If you’ve ever had a sudden accident, injury, illness, or disease diagnosis, you know how quickly your financial circumstances can change. Aflac voluntary insurance is designed to cover the gap when you suddenly can’t work because of hospitalization, a diagnosis and need for treatment, or injury from an accident. Aflac’s claims processing got a whole lot faster this year with their new One Day Pay initiative.
Fast Claims Processing May Change Insurance Industry
Voluntary insurance provider Aflac announced in February that it will now pay out claims on certain types of policies in one business day, predicted to be a trend-setting move that will prompt others in the industry to do the same. Aflac’s chief marketing officer Michael Zuna calls it a “trailblazing” initiative that will provide processing, approval, and disbursement of claims payments in one business day.
Faster and Simpler
It’s not just a faster claims process though. Aflac is also simplifying their claims submission process for policyholders. The new SmartClaim® online claims submission system provides an easy step-by-step questionnaire that enables SmartClaim® to identify supporting documents for policyholders to upload and submit for claims processing on Accident, Cancer, Hospital and Sickness; Hospital Indemnity, Intensive Care and Specified Health Event claims.
Whether the claim is simple, moderate, or complex, if it’s eligible and submitted online through SmartClaim® by 3pm ET Monday through Friday, with the required documentation, it will be reviewed, approved, and paid within one business day. For claims submitted on Fridays, this means payment occurs on Monday.
Aflac chairman and CEO Dan Amos says “One Day Pay is simply the natural evolution of the way we’ve always done business. At Aflac, we make it a priority to process and pay, not deny and delay.”
Zuna says that more than 70% of individual claims can be processed and paid with SmartClaim®, except life insurance and STD. He also stated that participants using direct deposit could see even faster payments.
Social Media Marketing Rollout
Aflac is rolling out its marketing for One Day Pay through social media with its iconic mascot, the Aflac Duck, in photos, quotes, commercials, videos on Facebook and Twitter, One Day Pay Tumblr page, and appearances on late night TV. It’s the insurance company’s largest marketing campaign in the history of the company, designed to promote Aflac’s promise to pay quickly when policyholders need it.
Why Offer Voluntary Benefits
In today’s economy and tough business environment, offering voluntary benefits is an increasingly attractive way for employers to improve their employee value proposition while controlling costs. Towers Watson’s 2013 Voluntary Benefits and Services Survey results found that employers are adding voluntary benefits as part of creative and strategic benefits offerings to control costs while adding value.
This need arises in part to the changes in the healthcare landscape because of Obamacare and the looming excise tax challenges scheduled for 2018. Voluntary benefits offer choice, convenience, and affordability to employees to personalize their benefits to their lifestyles. Towers Watson reports that the most common voluntary benefits offered are vision, dental, accident, disability, life insurance, and perks like discounts.