This new product, powered by the insurtech Ansel Health, aims to address the increasing out-of-pocket costs faced by employers and employees, a concern that has driven its development.
Diana Steinhoff, President and CEO of Renaissance, emphasised the importance of finding solutions to ease the burden of unexpected medical costs for employees. She commented: “As healthcare costs continue to increase, many employers are looking for solutions that ease the burden of unexpected medical expenses for employees. This inventive supplemental health plan provides comprehensive coverage for a broad range of conditions, no medical underwriting requirements, a simplified claims experience and easy administration for employers.”
Renaissance specialises in providing bespoke dental, vision, life, and disability plans to employer groups across the nation, primarily addressing smaller groups of up to 250 employees. The company also offers dental and vision insurance for individuals and accident insurance for certain groups. The new supplemental health insurance plan offers comprehensive coverage for a wide range of conditions without requiring medical underwriting.
The product streamlines the claims process and administration for employers, ensuring a cash benefit based on diagnosis without requiring accident or hospital admission. Benefit amounts can be customised to offset cost-sharing, and employers can choose their degree of funding or offer it as a voluntary benefit. The product’s benefit administration and claims are processed through an online app, ensuring a streamlined experience and expedited benefit payments. A dedicated support channel will be available to both employees and employers.
The new solution will commence a phased rollout in late 2024 in select markets in Texas and Utah, with a planned nationwide expansion and integrated member experience in 2025.
John Feeney, Vice President, Group Sales & Market Development at Renaissance, commented on the importance of employee wellbeing: “Pursuing strategies to improve healthcare affordability and remove barriers to visiting the doctor enables organisations to enhance their benefits and in turn, help attract and retain workers. We are excited to add this innovative new benefit to our portfolio to assist brokers and clients in creating smart, but simple solutions to bolster employee wellbeing, as well as organisational success.”
