Independence Blue Cross (Independence) and Sun Life U.S. recently announced a new collaboration to exclusively provide Stop Loss insurance for Independence’s self-funded group customers. Stop Loss insurance can protect self-funded employers who take on the financial risk of providing health insurance for their employees against large, unpredictable, or catastrophic losses from higher-than-anticipated claims.
Independence offers a comprehensive approach to self-funded customers’ health plans, helping clients balance and optimize health care costs while enhancing their employees’ health care experience and overall well-being. The collaboration with Sun Life is a further demonstration of Independence’s commitment to its customers.
“We selected Sun Life after a strategic search where we evaluated their capabilities and partnership approach against other national carriers,” said Mike Sullivan, executive vice president and president of diversified markets at Independence Blue Cross. “In the end, it was a shared vision on how to best meet the needs of our customers that made this the right fit for Independence. With Sun Life, we can add even more value to our employer groups plans.”
The Independence collaboration with Sun Life for Stop Loss insurance will have:
— customizable solutions with competitive pricing and reduced fees for Independence Blue Cross groups;
— reporting with actionable insights to make it easier for employers to make decisions about their Independence self-funded plans;
— cash flow solutions with an advance funding program to pay claims at the time they are received, rather than waiting for a reimbursement check after they are paid; and
— other new program features to be introduced in the future as Independence establishes Sun Life as the company’s exclusive Stop Loss partner.
The Independence and Sun Life collaboration and all features will be effective January 1, 2024. Select benefits will be available now through the end of 2023 for new Independence self-funded employer groups who choose Sun Life for Stop Loss insurance.