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11.10

By IEEE Staff

IEEE members who currently participate in the life and health insurance products available through the IEEE Member Group Insurance Program are highly satisfied with the overall program, according to a new survey recently released by Marsh U.S. Consumer, the IEEE Member Group Insurance Program Administrator. Integral Data, an independent business that specializes in developing studies to measure business performance, developed and executed the survey.

The survey was conducted via the web to IEEE life and health insured members in June 2010. More than 20 questions inquired about satisfaction with seven different areas of business service provided by Marsh. The questions used a 1 to 7 Lickert-type scale, a commonly used, reliable measurement indicator.

Survey reveals higher customer satisfaction scores

Key highlights from the 2010 survey included the following:

• The overall IEEE Member Group Insurance Program satisfaction score was 5.75 out of 7, which was higher than the previous year’s score of 5.57. Members were also more satisfied with the product offerings and the insurance carriers selected to provide these products.
   

• Program communication materials—three areas were measured that included helpfulness, timeliness and clarity of information communicated. In all three areas, there was a significant improvement in ratings compared to the previous year’s survey. The overall average score in this category was 5.52 this year, up from 5.41 in 2009.
   

• Members continue to be satisfied with the telephone agents’ professionalism, knowledge, understanding of the program and timeliness of responses. One member provided the following comment: “Agents in the life insurance call center were extremely professional. They did an excellent job! Highly recommended.” The average score for this question was 5.76 compared to 5.75 in 2009
   

• Policy, errors and document process scores were all slightly higher than the previous year’s survey with an average rating of 5.54 compared to 5.48.
   

• Insurance Program website—while the ratings were significantly improved from last year’s survey, which had an overall average rating of 5.14, this

  Here are a few member comments from the survey: “I am most pleased and voted 7 all the way because that is how I feel.” “The product and value of service have been very good and in line with the needs of my family.” “The IEEE Group coverage was the most convenient way to get insurance coverage…” “In comparing life insurance programs, IEEE Member Group Insurance Program is always an excellent value.”

  year’s overall average was 5.32. This score was the lowest business collected from the survey. Several member comments remarked that they were unaware of the website or the “MyAccount” feature that provides current insureds with access to their account information where they can make changes, review coverage, check plan rates and other services.
  
  One satisfied member used the IEEE insurance website, www.ieeeinsurance.com, and commented, “I appreciate the ability to pay my insurance premiums online through the  MyAccount website.”
   

• Value and ease of doing business. When respondents were asked if they were likely to recommend the Program, their combined rating was 5.91—which was the highest rated score on the entire survey. This is up from the 2009 survey which had combined rating of 5.83.

Program improvements already in the works

Overall, the survey results showed significant improvements over last year’s survey. Perhaps this is attributed to some of the product enhancements or service features that Marsh implemented to support members’ needs. Here are some examples of enhancements that were available in 2010:

• Reconstructed the program website: All members are encouraged to take a look at the newly designed website at www.ieeeinsurance.com. The overall layout is more functional and product content is more informative. There are also handy tools such as a life insurance rate calculator and comparison tool, as well as informative articles and other resources that are available. View the new website now.
  
  In addition, current member participants can sign up for the “MyAccount” feature that is now prominent on every page on the site. Simply click on “MyAccount” in the upper right corner of www.ieeeinsurance.com.
   

• New products introduced

  • Group Term Life with Living Benefits Insurance Plan—This plan offers basic term life insurance protection in addition to two unique living benefits—a critical illness and permanent critical condition benefit. Both of these living benefits pay a certain percentage of the life benefit amount if either or both of these situations occur. Visit the product page for more details+.

  • Group Dental Insurance Plan from MetLife—This insurance offers IEEE members comprehensive benefits and competitive rates. Learn more by visiting the product page on the IEEE insurance website.
     

• Lower rates: New York Life Insurance Company reduced premium rates for the Group Term Life Insurance Plan and continued to offer current insured members a 30 percent premium discount.
   

• More Long-Term Care Insurance options: New products were added to the plans available to members, giving them additional flexibility to meet their critical needs.

“The fact that members were very likely to recommend the IEEE Member Group Insurance Program to other members is a great testament that the program is meeting our members’ needs when it comes to value, cost and benefits,” said Lynn Koblin, CAE, manager of IEEE’s Financial Advantage Program (FAP). IEEE FAP is the IEEE member benefit portfolio featuring a broad range of cost-saving, value-added products and services especially negotiated for IEEE members and their families.

Members can find more information about the insurance plans by going to www.ieeeinsurance.com or by calling 1-800-493-IEEE (4333).

The IEEE Member Group Term Life with Living Benefits Insurance Plan is underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 on Policy Form GMR.

The IEEE Member Group Dental Insurance Plan is underwritten by Metropolitan Life Insurance Company, New York, NY.

Administered by: Marsh U.S. Consumer,
a service of Seabury & Smith, Inc.
12421 Meredith Drive
Urbandale, IA 50398

Comments may be submitted to todaysengineer@ieee.org.