Independence Blue Cross and Sun Life announce new Stop Loss insurance collaboration

New options to protect self-funded employers from large, unpredictable health care costs

PHILADELPHIA, July 6, 2023 /PRNewswire/ -- Independence Blue Cross (Independence) and Sun Life U.S. today announced a new collaboration to exclusively provide Stop Loss insurance for Independence's self-funded group customers. Stop Loss insurance can protect self-funded employers who take on the financial risk of providing health insurance for their employees against large, unpredictable, or catastrophic losses from higher-than-anticipated claims.

Independence offers a comprehensive approach to self-funded customers' health plans, helping clients balance and optimize health care costs while enhancing their employees' health care experience and overall well-being. The collaboration with Sun Life is a further demonstration of Independence's commitment to its customers.

"We selected Sun Life after a strategic search where we evaluated their capabilities and partnership approach against other national carriers," said Mike Sullivan, executive vice president and president of diversified markets at Independence Blue Cross. "In the end, it was a shared vision on how to best meet the needs of our customers that made this the right fit for Independence. With Sun Life, we can add even more value to our employer groups plans."

The Independence collaboration with Sun Life for Stop Loss insurance will have:

• customizable solutions with competitive pricing and reduced fees for Independence Blue Cross groups;
• reporting with actionable insights to make it easier for employers to make decisions about their Independence self-funded plans;
• cash flow solutions with an advance funding program to pay claims at the time they are received, rather than waiting for a reimbursement check after they are paid; and
• other new program features to be introduced in the future as Independence establishes Sun Life as the company's exclusive Stop Loss partner.

"We are excited to partner with Independence Blue Cross on a risk-share agreement," said Jen Collier, president, Health and Risk Solutions, Sun Life U.S. "Sun Life's Stop Loss coverage helps employers manage the high costs of care while continuing to offer comprehensive health coverage for their employees. Working with Independence Blue Cross will give self-funded employers in southeastern Pennsylvania a Stop Loss insurance option that helps drive both excellent care and efficient cost outcomes."

The Independence and Sun Life collaboration and all features will be effective January 1, 2024. Select benefits will be available now through the end of 2023 for new Independence self-funded employer groups who choose Sun Life for Stop Loss insurance.

About Independence Blue Cross
Independence Blue Cross is the leading health insurance organization in southeastern Pennsylvania. For 85 years, we have been enhancing the health and well-being of the people and communities we serve. We deliver innovative and competitively priced health care products and services; pioneer new ways to reward doctors, hospitals, and other health care professionals for coordinated, quality care; and support programs and events that promote wellness. To learn more, visit ibx.com. Connect with us on Facebook, Twitter, LinkedIn, and Instagram. Independence Blue Cross is an independent licensee of the Blue Cross and Blue Shield Association.

About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance, and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. As of March 31, 2022, Sun Life had total assets under management of C$1.36 trillion. For more information, please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Sun Life U.S. is one of the largest providers of employee and government benefits, helping more than 50 million Americans access the healthcare and coverage they need. Through employers, industry partners and government programs, Sun Life offers a portfolio of benefits and services, including dental, vision, disability, absence management, life, supplemental health, medical stop-loss insurance, and healthcare navigation. Sun Life U.S. and affiliated companies in asset management employ approximately 8,000 people in the U.S. Group insurance policies are issued by Sun Life Assurance Company of Canada (Wellesley Hills, Mass.), except in New York, where policies are issued by Sun Life and Health Insurance Company (U.S.) (Lansing, Mich.). For more information visit our website and newsroom.

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SOURCE Independence Blue Cross