Earlier this morning, the US Department of the Treasury, the Department of Labor, and the Department of Health and Human Services published their anticipated tri-agency report focused on proposed rule changes affecting short-term medical and indemnity-based supplemental products. We applaud the efforts of these agencies in keeping our industry a vital part of the insurance landscape. We fully support their intent to ensure an environment that can provide clarity about employee benefits and to adopt effective consumer protections to those that we serve.
We are in the process of reading the 237-page report to fully understand the changes and their implications to our business. While the early consensus is that the changes to any Accident, Healthcare Indemnity, or specified disease products made available by 5Star Life Insurance Company are extremely limited, it is clear the regulators intend to continue discussions on these ‘excepted benefit plans’ which indicates other changes may be forthcoming. We are committed to and will continue to diligently work on our end to remain a valuable and active participant in our industry. As such, please be assured that 5Star Life remains committed to maintaining a suite of products that is both of value to the consumer and in compliance with regulatory changes. To this end, we began product development efforts earlier this year with a view of launching them ahead the effective dates of any changes to applicable regulatory requirements.
At 5Star Life Insurance Company, our goal remains to protect the consumer and deliver best-in-class service to our brokers, which, of course, means adhering to all pertinent rules and regulations. Working in partnership with you, we are confident in our ability to address all changes by their prescribed timelines which begin in 2025. We will keep you fully informed of the improvements we make that both respond to these regulations and, of at least equal importance, better serve you and your clients.
We will have more to share with once we have considered the implications of the regulations. In the interim, should you have any questions or concerns, please do not hesitate to reach out to the 5Star Life team.
Michael R. Moser
Chief Distribution and Legal Officer
Sal Campanile
Vice President, Worksite Voluntary Benefits & Group Sales
Partnership targets an enhanced customer experience with integrated HR solutions
5Star Life Insurance Company (5Star Life) announced today a new technology-based integration, through the Paylogix Tailored Market Solution, which provides 5Star Life’s customers, agents, and brokers a seamless enrollment and payment experience.
“This collaboration effort with Paylogix underscores 5Star Life’s commitment to innovation and provides customers with best-in-class administrative and end-consumer resources that are an ideal complement to our mission to provide industry-leading service and engagement experiences,“ said Sal Campanile, 5Star Life’s Vice President, Worksite Voluntary Benefit and Group Sales.
The Paylogix Tailored Market Solution simplifies voluntary benefit administration offering quick case set up, a comprehensive online enrollment site, easy case submission process, and a user-friendly online portal to support enrollment, ongoing eligibility management, and billing. This bespoke end-to-end solution adds efficiency and an enhanced digital customer experience to traditional insurer administrative systems.
“The partnership with 5Star Life exemplifies how technology-focused solutions which are standardized, automated, and simplified for providers, brokers, and end-users are critical to the success of voluntary benefits administration,” said Richard Pfadenhauer, CISSP, President & Founder of Paylogix.
About 5Star Life
5Star Life Insurance Company (5Star Life) is the life insurance underwriter of the Armed Forces Benefit Association (AFBA) member benefits and a growing provider of group and worksite voluntary insurance products. Its business model enables 5Star Life to serve the needs of a diverse clientele as an insurance provider to individuals and organizations and as a trusted partner to brokers. Headquartered in Alexandria, VA, 5Star Life is currently licensed in 49 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam. 5Star Life was awarded on the Forbes World’s Best Insurance Companies 2023 list.
About Paylogix
Paylogix®, a third-party administrator, creates premium technology solutions that make voluntary benefit administration simpler and more secure, while delivering a better user experience. Paylogix serves as a trusted partner to benefit providers, brokers, and employers. Our thoughtfully designed tools to facilitate enrollment through billing and payment are automated, innovative, and secure to provide users with the data they need, when they need it.