Benefits industry products roundup: PBM system, AI college counseling, financial wellness
New products including on-demand fitness classes, exchange-traded funds, a cancer care guide, annuities.
New employee benefits products that crossed our desk recently include the following:
Wellbeats, a provider of on-demand fitness classes has recently expanded to the employer market. The Wellbeats solution features more than 350 fitness classes, and all classes can be accessed through an online portal or a mobile app and itintegrates into a company’s benefits portal.
Health IT analytics company Truveris has developed an end-to-end pharmacy benefits management (PBM) system that aggregates pharmacy data for employers, brokers, labor unions and others to reduce pharmacy-benefits related costs. Employers can use its TruBid platform to shop for PBM contracts. TruBid is a cloud-based “reverse auction” platform that simplifies and optimizes the RFP process for PBM contracts.
RetireOne added two solutions that aim to help RIAs and fee-based advisors look for alternative ways to meet client income needs, manage risk and navigate a rising rate environment. These new additions include the Allianz Index Advantage ADV Variable Annuity, a structured annuity, and the Allianz Retirement Foundation ADV Annuity, a fixed indexed annuity.
Sara Horowitz, founder of the Freelancers Union, has launched Trupo, an insurance company built by and for freelancers. Backed by the Freelancers Union and Sequoia Capital, and partnering with reinsurer RGAX, Trupo offers insurance for freelancers. Trupo will be available first in Georgia, with additional markets to follow. Georgia freelancers can request an invitation at www.trupo.com and will be notified when the plan launches.
Northeast Business Group on Health (NEBGH) launched “Improving the Cancer Patient Experience: Putting Employees at the Center of Your Cancer Benefits Strategy,” a guide designed to help HR and benefits leaders organize, coordinate and provide the best possible experience for employees and family members with cancer. It is free to employers and the public.
Voya Financial announced its new Financial Wellness Experience. It provides participants with a resource center that includes educational articles, life-stage tips, planning tools and calculators so they can learn and take action. The new Financial Wellness Experience integrates into Voya’s myOrangeMoney online, interactive educational experience.
Global X Funds, a New York-based provider of exchange-traded funds, announced the launch of the Global X TargetIncome 5 ETF and the Global X TargetIncome Plus 2 ETF. TFIV seeks to achieve a 5% yield, net of fees, while TFLT seeks to achieve the yield on the current 10 Year US Treasury Note, plus 2%, with both funds expected to pay distributions on a monthly basis. TFIV and TFLT track indexes developed by Wilshire Associates that allocate across 11 ETFs representing different income-paying asset classes.
The first artificial-intelligence-enabled virtual college counseling platform, myKlovr, is now being offered to corporate human-resources departments and benefits-administrators. It offers both students and parents educational specific resources such as personalized digital college prep and specific education AI-based tools. MyKlovr is also an integrator of educational financial solutions. It is available as a post-tax voluntary benefit.
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