Voya Financial is a prominent player in the health, wealth, and investment sectors in the insurtech industries and currently has announced the expansion of its workplace benefits offerings with the launch of Voya Protect in collaboration with Ansel Health. The following collaboration aims to alleviate the financial strain of medical expenses on employees through this cutting-edge, technology-driven solution and roots out from a pressing need to support employees facing unexpected medical costs. This initiative aims to easen up pressure on employees to seek and save for medical emergencies which has become a challenging part of work life nowadays, especially with the inflation surge in recent years, Voya Financial strives to provide a safety net for employees through this supplemental health insurance solution.
Voya Financial’s core activities revolve around delivering comprehensive solutions across health, wealth, and investment spheres. With a workforce of approximately 9,000 employees, the company has joined with 15.2 million individual, workplace, and institutional clients till now.
Voya Protect stands out as a Group Limited Benefit Insurance that pays benefits swiftly and effortlessly upon the diagnosis of covered conditions. The initiative is for over 13,000 medical conditions, it offers varying levels of coverage without the limitations typically imposed on pre-existing conditions.
The product not only provides extensive coverage but also boasts an efficient and easy claims process that can be sanctioned in just a snap of time. Employees can file claims within minutes, with eligible benefits typically disbursed within 72 hours. This flexibility allows benefit payments to be used for a wide range of purposes, from bill payments to covering other out-of-pocket medical expenses of the patients.
In addition to traditional benefits, Voya Protect offers optional coverages for mental and chronic conditions of its employees, reflecting Voya’s acknowledgment of the growing concern for mental health in the workplace. This initiative aligns with Voya’s mission to support its clients’ comprehensive health and financial well-being.
Voya Financial CEO, Workplace Solutions, Rob Grubka said, “At Voya, we understand that an unexpected medical emergency can be costly. We also know that the ability to save for emergencies has remained a challenge given the realities of inflation over the past several years.
“Recent industry data has found that just one in five households has increased its emergency savings since the start of 2023.1 Even with health insurance coverage through their employer, it’s not uncommon for employees to still have out-of-pocket medical expenses — which can have a financial impact on workers and their families. With Voya Protect, both employers and their employees can benefit — because it’s extensive, efficient and easy.”
