Hancock Group Long Term Care Insurance Business Marks 15 Years in ...

John Hancock's Group Long Term Care Insurance (GLTC) division marked its 15th year in the university market by signing its 24th university/college client, Boston College. Hancock's GLTC division has been in business 17 years and is the largest provider of employer-sponsored long-term care insurance in the country, with particular success in the university market.

"City University of New York was our first university client in 1990 and since then, we've worked diligently to understand the subtleties of this market," said Laura Moore, vice president, Group Long Term Care Insurance. "Universities are employers, but they operate quite differently from our other employer clients. Over time, we've learned how to partner with them so that they have a successful offering."

According to Moore, long-term care insurance often fills a gap in a university's employee benefits. Like other groups, personal experiences with a family member or friend needing care often begins the process. However, working with a university often involves developing a solution with a consultant and committee of many people from different divisions, all advocating for their positions. "The carrier must have a strong product and be financially strong, and also be able to work collaboratively with the university's advisers to demonstrate what the university can expect in terms of service on a day-to-day basis," said Moore.

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