UnumProvident is rolling out a simplified disability insurance product. Partnering with The Edge Benefits Inc., a third party administrator and distributor, UnumProvident will now sell The Edge product, targeting the self-employed and contracted worker market.

“UnumProvident already offers a product targeted to this market, but we are always looking for ways to streamline process and upgrade offerings to make selling and buying easier for both insurance advisors and Canadians,” said Scott Moffatt, assistant vice-president, market development, UnumProvident. “So the timing was perfect when Edge Benefits approached us with a product and process that we were looking for,” he continued.

For the past two years, UnumProvident’s The Answer product and Edge Benefits’ The Edge product have competed against each other. Based on the success of The Edge product, the decision was made to merge the two products. “It simply doesn’t make sense to have competing products that are sold through the same insurance advisors,” Moffatt added.

UnumProvident’s The Answer product will be phased out of the existing income protection portfolio by the end of the year and replaced with The Edge product. The current portfolio includes four other income protection products targeted to individuals of various professions and income levels.

An injury only base plan, with sickness benefits available to age 70, UnumProvident’s The Edge product is designed primarily for the blue collar self-employed and contracted worker market. A 2001 Statistics Canada survey reported over 15 million Canadians in the employed workforce and a 2000 Canadian Life and Health Insurance Association survey cited only 55% of those employed as having disability income protection.

The key to the success of The Edge product has been twofold, according to Neil Paton, vice-president, distribution and market development, UnumProvident. “Not only does The Edge program make it easy for Canadians to buy this protection, but insurance advisors like the simple, one page application process, with injury only policies delivered to the consumer in a week.”

“Both companies have been extremely pleased with the results,” commented David Prince, president, The Edge Benefits Inc. “In 2002, our first calendar year, we sold over $3.4 million in new premium with UnumProvident through less than 400 insurance advisors — an extremely high proficiency level for advisors selling disability insurance.”

Beginning this month, UnumProvident and Edge Benefits are working together to conduct educational seminars designed to attract insurance advisors across Canada.

Advisors will be invited by special fax invitations and can also register on-line by visiting www.edgeplans.com.