service and responsiveness they’ve come to expect from us, because Lincoln sales representatives for groups with more than 14 employees have not changed," Jakubson said.
Jakubson also pointed out that Lincoln Financial uses the same contract for small employers as for large employers, and that Lincoln’s products are composite-rated and written on a guarantee-issue basis.
Group insurance products are issued by The Lincoln National Life Insurance Company (Fort Wayne, Ind.), which does not solicit business in New York, nor is it licensed to do so. In New York, group insurance products are issued by Lincoln Life & Annuity Company of New York (Syracuse, N.Y.). Both are Lincoln Financial Group companies. Product availability and/or features may vary by state. Limitations and exclusions may apply.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $157 billion as of December 31, 2010. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.