Liazon Corp. has expanded its private health insurance exchange platform to include multiple insurers for large businesses, the company said Monday.
The expansion allows fully insured and self-insured employers with 3,000 or more full-time workers to use Liazon's Bright Choices Exchange platform to provide their employees with access to health and voluntary benefit options through multiple national and regional insurers, the Buffalo, N.Y.-based employee benefits company said in a statement.
The multiple insurer exchange platform differs from Liazon's previous exchange services that limited employees to plan offerings from a single insurer chosen by their employer. The intent of offering multiple insurers is to lower insurance costs for employers and employees by promoting competition, Liazon CEO and co-founder Ashok Subramanian said in the statement.
“In our six years of experience operating private exchanges, Liazon has found that through greater financial ownership, real choice and an advanced shopping experience, both employers and employees save money and enhance satisfaction with benefits,” Mr. Subramanian said in the statement.
The option offers employees access to a minimum of seven health insurance plan options per insurer through Aetna Inc., UnitedHealth Group Inc. and other regional insurers, according to Liazon's statement.
Employees can also access a range of voluntary benefits such as dental, vision, life, disability, critical illness and accident insurance plans, as well as flexible spending accounts and health savings accounts, pet insurance, identity theft protections and legal assistance from providers including Aetna, UnitedHealthcare, Allstate Insurance Co., CVS Caremark Corp., Express Scripts Holding Co., the Guardian Life Insurance Co. of America, MetLife Inc., OptumRX Inc. and Sun Life Financial, the U.S.-based subsidiary of Sun Life Assurance Co. of Canada.