in health solutions are they insurance carrier or broker?
In its Health Solutions segment, Voya Financial acts primarily as an insurance carrier (underwriter) rather than a broker.
They design, underwrite, and assume the risk for their own insurance products. Here is how their role breaks down:
1. The Carrier (Underwriter)
When an employer purchases a Voya supplemental health, group life, disability, or stop-loss insurance policy, Voya is the company actually insuring the risk. The specific underwriting entities that issue these policies are Voya subsidiaries, primarily:
- ReliaStar Life Insurance Company
- ReliaStar Life Insurance Company of New York
2. The Administrator
Beyond underwriting risk, Voya also acts as an administrator and technology provider. Through Voya Benefits Company, LLC and their acquisition of Benefitfocus, they provide the software platforms that employers use to manage open enrollment, administer benefits, and run tax-advantaged accounts like HSAs, FSAs, and HRAs.
3. The Broker Relationship
Because Voya is the carrier, they rely heavily on independent employee benefits brokers and consultants to sell their products. A broker will evaluate an employer's needs and may recommend Voya's insurance products or administration platforms alongside offerings from competing carriers.
In short, brokers bring the clients, and Voya provides the actual insurance coverage and the technology to administer it.