Employee Benefits News: Identity theft insurance growing employee benefit

On the heels of Equifax’s data breach potentially exposing nearly half of the American population to identity theft, there’s been a surge of interest in the US to if this is something that can sit within voluntary benefits schemes.

Recently Atlanta-based insurtech startup UnBrokerage has introduced an identity theft protection and recovery insurance product deliverable as an employee benefit. At only $15 per employee per year, companies who purchase this product are able to offer their employees protection and peace of mind for significantly less than popular services like LifeLock.

Willis Towers Watson predicts identity theft protection, offered by 35 percent of employers in 2015, could double to nearly 70 percent by 2018, which would make it the fastest growing type of employee perk over the next couple of years.

This shift can be tied directly to our increasing reliance on all things digital, especially cloud services, mobile computing and social media, which, in turn, has translated into a tornado of nasty security and privacy exposures.

According to ThirdCertianity – this could be a growing trend. “Identity theft protection as an employee benefit is no longer considered a novel idea, and the willingness of employers to include it as an employer-paid option is fast gaining traction, observes Ben Rozum, co-founder and director of strategy and development at Genius Avenue, a benefits management company.

“The recent data breach from one of the three major credit reporting agencies is dominating headlines and rightfully so. Perhaps now more than ever, consumers are terrified of having their identity stolen. This unique product allows employers to add to their benefits offering by cost-effectively providing their employees with a crucial safety net against the threat of identity theft,” explained UnBrokerage founder and chief executive officer Phillip Naples.

Some of the benefits of UnBrokerage’s identity theft recovery product includes:

– $25,000 of Identity Theft Expense Reimbursement
– Unlimited Professional Identity Recovery Services from a Licensed Case Manager
– Credit Repair Expense Reimbursement
– Reimbursement of Associated Legal Costs
– Guaranteed Instant Approval with No Underwriting

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