Madison National Life Insurance Company

What Madison National Life Insurance Company does

Madison National Life Insurance Company, Inc. is a US group life, disability, and specialty health insurance carrier founded in 1961 and headquartered in Madison, Wisconsin. The company is a wholly owned subsidiary of Horace Mann Educators Corporation (NYSE:HMN), the largest financial services firm focused on America's educators and school employees, which provides corporate governance and financial backing. Madison National Life holds licenses in 49 US states and writes group term life, short-term and long-term disability income insurance, critical illness, accident, and limited benefit fixed indemnity coverage, alongside turnkey reinsurance and block-acquisition services for Life and Health business.

The company's product and technology footprint centers on a Worksite Solutions Platform and an online Customer Portal (portalprod.madisonlife.com) built on standard web technologies with third-party components including PDFsharp, Newtonsoft.Json, NLog, AutoMapper, DocuSign, and LEADTOOLS. The portal supports electronic claims submission, document upload, and online forms processing for life and disability claimants, and the worksite platform can integrate with existing benefit administration and HR systems or operate as a standalone enrollment solution supported by a US-based call center.

Madison National Life generates revenue almost entirely through recurring insurance premiums, with a channel-partner-led go-to-market reaching employers via Third Party Administrators, insurance brokers and consultants, Managing General Underwriters, product wholesalers, and other intermediaries. Its primary customer segment is public schools and government entities, where it tailors benefits to union-negotiated contracts and public procurement processes, while also serving private-sector employers, staffing companies, unions, affinity organizations, and 1099 workers. The company emphasizes a high-touch claims experience anchored by senior specialists with roughly ten years of average tenure, which is highlighted as a key differentiator.

Name

Madison National Life Insurance Company

Legal name

Madison National Life Insurance Company, Inc.

Website

https://madisonlife.com

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

101–250 employees

Short description

Madison National Life Insurance Company is a Madison, Wisconsin-based group life, disability, and specialty health insurer licensed in 49 US states. Founded in 1961 as a wholly owned subsidiary of Horace Mann Educators Corporation, it serves employers, public schools, and government entities through brokers, TPAs, and worksite enrollment channels.

Ownership category

akta.pro rank

Product category

Group Life and Disability Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114), Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Basic Group Term Life (Employer-Paid) (FSAIADAA)

akta.pro secondary industries

Group Disability Income Insurance (Employer-Sponsored) (FSAIAIAB), Worksite Supplemental Life Insurance (Voluntary Life) (FSAIAMAF), Worksite Cancer / Specified Disease Insurance (FSAIAMAI), Group AD&D (Standalone or Bundled with Life) (FSAIADAG)

Keywords

• Group life insurance
• Group disability insurance
• Worksite voluntary benefits
• Supplemental health insurance
• Employer benefits solutions

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Group Life Insurance Premiums: Madison National Life generates revenue through group term life insurance premiums paid by employers, either fully employer-paid, shared, or voluntary/employee-paid arrangements. Benefits include lump-sum payments upon death, with customizable benefit designs scalable to employer budget and need.
2. Group Disability Insurance Premiums: Revenue from short-term and long-term disability income insurance premiums. Short-term disability typically pays 40-60% of weekly salary for 4 weeks to 2 years. Long-term disability provides income protection for longer recovery periods, up to 60% of income until retirement age.
3. Supplemental/Worksite Insurance Premiums: Revenue from supplemental insurance products including critical illness, accident, and limited benefit fixed indemnity insurance sold through worksite/voluntary benefit channels. These fixed indemnity products pay pre-determined benefits regardless of other insurance coverage.
4. Reinsurance Services: The company also provides turnkey reinsurance services and acquires blocks of Life and Health business as part of its business operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Madison National Life Insurance Company underwrites and distributes group life insurance, group disability income insurance (short-term and long-term), and supplemental/worksite specialty health insurance products (critical illness, accident, limited benefit fixed indemnity) to employer groups and public sector entities. Products are sold through distribution partners and direct worksite enrollment, with an in-house Claims Department providing claims adjudication, rehabilitation, and an online Customer Portal for claimant self-service.

