www.akbizmag.com May 2018 | Alaska Business 27
working at Alsco for twenty years. She says,
“We don’t have a high turnover rate.”
Price points out that most business owners
today are facing all types of challenges: they’re
battling rising costs, trying to remain competi-
tive within their market, and have challenges re-
taining employees and attracting talent. Many
of them also worry about employee productiv-
ity and are in an environment where the ad-
ministrative burden of offering benefits is at an
all-time high. “Offering voluntary benefits can
assist them with tackling some of those issues,
and we have a variety of programs to help them
face those challenges head on,” he says.
The insurance industry, in general, is complicated, so Aflac works hard to educate employers and individuals about the choices that
exist, Price says. Many employees across the
state don’t understand their current benefits,
let alone any additional benefits that may be
available. “We focus a great deal on education
because when employees understand the value
that Aflac products provide, they tend to have
strong interest in owning a policy,” he says.
There really is no downside to voluntary insurance, Price says. He explains: “We are providing products that help employers make their
business more attractive to potential and current employees. At the same time, we provide
the peace of mind that employees want so that
if they have an unforeseen medical situation,
they will be able to maintain their finances.”
Expert Insights and Trends
While many companies provide some type of
supplemental insurance products as part of
the health coverage for their employees, larger businesses tend to go a step further. They
may have a wider array of additional insurance options or assume more of the cost of the
insurance products they choose to provide.
For businesses like Alsco, it’s important
to present its 120 employees with an opportunity to obtain supplemental insurance.
Alsco provides medical insurance for all of
its unionized and nonunionized employees,
along with dental and vision insurance, according to Miranda. The cost for dental and
vision insurance is partially covered by the
company at varying amounts, depending on
the status of the employees.
Alsco also provides a $10,000 life insurance
policy at no cost to its workers. “They can add
disability insurance and dismemberment in-
surance, and the company will pay a portion
of it for the employees,” Miranda says.
Alsco presents all of its employees with information about supplemental insurance; they
can then sign up for coverage with a third party,
TrustMark, which handles the administration.
Miranda says the majority of Alsco’s employees
sign up for the company’s supplemental insurance offerings. That’s not surprising, given that
the additional insurance is fairly inexpensive
and the cost can be deducted from employees’ paycheck. Miranda, for example, pays just
$13.76 a week for critical illness coverage from
TrustMark. “I think it’s great,” she says.
So do different industries in Alaska use
supplemental insurance more than others or
choose certain kinds of coverage? The quick
answer is no, from Aflac’s perspective. The
company’s programs cover the entire spec-
trum of issues, but where it sees differences in
selections is in the life stage category rather
than the industry, according to Price. “For ex-
ample, a younger family might be more con-
cerned about replacing income and accidents
that happen to small children so they gravi-
tate toward those programs,” he says. “As
that family becomes older, their needs might
change and their concerns migrate toward life
insurance and preparing for a major illness.
We specialize in the needs of the employee
and not blanket programs for the employer.”
In fact, Aflac spends a considerable
amount of time training its independent
agents to address the needs of employees in
diverse industries and with varied needs.
offer Aflac products on site to
bolster their benefit offering
for their valued employees.”
—Joe Price, Marketing Director, Aflac
Individual & Family
Commercial & Business
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