Expansion of catalog offerings aligns with growing need for employee well-being
Benefitfocus, Inc. an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, has added a full suite of benefits offerings from Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, to the growing range of products and services on its Benefit Catalog.
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The Standard’s portfolio of voluntary group benefits such as accident, critical illness, hospital indemnity, disability and life insurance help employees thrive by offering additional financial protection in the event of the unexpected. Their portfolio also includes dental and vision benefit plans that provide employees with increased choice, flexibility and value.
“Benefitfocus believes interest in additional insurance plans will continue to grow from employers and employees alike, as employees seek a range of benefits to achieve their desired sense of health and financial wellbeing,” said Matt Levin, Benefitfocus president & CEO. “With the addition of The Standard to our Benefit Catalog, we continue to enhance its position as a truly robust portfolio of health, wealth and lifestyle benefits to be integrated into the employee enrollment and engagement experience.”
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Recent analysis of the 2021 Open Enrollment period concluded on Dec. 31, 2020 showed a rise in enrollment in supplemental insurance plans, a likely result of the effects caused by the COVID-19 pandemic. With the coronavirus affecting millions of Americans and often leading to hospitalization, employers sought additional benefits to help employees confront its financial impact. Benefitfocus also saw an increase in the purchase of hospital indemnity benefits and voluntary life insurance offerings through its Benefit Catalog. These observations reflect a growing demand for the sort of solutions offered by The Standard.
“This integration continues The Standard’s commitment to strategic partnerships with select BenAdmin providers, and we’re delighted to expand our relationship with Benefitfocus,” said Dayna Kirk, vice president of Customer Service and Voluntary Benefits for The Standard. “We’re pleased that our voluntary group benefits will be included on Benefits Catalog to offer additional choices that enhance the consumer enrollment experience.”
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