BenefitPoint and Symetra Team Up to Enhance Employee Benefit Choices
San Francisco, Calif. / Bellevue, Wash. — (May 22, 2006) — BenefitPoint® has made Symetra
SM Life Insurance Co. its premier services provider for group limited benefit medical insurance and medical stop loss insurance. BenefitPoint is a leading provider of customer relationship management and procurement solutions for employee benefit brokers and consultants across the country. The partnership with Symetra gives brokers more options for helping business clients control health care costs and improve employee access to medical insurance.
For the first time, brokers will be able to request proposals for limited benefit medical policies through the BenefitPoint Aptus
TM platform. This platform connects brokers with insurance carriers to make evaluating and purchasing benefit packages for employer-sponsored plans easier. By working together, BenefitPoint and Symetra hope to foster greater transparency and communication surrounding industry products, enhance flexibility when choosing benefits packages, and streamline benefits delivery for the client.
"BenefitPoint is helping make the benefits distribution process increasingly efficient and accessible for benefit brokers and clients everywhere," said Michael Fry, vice president of the group division at Symetra. "Their platform is already gaining widespread adoption and we are happy to be a part of this innovative benefits exchange platform."
"Symetra is one of the largest stop loss carriers and a leader in the fast-growing limited benefits market with their
Select Benefits product," said BenefitPoint president Kurt de Grosz. "When we began looking at expanding the types of benefits solutions available on our platform, Symetra was a clear choice."
Symetra’s
Select Benefits is a limited benefit medical and life insurance product that allows employers to cost-effectively offer health insurance benefits to the working uninsured. It provides essential medical coverage to all eligible employees and their dependents without deductibles, preexisting condition limitations, or copays for services other than the policy’s prescription drug benefit.
Select Benefits can be offered to part-time, seasonal or temporary employees, as well as workers who may not otherwise be eligible for coverage.
For employers who self-insure an employee health benefit plan, Symetra’s medical stop loss insurance helps protect the employer against potentially large claims or from a single catastrophic claim. Self-insuring a health plan and using medical stop loss coverage is an alternative to conventional fully-insured group health insurance.
About BenefitPoint
BenefitPoint, the industry's leading customer relationship management (CRM) and procurement software platform, makes it easier for employee benefits professionals to manage, buy and sell benefits. Brokers, consultants and carriers realize expanded business opportunities, operational efficiencies and a greater ability to deliver quality information and services to employers and employees. Aptus, BenefitPoint's CRM and procurement product, has been widely adopted by the employee benefits industry. More than 400 broker and consultant offices use the product, managing 60,000 employer clients with over 45 million lives and approximately $105 billion in premium. Over 420 carrier organizations use BenefitPoint to access broker and consultant requests for proposal and renewal requests.
The company, headquartered in San Francisco, can be reached at 415.277.5700. Take a tour of BenefitPoint Aptus on the corporate Web site at
www.benefitpoint.com.
About Symetra Financial
Symetra Financial is a family of companies with nearly a half-century of experience providing retirement plans, employee benefits, annuities and life insurance through independent distributors nationwide. Its insurance company subsidiaries have nearly $20 billion in assets
1. Symetra Financial is owned by an investor group led by White Mountains Insurance Group Ltd. and Berkshire Hathaway Inc. For more information, visit Symetra Financial's Website at
www.symetra.com.
Select Benefits is not a replacement for a major medical policy or other comprehensive policy. It is designed to cover benefits, at a preselected fixed dollar amount, that employees and their eligible dependents use on a routine basis. Coverage may be subject to exclusions, limitations, reductions and termination of benefit provisions.
Select Benefits and
Excess Loss insurance are insured by Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004-5135.
Select Benefits policy numbers are LGC-8786 2/03 and LGC-8787 2/03 or LGC-3000 2/99, in most states.
Excess Loss policy form number is LGC-8800 11/01 for most states.
1 Total GAAP assets per closing statements of December 31, 2005
BenefitPoint is a trademark of BenefitPoint, Inc.
Symetra® and the Symetra Financial logo are registered service marks of Symetra Life Insurance Company, 777 108th Avenue NE, Suite 1200, Bellevue, WA 98004.
