Sun Life and Collective Health’s New Integrated Stop-Loss Offering Gives Employers More Financial Control of Their Healthcare Investment
CompanySun Life Financial
In View Summary
Sun Life and Collective Health recently announced a partnership to transform Employee Benefits through an integrated stop-loss solution assisted by Collective Health’s Workforce Health Management System to protect small employers against expensive claims and to help guide employees to more cost effective healthcare options. The health plan and stop-loss combination helps to control financial risk and realize cost savings. Whenever the claim hits the system, the reimbursement process begins. This expedites reimbursement and offers greater opportunity to proactively identify cheaper options. In addition to this, this new offering gives mutual clients convenient reporting, improved clinical and risk management, and the opportunity to benefit from pooled experience.
Collective Health’s Employer-Driven Healthcare Economy With First Workforce Health Management System
Collective Health’s co-founder, Dr. Rajaie Batniji, has said of the partnership: “For executives overseeing their companies’ self-funded health plans, high-cost claims can have a huge impact on their resources and bottom line. Now, companies can have better visibility into these claims, better controls to manage them, and can potentially be reimbursed before the claims hit their balance sheet, giving them more control of their healthcare expenses. We’re excited to deliver this fundamental solution early in our strategic partnership with Sun Life, and look forward to a long line of offerings that will allow companies to harness the power of the Employer-Driven Healthcare Economy.”
For Sun Life’s part, it’s VP leading this partnerhips, Brad Nieland, has said: “We are very excited to be able to offer stop-loss to self-funded employers on Collective Health’s platform. The improved reporting, in conjunction with data and clinical expert-driven claims analysis, will offer employers the tools and knowledge they need to monitor and manage their self-funded plan while addressing healthcare costs and providing a great experience for plan members.”
Benefits to Customers
Saves time and cost
Customized product and serivces
Benefit to the Insurer:
Innovative products and services
Higher customer engagement
The Digital Insurer's View
Although employee benefits is still dominated by established brokers such as Aon, Willis and Marsh MacLennan, new entrants such as CXA in Asia and Collective Health in the U.S are now offering new integrated stop-loss solutions for traditional insurers to distribute through and hollistic health/wellness programmes for employers.
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