Custom Disability Solutions Insurance Review
Brief Introduction and Overview of the Company
Custom Disability Solutions (CDS), a Maine-based subsidiary of Reliance Standard Life Insurance Company (RSL), specializes in Group Disability Reinsurance. RSL is a prominent insurance carrier renowned for its innovative and adaptable employee benefits solutions, encompassing disability income and group term life insurance. CDS leverages the extensive expertise and resources of its parent company to provide comprehensive reinsurance services to its clients.
Key Highlights of the Company’s Market Position and Reputation
- Financial Strength: CDS benefits significantly from the robust financial standing of its parent company, Reliance Standard Life Insurance Company, boasting an A+ (Superior) rating from both A.M. Best and Standard & Poor’s. This strong rating underscores the company's financial stability and its ability to meet its obligations to policyholders.
- Industry Experience: With a rich history spanning over 50 years in the reinsurance sector, CDS has cultivated a strong reputation for providing flexible and tailored solutions while maintaining exceptional client service. This long-standing presence in the industry demonstrates a proven track record and deep understanding of the market dynamics.
- Comprehensive Services: CDS offers a wide array of services, including actuarial support, underwriting expertise, and meticulous claims management. This comprehensive suite of services ensures clients receive support throughout the entire insurance lifecycle, from policy inception to claims resolution.
Overview
Year of Establishment and Background Story
Custom Disability Solutions has been a key player in the reinsurance industry since 1969, consistently adapting to the evolving needs of the market and maintaining a commitment to excellence. This longevity reflects a deep understanding of the industry and a dedication to long-term relationships with clients.
Key Milestones in the Company’s History and Growth
Leadership Team: CDS is expertly led by Gerald (Jerry) Bannach, President and CEO, who brings over 25 years of invaluable experience in group disability insurance and reinsurance. His expertise provides strong leadership and strategic direction for the company.
Employee Base: The company boasts a workforce of over 140 employees strategically located across Maine, Connecticut, and Minnesota, enabling them to serve clients across a wide geographical area with efficiency and responsiveness.
Regulatory Compliance and Licenses
Regulatory Compliance: CDS maintains a steadfast commitment to regulatory compliance, employing a dedicated compliance team under the leadership of Mark Murphy. This team ensures adherence to all state-specific regulations and provides ongoing legal support for all group disability products, guaranteeing operations are conducted ethically and legally.
Industry Standards: CDS strictly adheres to the highest industry standards and best practices, fostering transparency and accountability in all its operations. This commitment to best practices enhances client trust and assures consistent service quality.
Insurance Products and Services
Main Insurance Products
Types of Insurance Offered: CDS primarily focuses on providing Group Disability Reinsurance, offering comprehensive coverage for both short-term and long-term disabilities. This specialized focus allows them to develop in-depth expertise and provide tailored solutions within this specific market segment.
Coverage Options and Policy Details
Customized Solutions: CDS excels in offering customized reinsurance solutions, expertly tailored to the individual requirements of its clients. This bespoke approach ensures that each client receives coverage perfectly aligned with their specific needs and risk profiles. They support all STD and LTD products.
Actuarial Services: The company's comprehensive suite of services extends to a full range of actuarial services, including accurate pricing, innovative product development, rigorous valuation, insightful research, reliable financial projections, and sophisticated risk analysis. This demonstrates a commitment to data-driven decision-making and risk management.
Additional Services
Claims Management: CDS employs a skilled claims management team dedicated to providing claimants with compassionate and thorough support throughout the claims process. This team includes specialists in clinical assessment, vocational rehabilitation, and Social Security Disability Insurance (SSDI), ensuring claimants receive the necessary guidance and resources.
Compliance and Legal Support: The company provides robust compliance and legal support, encompassing state filings and effective appeals management. This ensures clients remain compliant with all regulatory requirements and receive assistance in navigating potential legal challenges.
