Lincoln Financial Group plans to extend its small business area to serve two to 14 lives, up from two to nine lives, the company announced Monday.
The company says the move will expand the company's presence in the small group benefits and increase sales opportunities for sales representatives and brokers.
"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," said Bob Risk, senior vice president of Group Protection Sales. "This new flexibility will make Lincoln an even more attractive provider for our brokers' small-business clients."
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Risk added 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.
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.
Chris Jakubson, head of Lincoln Small Business, notes 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.
"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.
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