CORE INSURANCE
SECURIAN FINANCIAL | September 30, 2022
To provide greater assistance to employees growing their families, Securian Financial in a first among insurance carriers is adding “BenefitBump” as a value-added service. The BenefitBump service can be used with Securian Financial’s group hospital indemnity insurance issued by Securian Life Insurance Company.
BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time off programs to build plans for balancing work and life. The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. Participants are provided with education tools and live support from licensed emotional health clinicians.
“Employees expecting a new child are often overwhelmed with information and unaware of all the benefits available to them through their employers, BenefitBump’s trained care navigators are experts in workplace benefit programs for expecting parents. They guide parents through the journey of growing their families from pre-birth planning to post-birth childcare while ensuring that they are maximizing their available benefits. For employers, this can be a powerful tool for retention, especially of working mothers.”
-Darin Reeser, regional director of supplemental health benefit sales for Securian Financial
According to ongoing BenefitBump participant survey responses, 66% of participants say the service reduces stress and anxiety and 83% say it increases benefit awareness and utilization. In addition, a 2021 study of program participants found that 98% successfully returned to work.
Group hospital indemnity insurance is a workplace supplemental health policy that pays a pre-determined benefit to insured employees who experience a hospital stay covered by the policy. Employees can use the benefit to pay for out-of-pocket expenses not covered by their major medical insurance, or however they wish. With Securian Financial, insured employees do not have to experience a hospital stay to use BenefitBump. In fact, according to BenefitBump, since the service’s inception, nearly one-fifth of participants have engaged the service while family planning.
Workplace supplemental health benefits on the rise
According to a study conducted by benefits broker WTW, more employers are turning to supplemental health benefits to help protect employees from big medical bills and loss of income. The study, conducted between February 23 and March 12, 2021, found that among 238 organizations employing 3.7 million people, 42% offered group hospital indemnity insurance and 57% offered group critical illness insurance. By 2022, 65% of the organizations said they would offer hospital indemnity insurance to their employees, and 76% said they would offer critical illness insurance.
Additionally, LIMRA, a life insurance researcher and trade organization, reported recently that workplace supplemental health benefit premium rose 6% in 2021, to nearly $2.6 billion.
A group insurance leader
Securian Financial offers group life, accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide. The company specializes in large public and private employer plans with 1,000 or more participants. Since issuing its first group life insurance policy in 1917, Securian Financial through its subsidiaries, Minnesota Life Insurance Company and Securian Life Insurance Company has grown to become the third-largest direct writer of group life insurance in the United States. The company is the top provider of group life insurance to state governments, 16, and has an extensive list of Fortune 500 employer clients, including 18 of the Fortune 100.
ABOUT SECURIAN FINANCIAL
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
Read More
INSURANCE TECHNOLOGY
Kanverse.ai | September 13, 2022
Kanverse.ai, a leading Hyperautomation platform, is pleased to announce that it has joined Guidewire’s Insurtech Vanguards Program. Through Insurtech Vanguards, Guidewire identifies and highlights the hottest insurance technology innovation in the P&C industry. The Insurtech Vanguards program takes this effort to the next level by offering a direct channel - that connects insurers with insurance technology companies. This program ensures that insurers can have exponential business impact through quick and decisive access to disruptive, cutting-edge insurance technology.
“We are honored to showcase our product as an Insurtech Vanguard, Carriers can turbocharge insurance forms processing workflows with Kanverse Hyperautomation. Insurers can seamlessly integrate Kanverse across their business environments and witness zero-touch processing of inbound ACORD and supplemental forms with 99.5% accuracy.”
-Dr. Akhil Sahai, Kanverse.ai CPO and Founding member
We are thrilled to welcome Kanverse.ai to our Insurtech Vanguard Program, We launched Insurtech Vanguards to help P&C insurers gain new visibility into insurtechs’ cutting-edge technology and we are excited to introduce Kanverse to our customers,said Laura Drabik, chief evangelist, Guidewire.
Insurers can now reimagine the insurance submission process with Kanverse. They can process ACORD and other supplemental forms with the Kanverse Insurance Document Processing product powered by hyperautomation. It automates ACORD and supplemental forms' ingestion, classification, and data extraction, approvals and filing. Kanverse Package View groups insurance forms for the submission intake process using AI (Artificial Intelligence).
Furthermore, Kanverse AI can automatically adapt to changes witnessed in insurance forms without manual intervention or fine-tuning the system.
About Kanverse.ai
Kanverse.ai, a Hyperautomation company, offers a suite of AI-powered products. Key offerings include AP (Accounts Payable) Invoice Automation and Insurance Document Processing products. Kanverse supports various use cases across the enterprise to remove bottlenecks, streamline business processes, and minimize manual touchpoints across document processing heavy workflows.
Read More
RISK MANAGEMENT
Selective Insurance | October 03, 2022
In recognition of October's designation as Cybersecurity Awareness Month, Selective Insurance today announced that it will remove personally identifiable information from eligible private passenger vehicles and light duty trucks after they're declared a total loss. This new solution deletes sensitive electronic data, such as GPS addresses, phone contacts, telematics, garage and gate opening capabilities, and other personally identifiable information. Personal and business vehicles that are model year 2012 or newer are eligible for this service.
"Technologically-advanced vehicles store a significant amount of personal data, especially in the infotainment and navigation systems, Deleting personally identifiable information after a total vehicle loss prevents it from ending up in the wrong hands. It protects our customers so they can focus on restoring their lives. This service is another way our customers can Be Uniquely Insured® with Selective."
-Jim McKeown, Vice President, Mobility and Customer Experience, Selective Insurance
About Selective Insurance
Selective Insurance Group, Inc. is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including the Fortune 1000 and being certified as a Great Place to Work® in 2022 for the third consecutive year.
Read More