NEW YORK, Sept. 12, 2018 /PRNewswire/ —Â Namely, the leading HR platform for mid-sized companies, today announced its voluntary worksite benefit partnership with two major insurance carriers: The Guardian Life Insurance Company of AmericaÂ® (Guardian) and Transamerica. Through these partnerships, Namely customers can seamlessly offer their employees critical illness, accident, and hospital indemnity plans to complement the benefit offerings they already provide.
The rise of high-deductible health plans (HDHPs) has driven the needâ€”and urgencyâ€”for companies to offer voluntary worksite benefits. According to the Kaiser Family Foundation’s 2017 Employer Health Benefits Survey, nearly 3 in 10 covered workers are enrolled in an HDHP, an increase of 9 percentage points over the last five years. At the same time, enrollment in PPOsâ€”the most common plan typeâ€”is steadily declining. Voluntary worksite benefits are a powerful way for companies to help employees supplement their standard HDHP coverage, helping to manage the risk of insurmountable healthcare costs.
Namely’s new offering of voluntary worksite benefits has four core advantages: the plans are specifically designed for Namely’s technology, making them easy to implement and administer; they are competitively priced, underwritten for the entire population of employees across Namely’s platform; there is no minimum size or participation requirement, empowering mid-sized companies of all sizes to participate; and there is an annual guarantee, removing evidence of insurability requirements.
“We’re proud to offer such a cutting-edge solution for voluntary worksite benefits, which have become a necessity in today’s definition of a robust benefits offering,” says Matthew Monahan, VP of Benefits at Namely. “Given the complexity of the pricing model, voluntary worksite benefits can be cumbersome to manage and incompatible with most benefits administration technologies. This new offering gives mid-sized companies a seamless tech experience, without having to sacrifice either the quality of the carrier nor the cost to employees.”
The option to provide Namely’s voluntary worksite benefits offering is now available to Namely clients, and the company expects to expand the selection of carriers to provide even more optionality for companies and employees alike.
Namely is the first HR platform that employees actually love to use. Namely’s award-winning, powerful, easy-to-use technology allows companies to handle all of their HR, payroll, time management, and benefits in one place. Coupled with dedicated account support, every Namely client gets the software and service they need to deliver great HR and a strong, engaged company culture. Namely is used by over 1,000 clients with over 175,000 employees globally. Headquartered in New York City, the company is backed by investors including Altimeter Capital, GGV Capital, Matrix Partners, Scale Venture Partners, Sequoia Capital, Tenaya Capital, and True Ventures. For more information, visit www.Namely.com.
Namely provides insurance producer services through Namely, Inc. (dba Namely Insurance Services in California; CA License #: 0K13729), Namely Employee Benefits, LLC (dba Namely Employee Insurance Services in California; CA License #: 0L60373), or other Namely affiliates with the appropriate licenses granted by the departments of insurance of the corresponding states where Namely acts as insurance producer. Namely is domiciled in Delaware and has its principal place of business at 195 Broadway, 15th floor, New York, NY, 10007. Arkansas Insurance License ##: 100123429 (Namely, Inc.); 100165956 (Namely Employee Benefits, LLC).
Â The Guardian Life Insurance Company of America, New York, NY
Transamerica Life Insurance Company, Cedar Rapids, Iowa