Aflac adds Beneficiary Companion® services to its group Premier Life Absence Disability Solutions portfolio

Rhea-AI Summary

Aflac has partnered with Iris Powered by Generali to introduce Beneficiary Companion services for customers of its Group Life Insurance. This initiative aims to ease the administrative burdens on beneficiaries and employees after a loved one’s passing. Key features include 24/7 assistance, guidance for obtaining death certificates, and resources to navigate identity theft issues. The emotional and financial toll of grief costs workplaces an estimated $37.5 billion annually, highlighting the need for such support. This move not only supports individuals during a difficult time but also reinforces employers’ care for their workforce.

Positive

• Introduction of Beneficiary Companion services enhances customer support.
• Partnership with Iris provides comprehensive assistance for beneficiaries.
• Addresses significant workplace grief costs estimated at $37.5 billion.

Negative

• None.

New value-added services help customers with finalizing loved ones' affairs

COLUMBUS, Ga., March 30, 2023 /PRNewswire/ -- When a loved one passes away, paperwork should be the least of a survivor's worries, but beneficiaries work with multiple companies and institutions, making many decisions, when settling affairs after a family member or close friend passes. To address this challenge, and to add value for its customers, Aflac, a leading provider of supplemental health insurance, is partnering with Iris^® Powered by Generali ("Iris"), to provide Beneficiary Companion^® services for individuals insured by Group Life Insurance from Aflac's Premier Life, Absence and Disability Solutions. Beneficiary Companion services assist individuals and their beneficiaries with navigating the often-complex administrative details related to death, including monitoring and resolving identity information and potential theft. 

While individuals are most impacted by grief, workplaces can also be affected. According to the Grief Recovery Institute, the cost of workplace grief due to employees' losses of loved ones is estimated at $37.5 billion annually,¹ and the grieving of survivors can be extended particularly as situations like identity theft add to the challenges of those left behind. Additionally, AARP reports that the identities of nearly 2.5 million deceased Americans are stolen each year,² resulting in additional time, cost and emotional strain to the survivors resolving the theft.

"End of life is a very difficult topic to discuss, but the reality is that there are many challenges that arise with the death of a loved one. We believe stress associated with complicated paperwork and the potential of crimes like identity theft shouldn't be among them," said Scott Beeman, senior vice president, Premier Life Absence Disability Solutions. "Beneficiary Companion enables employers to offer peace of mind to employees through assistance that helps their workforce with the practical matters of life, including closing a loved one's affairs during an already difficult time."

In addition to being available to the beneficiary of the insured employee, Beneficiary Companion is also available to the employee to use in the event of the loss of a loved one if they have the legal authority to act on behalf of the deceased. This includes the Beneficiary, Executor of the Estate and Beneficiary Representative.

"Beneficiary Companion helps bring relief from the confusion and frustration that many face while trying to manage a loved one's final affairs," said Paige Schaffer, CEO of Iris. "The unique and personalized service that Beneficiary Companion provides helps send a powerful message to employees about how their employers care for them and their families."

Key features of Beneficiary Companion^® services include:

• Guidance on how to obtain death certificate copies (necessary for performing final notifications).
• 24/7 live information and advice from dedicated Beneficiary Assistance Coordinators.
• Beneficiary Companion Guidebook that serves as a handy reference tool for beneficiaries navigating the aftermath of a loved one's death.
• Beneficiary Assistance Coordinators to manage the assistance process, which includes notification to the Social Security Administration, credit reporting agencies, credit card companies and other financial institutions.

For more information, visit https://www.aflac.com/brokers/products/group-life-insurance.aspx. 

ABOUT AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than 67 years to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.¹ In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance policies in force. In 2021, the company became a signatory of the Principles for Responsible Investment (PRI). In 2022, the company was included in the Dow Jones Sustainability North America Index for the ninth year, the World's Most Ethical Companies by Ethisphere for the 17th consecutive year, Fortune's World's Most Admired Companies for the 22nd time and Bloomberg's Gender-Equality Index for the fourth consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability."

About Iris® Powered by Generali

Iris^® Powered by Generali is a B2B2C global identity and cyber protection company owned by the 190-year-old multinational insurance company, Generali, offering always-available identity resolution experts (real people, 24/7/365) and tech-forward solutions that uncomplicate the protection process. Understanding that victimization has no geographical boundaries, we've got a solution no matter your customers' coordinates.

To learn more about Iris' offerings, please visit https://www.irisidentityprotection.com/.

¹The cost of grief – Chicago Tribune. 
²https://www.aarp.org/money/scams-fraud/info-03-2013/protecting-the-dead-from-identity-theft.html
³LIMRA 2021 US Supplemental Health Insurance Total Market Report 

Media contact: Jon Sullivan, 706-763-4813 or jsullivan@aflac.com

Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or dyoung@aflac.com

Iris Media Contact: IrisPR@mgroupsc.com

Premier Life, Absence and Disability Services (PLADS): Group life, disability, and absence services are administered by Continental American Insurance Company (CAIC); in New York, products and services are administered by American Family Life Assurance Company of New York; in California, coverage is offered by Continental American Life Insurance Company. Products may not be available in all states and may vary depending on state law. Absence services are not insurance and are not legal advice.

CAIC's affiliation with the Value-Added Service providers is limited only to a marketing alliance, and CAIC and the Value-Added Service providers are not under any sort of mutual ownership, joint venture, or are otherwise related. CAIC makes no representations or warranties regarding the Value-Added Service providers, and does not own or administer any of the products or services provided by the Value-Added Service providers. Each Value-Added Service provider offers its products and services subject to its own terms, limitations and exclusions. Value-Added Services are not available in Idaho or Minnesota. State availability may vary. Continental American Insurance Company, a proud member of the Aflac family of insurers, is a wholly-owned subsidiary of Aflac Incorporated.

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SOURCE Aflac

FAQ

What are Aflac's Beneficiary Companion services?

Aflac's Beneficiary Companion services assist customers in managing administrative tasks after the loss of a loved one, including identity theft resolution and guidance on obtaining death certificates.

How does Aflac's new service help with identity theft?

The Beneficiary Companion services include support for resolving identity theft issues, which affects nearly 2.5 million deceased Americans annually.

When was the partnership between Aflac and Iris announced?

The partnership was announced on March 30, 2023.

What is the estimated cost of workplace grief that Aflac addresses?

Aflac addresses the estimated $37.5 billion annual cost of workplace grief resulting from employees losing loved ones.

What benefits do Aflac’s Group Life Insurance customers receive from the new service?

Customers receive 24/7 assistance, guidance through complicated paperwork, and personalized support for navigating final affairs.