Product overview

Madison National Life Insurance Company offers a portfolio of group insurance products organized under a Worksite Solutions platform. The core product portfolio consists of six group insurance products: Critical Illness Insurance, Accident Insurance, Limited Benefit Fixed Indemnity Insurance, Short Term Disability Insurance, Long Term Disability Insurance, and Group Term Life Insurance. These products are delivered through a combination of employer-group and worksite (voluntary benefits) channels, with an online Customer Portal for claims submission and account management. The company tailors benefits for both public sector entities (particularly schools and government) and private sector employers, and also serves 1099 workers. The platform includes enrollment support, communication tools, and flexible benefit administration capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Group Term Life Insurance Group Term Life Insurance that provides a lump sum benefit to help pay for final expenses and other financial obligations upon the loss of a loved one; offered to employer groups with options for fully employer-paid, shared, or voluntary employee-paid funding.
• Short Term Disability Insurance Short Term Disability Insurance that replaces a portion of a worker's income during the initial weeks of disability if unable to earn a paycheck due to illness or accident, with benefit percentages from 40% to 60% of pre-disability earnings.
• Long Term Disability Insurance Long Term Disability Insurance providing a financial safety net to protect workers' income in the event of a disabling injury or illness, with benefits that can be paid until retirement age.
• Critical Illness Insurance Group Critical Illness Insurance that pays a lump sum payment upon diagnosis of a covered condition, including invasive cancer, heart conditions, organ failure, neurological diseases, and childhood diseases.
• Accident Insurance Group Accident Insurance that pays fixed indemnity benefits for accidental injuries, covering services such as treatment, ambulance, fractures, dislocations, surgeries, and accidental death.
• Limited Benefit Fixed Indemnity Insurance Group Limited Benefit Fixed Indemnity Insurance that pays pre-determined fixed dollar benefits per day for covered medical treatment including hospitalization, office visits, emergency room, and surgery.
• Worksite Solutions Platform A comprehensive worksite benefits platform combining customizable group insurance products with enrollment support, benefit administration, communication tools, and claims processing services, designed to integrate with existing benefit administration and HR platforms or operate as a standalone solution.
• Customer Portal Online portal for claimants and policyholders to file claims, submit documents, check claim status, view payment history, and manage their insurance accounts.
• Reinsurance Services Turnkey reinsurance services and acquisition of blocks of Life and Health business, provided as part of the company's broader group insurance operations.

Quantifiable outcome

• 97% policy renewal rate in 2017 for Group Term Life, Short Term Disability and Long Term Disability customers
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and major.

• Third Party AdministratorscoreChannel Partner/ Reseller/ DistributorTPAs partner with Madison National Life to administer group insurance benefits and provide worksite enrollment services to employer clients.
• Insurance Companies and Health PlansmajorChannel Partner/ Reseller/ DistributorInsurance companies and health plans partner to offer Madison National Life products alongside their existing offerings or as part of comprehensive benefits packages.
• Brokers & ConsultantscoreChannel Partner/ Reseller/ DistributorInsurance brokers and employee benefits consultants recommend and place Madison National Life group insurance products with their employer clients.
• Product Wholesalers and MGAsmajorChannel Partner/ Reseller/ DistributorProduct wholesalers and Managing General Agents distribute Madison National Life products through their networks of retail agents and brokers.
• Managing General UnderwritersmajorChannel Partner/ Reseller/ DistributorMGUs partner to underwrite and distribute Madison National Life insurance products with specialized underwriting expertise.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Cigna Group Insurance: Cigna's Group Insurance division offers group life, disability, and supplemental health benefits at greater scale and broader geographic reach than Madison National Life, often competing head-to-head in mid-market employer accounts.
• MetLife Group Benefits: MetLife is one of the largest group life and disability carriers in the US. Its scale, brand recognition, and multi-line portfolio position it as a dominant incumbent competing for the same employer group accounts as Madison National Life.
• Prudential Group Insurance: Prudential's Group Insurance business offers group life, disability, and absence management solutions, often competing with Madison National Life in larger employer accounts and union/multiemployer plans.
• Voya Financial: Voya's Employee Benefits segment provides group life, disability, and voluntary/worksite products via brokers and consultants, overlapping with Madison National Life's product set and distribution model.
• The Hartford Group Benefits: The Hartford's Group Benefits segment provides group disability, group life, and leave management to mid-market and large employers, making it a broad incumbent peer in the same product categories.

Direct peers

• Unum Group: Unum is one of the leading group disability and group life insurance carriers in the US, with a deep broker and worksite distribution model closely mirroring Madison National Life's core group STD/LTD and term life offering.
• Lincoln Financial Group: Lincoln Financial's Group Protection business sells employer-sponsored group life, disability, dental, and voluntary benefits through brokers and consultants — directly competing with Madison National Life in group life, STD, and LTD.
• Sun Life U.S. Sun Life U.S. is a top-tier group benefits carrier offering group life, disability, dental, vision, and voluntary/worksite products through the same broker-TPA-MGA distribution channels used by Madison National Life.
• Reliance Standard Life (Tokio Marine): Reliance Standard is a mid-sized group life, disability, and voluntary benefits carrier distributed through brokers and MGAs, making it one of the closest direct competitors to Madison National Life in size and go-to-market.

Emerging players

• Allstate Group Benefits (Allstate Health Solutions): Allstate Health Solutions and related group/worksite benefits offerings are growing into employer-sponsored supplemental health, accident, and group benefits — emerging as a competitive peer in the worksite/voluntary segment where Madison National Life plays.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/madison-national-life-insurance-company

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madison National Life Insurance Company