Securian Financial has expanded its data modeling tool that helps employers identify critical insurance gaps among their workers to include an analysis of the potential need for supplemental health benefits.
Securian Financial launched Secure Insights™ in December 2019 to evaluate a workforce population’s financial readiness in the event of an employee’s death or accidental death and dismemberment. With the enhanced version of the tool, employers can also evaluate how financially prepared their workers are to handle un-reimbursed medical and non-medical expenses due to accidents, critical illnesses or hospital stays. Employers can use the learnings to boost their protection benefits to better attract and retain workers.
“With the cost of health coverage and care rising faster than wages1, and employers feeling an increased responsibility to take care of their employees due to COVID-19, supplemental health products are must-have benefits for many large employers,” said Bryan Walworth, a regional sales vice president with Securian Financial’s group insurance business. “The enhanced version of Secure Insights helps employers assess the capability of their workers to handle unexpected out-of-pockets costs due to certain medical events, as well as better understand how supplemental health benefits can help fill any gaps.”
Secure Insights uses demographic modeling, third-party data and employer-provided data to assess an employee population’s existing resources and protection needs. The tool generates a proprietary score reflecting the employee population’s overall preparedness. Securian Financial developed both the original and enhanced versions of Secure Insights in collaboration with LIMRA, a life insurance and financial services research organization.
A group insurance leader
Securian Financial is the third-largest direct writer of group life insurance in the United States2 and also offers group accidental death and dismemberment (AD&D) and supplemental health products, including accident, critical illness and hospital indemnity insurance. Sales of the company’s supplemental health benefits, issued by Securian Life Insurance Company, increased 140% in 2020.
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.
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1. 2019 Kaiser Family Foundation Employer Health Benefits Survey | September 25, 2019
2. As of December 31, 2020 based on direct group life insurance in force on a consolidated basis. Source: S&P Global Market Intelligence. This statistic reflects the insurance subsidiaries of Securian Financial Group, Inc., Minnesota Life Insurance Company and Securian Life Insurance Company.
Securian Financial is the marketing name for Securian Financial Group, Inc. and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer.