Reliance Standard Launches RSL Risk Solutions ™
September 15 2011 - 12:00PM
Business Wire
Reliance Standard Life Insurance Company (Reliance Standard), a
leading group insurance carrier specializing in employee benefits
solutions for companies of all sizes, today announced the launch of
a new line of employer stop-loss coverage. RSL Risk Solutions™ is a
flexible program of stop-loss insurance designed to help employers
maximize their control over health care spending. RSL Risk
Solutions offers both specific risk (individual) and aggregate risk
(total) stop-loss coverage for groups as small as 50 lives.
“The ongoing challenges of health care delivery costs and the
more recent obstacles and opportunities created by health care
reform have made it attractive for more companies to consider
self-insuring their benefits programs,” said Lawrence Daurelle,
President and CEO of Reliance Standard. “Stop-loss coverage offers
these groups a safety net so they can participate in the advantages
of self-insuring while limiting their financial exposure from
claims experience.”
A self-insured employer aligns with a third party administrator
(TPA) who will manage provider networks and pay claims on behalf of
the company. This allows the employer to offer one standardized
health plan regardless of work site locations; and to collect,
analyze and use claim data to make strategic benefits decisions.
Insulating the company from unbudgeted, potentially catastrophic
claims costs – a significant benefit of fully-insured plans – is
then accomplished through the purchase of stop-loss insurance.
“The option to self-insure has traditionally been open only to
large employers with the critical mass and cash position to pay
claims on a transactional basis,” Daurelle said. “Improved
technology, sound TPA partners and increasing financial pressure
have helped make this feasible and appropriate for a growing
segment of the market. Putting the right financial safeguards in
place is a necessary step in gaining access to the benefits of
self-insuring.”
According to an industry analyst, the self-insured market has
grown by 11 percent over the last five years, while enrollment in
fully-insured health plans has fallen in direct proportion: 13
percent. This amounts to a 24% swing in plan selection in the
employer market over a short time.
Benefits consultants cite growing costs and too-little
transparency as reasons more employers, including those in the
middle market, are considering and more frequently opting for
self-insured plans. Fully-insured health plan premiums continue to
rise, they say, and many employers are frustrated they have no
access to granular claims information – or any means to impact
costs through plan design and delivery. These are advantages large
self-insured employers have enjoyed for years.
RSL Risk Solutions is available now in many states for policies
with effective dates beginning January 1, 2012 and later. For more
information, contact your broker or local Reliance Standard
regional sales office, or visit www.reliancestandard.com.
About Reliance Standard Life Insurance Company
Reliance Standard Life Insurance Company is a leading insurance
carrier specializing in innovative and flexible employee benefits
solutions for employer groups of all sizes. A wholly-owned
subsidiary of Delphi Financial Group, Inc. (NYSE:DFG), Reliance
Standard offers coverage options for group life, disability income,
accident, dental, eye care and limited benefit medical programs.
Reliance Standard delivers comprehensive absence management and
health and productivity management services in tandem with sister
company Matrix Absence Management, an industry leader in managed
disability, return-to-work services, and personal/family and
medical leave of absence (FMLA) programs. Rated A (Excellent) by
A.M. Best (affirmed December 2010), Reliance Standard celebrated
its centennial year in 2006. For more information, visit
www.reliancestandard.com or call (800) 351-7500.
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