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Prudential Execs Receive Diversity Leadership Awards
November 24, 2008Newark, N.J. — Prudential Financial Inc., chairman and CEO John Strangfeld received the 2008 CEO Diversity Leadership Award from Diversity Best Practices for his commitment to integrating diversity into the company's corporate culture and business practices. Strangfeld was recognized along with 10 other leaders at Diversity Best Practices' 15th annual Diversity and Inclusion Leadership Summit and Gala held in
"It is an honor to receive this award," says Strangfeld. "My leadership team and I understand that individual differences represent a mosaic of opportunities for Prudential. We hold ourselves, our management team and all employees accountable for promoting an environment that values these differences, and capitalizes on these opportunities for the ultimate benefit of our customers, shareholders and employees."
Prudential Chief Diversity Officer, Emilio Egea, also received the Diversity Officer Leadership Award (DOLA) at the
"Prudential has been fortunate to earn recognition for our efforts to fully integrate diversity into our HR and business practices," says Egea. "We are proud of this recognition, but we are most proud of our leaders, managers, and employees who are engaged, accountable and committed to bringing diversity best practices to life every day."
Source: Prudential Financial Inc.
Independence Blue Cross Celebrates 70 Years of Service
November 17, 2008Philadelphia — Independence Blue Cross (IBC), southeastern Pennsylvania health insurer, turns 70 years old this month. Known then as the Associated Hospital Service of Philadelphia, the organization opened its doors Nov. 7, 1938, under the leadership of E. A. Van Steenwyk, who founded Blue Cross Blue Shield of Minnesota, and came to Philadelphia to expand the Blue Cross brand. In rented quarters at 1429 Walnut St., Van Steenwyk and four associates comprised the entire original staff. They sat at desks borrowed from the University of Pennsylvania, and used office equipment bought with a small portion of a $30,000 loan from the Community Chest, now the United Way, to finance a new health plan. At the close of its first year, the health plan had 170,000 members.
Today, 70 years later, IBC and its affiliates insure nearly 3.4 million members nationwide, and employ 8,300 people throughout the region. The company offers dozens of different health insurance plans, a complete range of wellness programs and initiatives to save customers money, according to IBC.
“At Independence Blue Cross, there is an overwhelming passion for excellence and innovation to improve the health of its members and strengthen the well-being of our community," says M. Walter D'Alessio, chair of IBC's board. "IBC's impact grew enormously under Fred DiBona, who led the company through the early 1990s managed care revolution and strengthened IBC's commitment to serving its customers and community. That commitment moved to an even higher level under current president and CEO Joe Frick, who is leading the company as the country faces a possible second revolution in health care. After 70 years, the company's success continues to be driven by its dedication to responding swiftly to meet the needs of customers, members, physician and hospital partners, and associates."
Source: Independence Blue Cross
Report: Connecticut Anthem Ranks in Top 10 of Insurers
November 17, 2008North Haven, Conn. — Anthem Blue Cross and Blue Shield in Connecticut is ranked seventh in the nation out of 287 health insurance plans, according to the Nov. 17, 2008, issue of U.S. News & World Report /NCQA America's Best Health Plans 2008-09. This recognition as one of the nation's best health plans is the result of outstanding overall performance in clinical care measures, member satisfaction and NCQA accreditation, according to Anthem.
"We are very proud to be one of the highest-ranked plans in the country," says David Fusco, president, Anthem Blue Cross and Blue Shield in Connecticut. "Our
ranking is a testament to the hard work our associates do every day to help
ensure members have access to the high-quality medical care they need, when they need it."
Anthem scored in the 90th percentile (i.e., the top 10 percentile of health plans in the nation) in several key Healthcare Effectiveness Data and Information Sets (HEDIS) Effectiveness of Care measures, including childhood immunizations, cervical cancer screening, high blood pressure and antidepressant medication management in optimal practitioner contacts for medication management.
America's Best Health Plans rankings are based on prevention, treatment and
customer experience scores on a range of measures that health plans
voluntarily report to NCQA. These scores are compiled in NCQA's Quality
Compass database.
Anthem Health Plans in Maine and New Hampshire also made U.S. News & World Report/NCQA's Top 20 commercial plans.
Source: PR Newswire
Chubb Appoints Korean-American Agency to Sell Personal Insurance Products
November 17, 2008Warren, N.J. — The Chubb Group of Insurance Cos. has granted a personal insurance agency appointment to Solomon Agency Corp. to help serve the Korean-American community in the New York metropolitan region. This is Chubb’s first appointment of a Korean-American agency in the region.
Nearly 2.2 million ethnic Koreans were living in the United States in 2003, according to the South Korean government. The U.S. Census found that Korean-Americans, on average, record higher income levels compared to the overall population. Korean-Americans owned 158,000 businesses with total revenues of $46.9 billion in 2002.
As an appointed agency, Solomon can sell Chubb’s Masterpiece line of personal insurance products to its clients. Solomon also provides Chubb products to its commercial customers.
“Working with Solomon allows Chubb to offer quality insurance products and services to a community that is growing in size, affluence and influence,” says James Romanelli, SVP of Chubb & Son and Long Island branch manager. “This fits in well with Chubb’s desire to reach out to a more diverse group of customers.”
“Being the first Korean-American agency in the region to be able to offer Chubb's Masterpiece personal insurance coverages is a testament to our success as an insurance agency and as a member of the Asian business community,” says Yong Hwa Ha, president of Solomon Agency. “America, the land of opportunity, certainly has offered the same blessings to the Asian communities. Through hard work and education, we have created a new surge of wealth, which highly respected and smart companies such as Chubb are beginning to notice."
Source: The Chubb Group of Insurance Cos.
MassMutual to Pay $1.35 Billion Dividend to Policyholders
November 17, 2008Springfield, Mass. — Massachusetts Mutual Life Insurance Co. (MassMutual) has approved the payment of approximately $1.35 billion in dividends to eligible participating policyholders in 2009. The total approved payout for 2009 reflects a dividend interest rate of 7.6% on new eligible participating life insurance policies.
“MassMutual remains strategically committed to providing our policyholders with high-value products and services, and this includes providing strong dividends to our eligible participating policyholders, even during these uncertain and turbulent economic times,” says Stuart Reese, chairman, president and CEO, MassMutual. “Our approved 2009 dividend payout reflects MassMutual’s commitment to help provide financial stability and security to our policyholders, and demonstrates the company’s continued strong financial position.”
As a mutual company, MassMutual is owned by its policyholders—meaning they share in the ownership of the company.
“To borrow from the company’s brand position, we view our dividend payout as the result of a ‘good decision’ by our participating policyholders in choosing to do business with MassMutual,” says William Glavin Jr., co-COO of MassMutual and EVP of the company’s U.S. Insurance Group.
Customers who purchase participating products from MassMutual receive an equitable share of a portion of the company's divisible surplus in the form of dividends as approved by MassMutual's board of directors each year. The dividends, which are not guaranteed, come primarily from three sources: investment results, mortality savings and savings on expenses. Dividends for a given policy are influenced by such factors as policy series, issue age, policy duration, policy loan rate and changes in mortality experience. The majority of MassMutual's dividends are paid to those who have purchased whole life insurance, according to the company.
“With a guaranteed death benefit and cash value that grows over the life of the policy, whole life insurance provides valuable benefits as individual needs evolve over time,” Glavin says. “Whole life insurance offers living benefits that provide flexibility and security, two attributes that people highly value as they seek to make good decisions about their financial future.”
Source: Massachusetts Mutual Life Insurance Co.
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