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.
CORE INSURANCE,INSURANCE TECHNOLOGY
Inszone | December 05, 2022
Inszone Insurance Services, a rapidly growing, national provider of benefits, personal and commercial lines insurance, announced today the acquisition of Kirsch Insurance Group.
Marlin Kirsch founded Kirsch Insurance Group in 2004. A Denver-based brokerage that specializes in Medicare Health Plans, Kirsch Insurance has focused on helping their clients in finding the best program for their specific needs. Their comprehensive grasp of all Medicare Plans and Options has helped them to assist clients in being better prepared for the future.
“After years in the company, we've acquired a reputation for educating consumers in an easy-to-understand manner, so they can readily grasp the frequently perplexing concepts of the 'Medicare Maze’,”
- Marlin Kirsch, the agency's prior owner
The service that Kirsch Insurance clients are accustomed to will continue uninterrupted under the Inszone Insurance brand.
Chris Walters, CEO of Inszone Insurance, said, Colorado has been a great source of growth for us; the acquisition of Kirsch Insurance is another milestone in our expansion in the state as we move toward our goal of establishing Inszone as Colorado's go-to insurance agency.
The acquisition of Kirsch Insurance is part of the continued expansion and growth by Inszone Insurance and becomes the 9th acquisition so far in the Colorado area. Inszone Insurance is expected to announce several acquisitions as well as new locations in the upcoming months.
Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm which provides a broad array of property & casualty insurance, along with employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically, as well as through acquisitions. With 33 locations across California, Arizona, Nevada, Utah, Colorado, Missouri, Texas and Illinois, the company is looking to further expand throughout the United States.
CORE INSURANCE,INSURANCE TECHNOLOGY
HSB | December 07, 2022
Specialty insurer HSB today announced an agreement with IronSDN, Corp., to add app-based cyber risk management tools to HSB’s coverage for consumers and their families.
WhiteHaX® CyberSafe, developed by IronSDN, is an advanced risk verification and protection app for smartphones and other personal devices that is easy for customers to use.
The app is available to individuals insured by HSB’s Home Cyber Protection™, which is added to the homeowners policies of personal lines insurers that work with HSB.
The WhiteHaX app also will be available as part of HSB’s new personal standalone cyber insurance program, MyCyberProtection™, through HSB’s insurance affinity group and digital partners.
“With billions of connected devices in use, cybercriminals are targeting individuals more than ever before, The WhiteHaX CyberSafe app puts the power of privacy and cybersecurity in the hands of our customers, so they can keep ahead of today’s constantly changing cyber risks.”
-Jeffrey O’Shaughnessy, senior vice president of HSB, part of Munich Re
Cyber Protection at Home and Away
The WhiteHaX app analyzes the security of iOS and Android devices, including mobile phones, and tablets, with proprietary threat intelligence that is updated daily to help prevent phishing, malware, and other cyber risks.
A single user sign-up tracks the security and privacy of up to four devices in the household, with the ability to check the status of all devices at home and away with one click.
A virtual privacy network (VPN) can encrypt data to help fight cyber threats and online tracking, while on-demand Wi-Fi scans quickly assess if a public or private network is safe.
The WhiteHaX app monitors email addresses for data breaches 24/7, issues scam and security alerts, and helps users respond when their privacy is at risk.
Our WhiteHaX apps provide some of the most compelling and complete solutions to help mitigate cyber exposures, They are designed to help consumers identify cyber risks on their household personal devices and fix cyber security and privacy-related issues through step-by-step instructions,said Vimal Vaidya, chief executive officer and founder of IronSDN.
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior).
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.