The University has selected American International Group Inc. (AIG) as its new vendor for group auto, homeowners and personal liability insurance, effective Sept. 1, 2000.
The largest U.S.-based international insurance organization, AIG will replace METPAY as the Universitys group auto, homeowners and liability insurance carrier. The University will terminate its contract with METPAY, effective Aug. 31, 2000, due to problems with payroll deductions.
In moving to AIG, we think the University will experience both savings and higher quality of service, said Pam Gerber, acting director of the Benefits Office. Our preliminary discussions indicated that AIG is above the competition as a group insurance provider and will give us appropriate payroll deductions advice.
AIG will offer quotes for coverage Sept. 1 or later to current participants in the METPAY plan and any eligible faculty and staff who want to shop comparatively. To request a quote, call an AIG Worksite Benefits representative at (800) 256-7385.
METPAY participants may cancel at any time or maintain their policies. However, those who wish to remain with METPAY after Sept. 1 will need to make arrangements to pay premiums directly to METPAY on a home billing basis or through electronic funds transfer directly from their bank. For more information, contact METPAY at (800) METPAY 1.
Final payroll deductions for faculty and staff enrolled in METPAY will be Aug. 25 for those paid biweekly, and Aug. 31 for those paid monthly.
AIG will offer the option of payment through payroll deduction. Participants may complete a payroll deduction authorization form as part of the AIG application process. As in the past, payroll deduction will be available only to active, flex-eligible University employees. Flex-eligible employees include all non-bargained-for faculty and staff members.
In selecting a new carrier, the University compared rates and service records of six major insurance companies. Each responded to questions about standard performance guarantees for customers, rates for all types of insurance, payroll deduction issues and coverage limits.
We narrowed the field to three companies and decided after the final interview that AIG would provide the best service to our employees, said Karen Baer, benefits supervisor for the auto, homeowners and liability insurance program. It has top ratings from Moody, and from Standard and Poor, and has successfully done business with employer groups that allow monthly and biweekly payroll deductions.
Options for those who now have METPAY
If you are a current participant in the auto, homeowners and liability insurance program, you have the following options.
1. Request a Quote from AIG (for coverage Sept. 1 or later)
2. Continue your Coverage with METPAY, however: