New Sun Life Unit to Market Stop-Loss Through Health Plans
FullscopeRMS will also help carriers offer life insurance, voluntary benefits and absence management programs.
Sun Life Financial is creating a new unit in South Portland, Maine, that will help health insurers, managed care companies and other health coverage providers add new product lines.
Sun Life says its new FullscopeRMS business will help health carriers get into the stop-loss market. Fullscope RMS will also help carriers get into the life insurance, voluntary benefits and absence management markets.
Sun Life acquired Disability RMS — a benefits plan services business with roots in the disability insurance market — from Assurant Inc. in 2016.
(Related: Sun Life Closes on Assurant Benefits Business)
Sun Life has been a major player in the U.S. health stop-loss market under its own brand name for many years.
A stop-loss insurer helps limit a health coverage provider’s exposure to catastrophic claims, or to unexpected spikes in the volume of midsize claims.
In addition to providing stop-loss insurance, FullscopeRMS will provide risk management services, product development services, actuarial services, underwriting services, claim administration services and distribution training, according to Sun Life.
Scott Beliveau is the president of the FullscopeRMS unit. Beliveau has a bachelor’s degree in business and a master’s degree in business frm the University of Southern Maine. He is a founding board member of the Council for Disability Awareness.
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