WELLESLEY, Mass., Oct. 12,
2017 /PRNewswire/ -- Sun Life and Pareto Captive Services have
partnered to offer a new stop-loss group captive solution, designed
to reduce claims volatility for small and medium self-funded
employers or fully-insured employers transitioning to
self-funding.
Typically employers in a group captive are under 500 employees,
and are like-minded, committed to wellness and cost containment
programs in order to keep health care costs lower.
"Captives allow employers to pool together to share a portion of
their self-funded risk, reducing claims volatility and making them
a viable option for small and medium employers looking to self-fund
their medical benefits," said Brad
Nieland, vice president, Stop-Loss, Sun Life Financial U.S.
"The partnership will draw on Pareto Captive's expertise in the
client education, formation and ongoing management of group
stop-loss captives, and the strength of Sun Life's stop-loss
product and services."
A key driver for self-funding is cost savings, while key
barriers include the 'unknown' around claims volatility and the
financial risk, both of which can be addressed through a group
captive solution. Recent research conducted by Sun Life shows 4 out
of 10 fully insured employers would consider switching to
self-funding and, of those, 70 percent would consider using a
captive solution when switching. Research also showed about 8 of 10
brokers expect at least one of their clients to utilize a captive
in the future.
"Working with Sun Life as our stop-loss fronting carrier partner
on this new program brings added value to both organizations'
services," said Andrew Cavenagh,
managing director of Pareto Captive. "Captives make self-funding
more accessible for small and medium employers, so it is important
to offer a strong stop-loss option that will give those employers
the risk protection they need once they've chosen to
self-fund."
The new stop-loss group captive solution, Legend Re, will be
available for January 1, 2018, policy
effective dates.
About Sun Life Financial
Sun Life Financial is a
leading international financial services organization providing a
diverse range of insurance, wealth and asset management solutions
to individuals and corporate Clients. Sun Life Financial has
operations in a number of markets worldwide, including Canada, the United
States, the United Kingdom,
Ireland, Hong Kong, the
Philippines, Japan,
Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30,
2017, Sun Life Financial had total assets under management
of C$944 billion. For more
information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
In the United States, Sun Life
Financial is one of the largest group benefits providers, serving
more than 60,000 employers in small, medium and large workplaces
across the country. Sun Life's broad portfolio of products and
services in the U.S. includes Disability and Absence Management,
Life, Dental and Vision, Voluntary and Stop-Loss insurance. For
more information, please visit www.sunlife.com/us.
About Pareto Captive
Pareto Captive Services is the
nation's largest manager of employer owned benefit group
captives. A group captive makes self-insurance accessible and
palatable for employers with 50 to 500 employees. Once we
have created the financial safety net, we help the employers reduce
the cost of healthcare. By January 1,
2018, Pareto Captive programs are expected to have over 500
employers covering more than 125,000 individuals. For more
information, visit paretocaptive.com.
Media
contact:
|
Devon
Fernald
|
Sun Life
Financial
|
781-416-7151
|
Devon.portney.fernald@sunlife.com
|
|
|
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SOURCE Sun Life Financial