Key Words / Phrases
- Takeover
- Merger
- CUNA (competitor Third Party Administrator)
- Selman (competitor Third Party Administrator)
- I received this letter from [CHUBB/Minnesota Life/SECURIAN]
- Change of administrator
Key questions to ask caller (if applicable to their question):
- Does the letter have a Coverage ID on it?
- Is the letter addressed to you?
- How were you billed through the previous administrator?
- What can I help you with? (IF YOU DON’T KNOW, ESCALATE)
Frequently Asked Questions
Why did my billing cycle change?
The date of transfer is based on the contract terms between the financial institution and previous administrator. When we have a takeover or merger, the entire block moves to us at once. This can cause the billing cycle to change.
I’m going to be double billed for my coverage, what do I do?
“If you have paid premiums for coverage beyond the effective date of the letter you received, please call your previous administrator for a refund.”
I’ve been paying for coverage and I didn’t get billed this month (non-eligible calls).
Ask the caller which financial institution they had their coverage through and if they still have an active account through that client.
IF NOT, SAY: “Let me check to see if you are eligible to receive these benefits through another financial institution. Are you a member of another credit union or bank?”
IF YES, CHECK TO SEE IF THE OTHER FINANCIAL INSTITUTION OFFERS OUR PRODUCTS.
IF NO, SAY: “It’s a requirement that you have an account with your financial institution in order to receive this product.”
Why is my bill coming from Franklin Madison?
“We are the new plan administrator, so moving forward your bill will come from us.”
Why is my bill delayed?
“Due to the processing time of the change in plan administrator, there was a delay in your enrollment. We always provide a 30-day notice before your first billing. You should see that the billing is scheduled for approximately 30 days after the date on the letter you received. Your future billings should not be delayed and will occur on or around the third business day of each billing quarter.”
Why am I getting a bill instead of the money coming directly out of my account?
“During the change in administrator, if we are not able to confirm your account information, we will send a paper bill to ensure we properly bill you. If you would like to set up an automatic payment, I would be happy to send you an account number change form right away so we can get this fixed for you.”
Takeover Information
What is a Takeover?
Takeovers are when a financial institution moves an AD&D block of business (insureds) to Franklin Madison from another administrator.
What does this mean for the customer?
The customer is now administered by Franklin Madison and has a new carrier. Their policy may be slightly different (rates, basic amount, additional benefits, etc.), but the coverage amount will not change.
What is a merger/acquisition?
A merger/acquisition is when a financial institution acquires another financial institution that has a block of business with another administrator, and they move the block to Franklin Madison.
What does this mean for the customer?
As a result of the merger, the customer is now administered by Franklin Madison and has a new carrier. Their coverage is now “sponsored” by the surviving financial institution. Their policy may be slightly different (rates, basic amount, additional benefits, etc.), but the coverage amount will not change.
Tips
- Always look at the letter sent to the customer on the knowledge base
- Always check the flash
Typical Takeover Flash
- TAKEOVER: Basic & Supplemental; Effective xx/xx/xx; Previous TPA: XXXXXXXXXX; Billing will post on or around xx/xx; Special Notes
- TAKEOVER: Basic; Effective xx/xx/xx; Previous TPA: XXXXXXXXXX; Special Notes
- When searching for a customer, the letter “T” indicates the customer was impacted by a takeover (as shown below for Jean A. Nichols)
Types of Takeovers
- Basic Only
- Basic & Supplemental coverage
Special States
- If a customer resides in a special state, the following may be different on the letter they received versus what is posted on the knowledge base:
- Basic amount
- Additional benefits
- Rate (if applicable)
- Special states apply to Minnesota Life only:
- Florida
- Kansas
- Minnesota
- New Hampshire
- New York
- Washington
Prenote
- If you see a prenote in the billing history screen, that is NOT a real billing date
- Check the flash for the actual upcoming billing date
For More Information
If questions come up that have not been addressed, please escalate to your supervisor to ensure we are providing all necessary information on takeovers and mergers.