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Insights from a pandemic: STD claims during COVID-19
The spread of COVID-19 has had a significant impact on short-term disability (STD) claims. We’re providing an update on what we’ve seen so far in terms of STD experience on our block.
Claim volumes
Initially, as COVID-19 started to spread, STD claims ramped up quickly as plan members tested positive for or developed symptoms associated with the virus and were unable to work. Overall, we saw a 34% increase in the volume of claims on our block in Q1, compared with the first quarter of 2019, primarily due to COVID-19-related claims.
Since then, we’ve seen the number of COVID-19-related STD claims slow. Claims levelled off to a 21% year-over-year increase by the end of May. We haven’t seen any meaningful increase in STD claims related to mental health.
Most of the COVID-19-related STD claims so far have been in the manufacturing, retail and healthcare and social assistance sectors where physical distancing can be challenging.
Somewhat surprisingly, Alberta had for the largest share of STD claims on our block, accounting for 40% of claims, followed by BC with 28% and Ontario with 21%.
Claim durations
While STD claim volumes have increased, we’ve seen a notable decrease in claim durations so far this year. As of the end of May, 59% of closed claims resolved in the first two weeks, compared with only 20% the previous year. This is expected given the nature of COVID-19 and that, for most people, symptoms dissipate within about two weeks./p>
Of the STD claims we’ve approved, approximately 25% were paid for the full 14 days. In most cases, this meant the plan member had tested positive for COVID-19.The remaining 75% of paid claims were paid based on the elimination period in the contract, with the most common elimination period of 7 days accounting for 35% of paid claims.
We will continue to provide timely updates on any development/p>
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Predictive Analytics at Equitable Life
At Equitable Life®, we understand the importance of using technology and data in making informed business decisions. That's why we leverage predictive analytics to improve our Underwriting process.
LEARN MORE about Predictive Analytics at Equitable Life.
® denotes a trademark of The Equitable Life Insurance Company of canada -
100 years strong
As COVID-19 continues, we want to reassure you that Equitable Life remains financially strong and committed to supporting our clients.
We are financially strong and stable
Our commitment to your health, wealth and overall well-being remains unchanged. This global pandemic has impacted the way we do business, but we continue to focus on our strategic goals while meeting the needs of Canadians. These three factors speak to our financial strength and stability:
• Equitable Life has a global credit rating of ‘A’ with a positive trend from DBRS Morningstar in recognition of our ability to adapt to the current business environment and prudent risk profile;
• We are maintaining our current dividend scale for the period July 1, 2020 to June 30, 2021; and
• Our Life Insurance Capital Adequacy Test (LICAT) ratio remains well above our goal and the minimum that is required at 152.5% at the close of the first quarter.We pride ourselves on our customer service
Being recognized for its service culture across all lines of business is a point of pride for a company that includes ‘customer focus’ as one of its three corporate values. In 2019, our dedication to customer service was recognized with these outstanding survey results, proving we have the We have the knowledge, experience and ability to find solutions that work for you:- Equitable Life ranked in the top quartile for segregated fund service in 2019 survey of advisors and MGAs1 ;
- In a 2019 survey of customers from 15 life insurance companies,2 Equitable Life ranked #1 on the Net Promoter Score, a measure used across industries to gauge the loyalty of a firm's customer relationships; and
- A survey of Group consultants, brokers and third-party administrators 3 ranked Equitable Life in the top two insurers across all categories.
We have adjusted our business to become digital
Since the pandemic began, our IT and operations teams have digitally enhanced more than 20 different processes and services to make it easier for us to integrate with our distribution partners in this new reality. Our sales and customer service teams remain open and available to support you and your customers.
We are here with you and for you- To commemorate our 100th Anniversary this year, we donated $4.5 million to purchase and install a new MRI for Grand River Hospital and, as part of our Equitable Gives Back Contest, we donated $50,000 – $10,000 each – to five charities in British Columbia, Alberta, Manitoba, Ontario and Quebec. As well, we are celebrating by randomly selecting policyholders to receive a $100 and three grand prizes. For more information about our celebrations, check out our website at www.equitable100.ca.
As the global situation continues to evolve, rest assured that Equitable Life is unwavering in our commitments to you and the communities we serve. We are here with you and for you.
2 LIMRA CxP Customer Experience Benchmarking Program, Life Insurance In-Force Experience 2019
3 NMG Consulting’s Canadian Group Benefits Survey 2019
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Transaction Authorization Requirements table for Savings & Retirement advisors
Equitable Life® is here to help. When it comes to getting certain transactions authorized in a non face-to-face environment, you might need some direction. We’ve got you covered.
Equitable has created a quick reference table on EquiNet™. The Transaction Authorization Requirements table provides details on how to get certain forms approved and the best way to get them to us. Each form listed gives the authorization type that is accepted. We’ve also provided details when we receive a document that is considered not-in-good-order.
As we navigate through COVID-19, we will continue to update this table. This means you have the most current information available at your fingertips, 24/7.
Have other questions about COVID-19? Check out our Savings & Retirement COVID-19 update page on EquiNet as well. This page provides the latest news and information for Savings & Retirement advisors.
Still have a question? Give our Advisor Services team a call Monday to Friday 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427 or email savingsretirement@equitable.ca, or your local Regional Investment Sales Manager.
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Equitable Life is launching a new Retirement Savings Plan section on EquiNet
It is never too early or too late to speak to your clients about Retirement Savings Plans (RSP). This is a great time to check us out because Equitable Life® is launching all new tools and resources to help you improve your sales strategy and reach your clients.
Today, Equitable Life is launching an all new RSP section on EquiNet®. The RSP Product Information box contains new and improved marketing tools and resources. Need to prospect new clients? We have editable letters to help you do that! Need to market to Millennials, Generation X or Baby Boomers? We have brochures and case studies to help you reach them. Want to market to your clients using social media? We have links and articles to help you share the love. With all the new and updated RSP materials, we have you covered. So, visit us on EquiNet today to see how we can help you grow your business.
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What’s the story behind Equitable’s new brand?
We are excited to share some more insight into the news of Equitable’s new brand.
Our new brand isn’t just a logo change.
Our new brand reflects our deeply rooted dedication to our clients. Over the next year, we will make the transition to our refreshed look. The new brand illustrates our focus on strong partnerships and making it even easier for you to do business with us.
Check out the Beyond the Logo video featuring our executive team sharing how the new brand embodies our commitment to advisors.
We’ll provide more details on the changes we’re making, and we welcome you to join in the journey. Please reach out to your Equitable point of contact or visit equitable.ca to learn more.
Posted December 4, 2023 -
Making it easy to do business with us
Online Term illustration now auto-populates the application
We have added a new online illustration for Equitable® Term life insurance illustrations that automatically populates the fields in your Term application.
We’ve designed the online illustration to be intuitive so you can fill in client details with ease.
● Select term plans and coverages of choice, then get an illustration report in minutes.
● You can save your web illustration progress at any time and view it from the online application dashboard.
● We’ve combined the illustration with our online application to make the process seamless. The illustration details you provide will auto-populate in the fields needed to complete the application.
New: You can create a term illustration without logging in to EquiNet.
We are taking another step in the journey towards enhancing the ways we do business.
Check out this update on the new Illustrations page on EquiNet®!
Learn more
Have further questions? Your Equitable Wholesaler is here to help!
® and TM denote trademarks of The Equitable Life Insurance Company of Canada.