New arrangement features the first comprehensive set of supplemental health, group life and disability income insurance products to be integrated on ADP platforms
Voya Financial, Inc. (NYSE: VOYA), announced today that it has entered into a unique agreement with ADP® to offer an integrated benefits administration experience to ADP’s National Accounts clients. Through the new agreement, employers that use certain ADP platforms will – effective immediately – be able to more efficiently administer Voya Employee Benefits’ group term life insurance, disability income insurance, and supplemental health insurance – such as accident, critical illness/specified disease and hospital confinement indemnity – along with other products being offered to their employees through the ADP platforms.
The ability to integrate Voya’s offerings is available to all employers that use ADP’s Health & Welfare Services Engine (HWSE), BenMark and ADP Vantage HCM® platforms.
“In working with our clients, we know they have a multitude of technical and operational challenges in managing their employee benefits offerings, so we constantly focus on ease of doing business,” said Rob Grubka, president, Voya Employee Benefits. “Ensuring our clients and their employees have positive and efficient experiences with Voya is paramount to us. With this new arrangement with ADP, we are building on that core focus by offering a broad range of workplace benefits through the ADP platforms, allowing employers to more easily and cost-effectively manage the protection products that help support their focus on their employees’ financial wellness needs.”
Making Benefits Admin More Efficient
The agreement between Voya and ADP will streamline implementation, making benefits administration more efficient and cost-effective. ADP has integrated Voya’s comprehensive set of group life, disability income and supplemental health insurance benefits – including Voya’s Compass Accident, Critical Illness/Specified Disease and Hospital Confinement Indemnity Insurance. With the integrations, employers can now more easily select the policies and coverages they would like to offer their employees, and quickly plug their selections into ADP’s benefits administration system. Voya’s medical underwriting for supplemental term life and disability (if applicable) is part of the enrollment experience, allowing enrollees to complete their evidence of insurability application with single sign-on to the Voya website upon electing supplemental life or disability insurance that requires evidence of insurability, providing immediate feedback on their eligibility and eliminating the time-intensive traditional paper-based manual process.
“Sifting through the myriad benefits and administrative platforms in the marketplace can make it challenging for employers to choose what will work best for them and their employees,” said Melanie Shook, division vice president, NAS Benefits, ADP. “By combining Voya’s unique set of benefits and well-regarded service and claims models with ADP’s state-of-the-art administrative engines and other workplace services, we are able to deliver a simple, one-stop-shop solution.”
In addition to accident, critical illness/specified disease, hospital confinement indemnity, group life and disability income insurance products, and health savings and spending accounts as optional benefits for employers to offer their employees at the workplace, Voya Employee Benefits offers stop loss insurance to help self-insured employers cover catastrophic health claims. Insurance is underwritten by ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York, members of the Voya® family of companies.
An industry leader and advocate for helping Americans achieve financial wellness to and through retirement, Voya Financial is committed to delivering on its vision to be America’s Retirement Company®, and its mission to make a secure financial future possible — one person, one family, one institution at a time.
About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.5 billion in revenue in 2018. The company had $547 billion in total assets under management and administration as of March 31, 2019. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2019 World’s Most Ethical Companies® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
About ADP (NASDAQ – ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com.
Insurance is issued and underwritten by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY), members of the Voya® family of companies. Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Voya Employee Benefits is a division of both companies. Product availability and specific provisions may vary by state.