Premiums and Pricing
Pricing Structure
Overview of Premium Rates: CDS offers competitive premium rates for its group disability reinsurance products, with pricing meticulously tailored to the unique needs of each client. The company prioritizes transparency and fairness in its pricing structure.
Comparative Analysis with Industry Averages
Industry Comparison: While precise comparative data isn't readily available, CDS’s robust financial strength and extensive industry experience strongly suggest that its premium rates are highly competitive with industry benchmarks. The A+ rating from reputable agencies provides evidence of this competitive positioning.
Discounts and Special Offers
Available Discounts: While specific details on discounts are not publicly listed, the company's emphasis on customized solutions and competitive pricing implies that tailored discounts or special offers may be available to clients based on their specific needs and volume of business.
Promotional Deals: Similarly, information on promotional deals or limited-time offers is not explicitly detailed. However, CDS's dedication to transparency and client relationships suggests that such opportunities may be offered periodically.
Customer Service and Support
Contact Methods
Available Customer Service Channels: CDS provides multiple convenient contact methods for customer service, including a toll-free number (1-877-646-8708), a dedicated claims inquiry line (1-877-448-1999), and a specific line for HR/job inquiries (207-400-3514).
Availability of 24/7 Support and Multilingual Assistance
24/7 Support and Multilingual Assistance: While not explicitly stated, the company's commitment to outstanding customer service suggests that they may offer 24/7 support or multilingual assistance in certain cases. Direct inquiry is recommended to confirm the availability of these services.
Pros and Cons of Custom Disability Solutions Insurance
Pros
- Comprehensive Coverage: CDS offers robust coverage for short-term and long-term disabilities, providing clients with significant financial protection during periods of incapacity.
- Financial Strength: The strong financial backing of Reliance Standard Life Insurance Company provides clients with confidence in the stability and reliability of their coverage.
- Customer-Centric Approach: CDS prioritizes a customer-centric approach, striving to provide exceptional service and tailored solutions to meet each client's unique requirements.
Cons
- Limited Product Range: CDS's specialization in group disability reinsurance means its product offerings might be more limited compared to larger, more diversified insurers. This may not be suitable for organizations with diverse insurance needs.
- Complex Claims Process: While guided by experienced professionals, the claims process can still be intricate and potentially stressful for claimants. Improved process transparency and streamlining could enhance the claimant experience.
Conclusion
Summary of Main Points: Custom Disability Solutions is a well-regarded company specializing in group disability reinsurance, providing a reliable solution for businesses requiring comprehensive coverage. Its financial strength, substantial experience, and commitment to customer service are key strengths. While the claims process complexity and limited product range are potential areas for consideration, its overall reputation remains strong.
Recommendations: CDS's services are especially beneficial for large organizations needing customized group disability reinsurance, and employers prioritizing comprehensive coverage for their workforce. The company's focus on personalized solutions makes it a valuable partner for organizations seeking to protect their employees’ financial well-being.
Frequently Asked Questions about Custom Disability Solutions Insurance
- What Type of Opportunities Exist? Employment opportunities are posted on the Reliance Standard Career Center website. Specific positions are clearly identified as CDS or RSL Direct.
- How Do I Know My Personal Information is Secure? CDS uses a Ceridian Human Capital Management powered online recruiting tool with robust policies ensuring the security and responsible handling of personal information.
- Will I Hear Back from a Recruiter? You will receive a response from a recruiter if your qualifications align with a specific job opening.
- What Type of Follow-Up Should I Expect After an Interview? Follow-up communication may occur via phone, email, or letter.
- Is Custom Disability Solutions an Equal Opportunity Employer? Yes, CDS is an equal opportunity employer and provides employment opportunities regardless of race, color, religious creed, national origin, ancestry, physical or mental disability, medical condition, marital status, sex, age, political affiliation, or sexual orientation.
References
- [1] https://customdisability.com/careers/
- [2] https://customdisability.com/leadership/
- [5] https://customdisability.com
