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Benefitfocus Announces the addition of the Standard's Suite of Voluntary Benefits to Benefit Catalog

HR Tech Outlook | Tuesday, May 25, 2021

The Standard's voluntary community benefits portfolio, which includes injury, serious illness, hospital indemnity, disability, and life insurance, helps workers survive by providing extra financial security in the event of an unforeseen event.

FREMONT, CA: Benefitfocus, an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, has declared the addition of 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.

The Standard's voluntary community benefits portfolio, which includes injury, serious illness, hospital indemnity, disability, and life insurance, helps workers survive by providing extra financial security in the event of an unforeseen event. Their portfolio also includes dental and vision insurance programs, which give workers more options, 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," stated 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."

A recent review of the 2021 Open Enrollment period, which ended on December 31, 2020, revealed an increase in enrollment in supplemental insurance policies, most likely as a result of the COVID-19 pandemic's impact. With the coronavirus affecting millions of Americans and often resulting in hospitalization, employers pursued extra incentives to assist workers in dealing with the financial consequences. Via its Value Catalog, Benefitfocus also saw an increase in the purchase of hospital indemnity benefits as well as voluntary life insurance offerings. These findings represent an increasing demand for The Standard's type of solutions.

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