AETNA Insurance

Company Overview:

Company History: Aetna is a diversified health care company, providing the resources to help members make informed healthcare decisions. Aetna products include medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans and medical management capabilities.Aetna, Inc. is one of the largest health insurance companies in the United States. It provides health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, disability and long term care and medical management capabilities. Aetna provides benefits through employers in all 50 states, with products and services targeted specifically to small, midsized and large multistate national employers. Aetna, Inc. is a publicly traded holding company that conducts its insurance operations through a fleet of more than 35 subsidiaries. Aetna traces its history to a company (Aetna Insurance Company) founded in 1850. The name was inspired by Mt. Etna, a volcano in Sicily which was active at the time. The name was intended to inspire respect for the company’s strength. The holding company structure was adopted in 1968. The current name, Aetna, Inc. was adopted in 1996 when Aetna Life and Casualty Company merged with U.S. Healthcare. The company serves primarily employer groups, individuals, college students, and part-time and hourly workers and Medicare beneficiaries in certain markets. It has over 34,772 employees.Aetna has 3 business segments: Health Care, Group Insurance, and Large Case Pensions. The Health Care segment consists of the medical, pharmacy benefits management, dental and vision plan offerings. Aetna’s medical plan offerings include point-of-service, health maintenance organizations, preferred provider organizations, indemnity plans, and health savings accounts. The Health Care segment also provides specialty products such as medical management and data analysis services, behavioral health plans, stop loss insurance, as well as products that provide access to its provider networks in select markets. Aetna’s Group Insurance segment offers life, disability, and long term care insurance products.The Large Case Pension segment manages various retirement products, including pension and annuity products primarily for tax qualified pension and annuity products primarily for tax qualified pension plans. Aetna does not actively market Large Case Pensions products, but continues to manage the run-off of existing business. The company has one of the most expansive nationwide networks of health care service providers, including primary care, specialist physicians and hospitals among health care insurance carriers. Aetna provides health insurance and related benefits to employer and plan sponsor customers in most states, ranging from large multi-state national accounts to middle-market and small-employer groups, as well as individual consumers in select geographical areas. Aetna is striving to increase its membership by expanding small group product offerings, strengthening its middle market businesses and cross selling products and it has a strategy to increase its market presence in certain southwestern states. Health Care products are sold through Aetna’s sales personnel, as well as through independent brokers, agents and consultants who assist in the production and servicing of business. For large plan sponsors, independent consultants and brokers are frequently involved in employer health plan selection decisions and sales. Depending on the product, Aetna markets to a range of customers from small employer groups to large, multi-site and/or multi-state employer programs. Group Insurance products and services are marketed primarily to employers for the benefit of employees and their dependents. Frequently, employers offer employees a choice of benefits, from which the employee makes his or her selection during a designated annual open enrollment period. Typically, employers pay all of the monthly premiums to Aetna and, through payroll deductions, obtain reimbursement from employees for a percentage, as determined by the employer, of the monthly premium. Some Group Insurance products are sold directly to employees of employer groups where the premiums are not subsidized by the employer group. In some cases, Aetna bills the covered individual directly. Group Insurance products are sold through Aetna’s sales personnel, as well as independent brokers and consultants who assist in the production and servicing of business. Sales representatives also sell to employers on a direct basis. For large plan sponsors, independent consultants and brokers are frequently involved in employer plan selection decisions and sales. Over the last decade, Aetna has acquired health care operations of several other companies (for example Prudential Healthcare) and has divested its financial services and international businesses to concentrate on its core U.S. health care operations.In 2012 Aetna was listed fourth in the “Civic 50” survey, making it publicly known as one of America’s most community-minded companies. In 2013 the company acquired Coventry Health Care, Inc and became the third-largest health care benefits company (based on membership) in the US.
Principle Sales Methods: Career agents, independent agents, group.Health Care products are sold through Aetna’s sales personnel, as well as through independent brokers, agents and consultants who assist in the production and servicing of business. For large plan sponsors, independent consultants and brokers are frequently involved in employer health plan selection decisions and sales.

Life Annuity Business: Aetna offers during life, end of life, and after death insurance.

Health Business: Aetna benefits are delivered through employers nationwide, with products and services tailored to small, mid-sized and large multi-site national firms.Aetna also insures individuals and Medicare beneficiaries in certain markets. Aetna has 3 business segments: Health Care, Group Insurance, and Large Case Pensions. The Health Care segment consists of the medical, pharmacy benefits management, dental and vision plan offerings. Aetna’s medical plan offerings include point-of-service, health maintenance organizations, preferred provider organizations, indemnity plans, and health savings accounts. The Health Care segment also provides specialty products such as medical management and data analysis services, behavioral health plans, stop loss insurance, as well as products that provide access to its provider networks in select markets. The health plans have 15.4 million medical members, 13.5 million dental members, 10.2 million pharmacy members. Aetna’s Group Insurance segment offers life, disability, and long term care insurance products. In 2008 through 2010 Fortune Magazine selected Aetna as the most admired company in the Health Care “Insurance and Managed Care” category.