PHILADELPHIA--(BUSINESS WIRE)--Reliance Matrix, a leader in technology-enabled employee benefits and absence management, has released a new small business solutions (SBS) product suite, delivering superior speed, flexibility and simplicity to employer groups with 10 to 99 employees.
According to the US Small Business Administration (SBA), small businesses comprise 99.7% of firms with paid employees, contributing 43.5% of the country’s total gross domestic product (GDP). More than 60% of the economy’s growth over the last 17 years is attributed to companies with fewer than 100 employees.
“Our research with clients and broker partners told us speed and efficiency were paramount when looking to add or replace employee benefits like short- and long-term disability,” said Jim McGovern, Vice President, Distribution Channel Management. “Historically, employers had to pick between good, fast and affordable. Robust plans took longer to design and sell, while bare bones ‘shelf plans’ weren’t priced as competitively. We found a way to tear down this wall.”
The Reliance Matrix SBS platform features fast quotes, with accelerated underwriting that delivers quotes within one day. Approved plan designs and market-tested rates mean plans including the most popular features can be priced and proposed quickly, without case-level underwriting. Proposals are not just fast, but easy to follow, with all plan details and rates in one place.
Benefits coverages included in the new suite include short-term disability, long-term disability, group life and accidental death and dismemberment (AD&D) plans. Statistics show these are the most often requested and purchased employee benefits apart from medical and dental insurance.
“We offer a full complement of coverages to round out any offering,” McGovern said, “from dental and vision to supplemental health products like accident, hospital indemnity and critical illness. We are also able to offer absence management services, which becomes especially important in states with mandatory disability and paid family leave programs.”
The suite includes a wide range of optional value-added services such as Mental Health Support, Drug/Alcohol Addiction, Medical Advocacy, Legal Assistance, Financial Consultation, Work/Life Balance, Bereavement, and Travel Assistance. And plans can be seamlessly enrolled and managed on leading platforms like Employee Navigator, ADP, bswift, Plansource, and others.
“For a large portion of our history, we were primarily a small group carrier,” JoAnne Doyle, Vice President Group Sales, said. “It was in our corporate DNA. More recently, as we grew to lead the market in integrating benefits plans and absence services, the work got more complex and our focus shifted to larger employers.”
“This new suite doesn’t represent a shift in our priorities,” she said, “so much as a reinvigorated commitment to serving this important segment of the market with excellence.”
For more information about Reliance Matrix plans for companies with fewer than 100 employees, contact your benefits broker or Reliance Matrix sales or account manager.
About Reliance Matrix
Reliance Matrix delivers employee benefit, absence management and workforce productivity solutions through the financial stability of a top-rated insurance carrier, the proven innovation of an absence TPA, and the daily commitment of thousands of team members across America. In December 2023 Reliance Matrix was named the #1 US Absence Management provider by Spring Consulting Group in their biennial market survey. Born in 1907, Reliance Standard Life Insurance Company is a leading provider of employee benefits and retirement savings solutions. Matrix Absence Management traces its roots to Silicon Valley at the dawn of the tech boom. Seamless and secure, we innovate and deliver products and programs to help individuals, employers, brokers, and fiduciaries protect and nurture those most important to them. Reliance Matrix is a member of the Tokio Marine Group. Tokio Marine Holdings, Inc., the ultimate holding company of the Tokio Marine Group, is incorporated in Japan and is listed on the Tokyo Stock Exchange. The Tokio Marine Group operates in the property and casualty insurance, reinsurance, and life insurance sectors globally.
