Standard Insurance hopes to set the standard for life and disability insurance providers everywhere. Standard Insurance underwrites group and individual insurance products (branded as The Standard), including short-term and long-term disability, life, and accident insurance, and group dental and vision benefits. For employers, Standard Insurance provides plan administration tools and absence management services. It is the backbone of StanCorp Financial Group's insurance division, which insures more than 6.8 million employees through some 31,000 employer group policies. It is licensed in 49 states and Washington, DC; sister firm Standard Life Insurance Company of New York covers the New York territory.
Standard Insurance and Standard Life Insurance Company of New York account for 85% of StanCorp Financial's revenues. Group life, accidental death and dismemberment, and disability policies make up the bulk of Standard Insurance's premiums. The insurer's products are sold by sales representatives at field offices in some 40 metropolitan areas across the US, as well as through independent brokers and consultants. Other StanCorp divisions provide investment, retirement, and asset management services.
Seeking stability in a diversified clientele, Standard Insurance is working to widen its customer base, especially in markets where its presence is limited. It also is broadening its specialized benefit offerings to attract new customers and maintain long-term relationships with existing customers.
The flagship subsidiary of StanCorp, Standard Insurance was chartered as Oregon Life Insurance Company in 1906. – less