Aflac Incorporated ( AFL Quick Quote AFL - Free Report) recently collaborated with the renowned global identity and cyber protection company, Iris Powered by Generali ("Iris"), to extend Beneficiary Companion services to individuals enrolled within Group Life Insurance policies falling under the Premier Life, Absence and Disability Solutions suite of Aflac.
The benefits of the Beneficiary Companion services can not only be reaped by the beneficiary of an insured employee but can also be availed by the employee himself in case of the death of a loved one, subject to some conditions. The employee must possess the legal authority to represent the deceased person and the close one can either be the Beneficiary, Executor of the Estate or Beneficiary Representative.
The other benefits of the service include assistance in getting hold of death certificate copies and round-the-clock information as well as guidance from dedicated Beneficiary Assistance Coordinators. Meanwhile, the coordinators will inform the Social Security Administration, credit reporting agencies, credit card companies and other financial institutions about the passing away of the loved one.
The Beneficiary Companion facility that Aflac has integrated within its product aims to provide personalized service and attempts to reduce the stress that individuals inevitably undergo in case of the death of a loved one. Several intricate administrative details requiring extensive paperwork and chances of identity theft often crop up in the case of deceased Americans.
Amid a pensive scenario, getting access to the highly useful Beneficiary Companion service is expected to ease the decision-making process of employees while settling the final affairs post the death of a loved one.
The recent tie-up seems to be a timely move on part of Aflac, considering the workplace costs arising after the death of an employee’s loved one that have to be borne by employers. Per the Grief Recovery Institute, the cost of workplace grief following an employee’s close one’s death is anticipated at $37.5 billion per year. The need for a facility to address the problem of identity theft of deceased people is dire since the identity information of around 2.5 million deceased Americans is compromised every year (according to AARP).
The recent product enhancement bears testament to Aflac’s consistent efforts to boost its supplemental health insurance offerings. It also reflects AFL’s sincere endeavor to impart physical, financial and mental well-being to its policyholders and beneficiaries. Integrating lucrative features, such as the Beneficiary Companion service, within its product offerings might lure more employers to opt for AFL’s products and extend them to their workforce. This, in turn, might solidify the insurer’s presence across the United States.
Shares of Aflac have gained 11.1% in the past six months compared with the
industry’s 7% growth. AFL currently carries a Zacks Rank #2 (Buy). Image Source: Zacks Investment Research Other Stocks to Consider
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