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When Choosing an Identity Theft Carrier, Reputation is Paramount

When Choosing an Identity Theft Carrier, Reputation is Paramount
February 28, 2018

The more widespread data breaches become, and the more alarming headlines about these attacks become, the more employees will demand protection plans to be added to their menu of choices for benefits.

Only 35 percent of employers offered identity theft protection as a benefit in 2015, but that proportion was expected to leap to 70 percent this year, according to a study commissioned by the global insurance broker Willis Towers Watson.

If you’re looking for a carrier to provide this essential service, seek out one that not only boasts a proven track record, but the expertise to react quickly to solve problems should an attack occur. Left to their own devices, employees hit by identity theft can expend dozens of hours putting their lives back in order. Also, attacks from malware or ransomware can put a company’s entire network at risk.

According to a 2017 survey by HR Executive magazine, 67 percent of respondents said the brand of a benefits provider was either “important” or “very important.” And nine out of 10 brokers cited ease of administration as “very important.” There are only a handful of vendors equipped to handle high-volume identity theft protection for employers, and it’s important to know what separates the seasoned pros from companies that only aspire to be.

The Consumer Federation of America (CFA) published a useful list titled “Nine Things to Check When Shopping for Identity Theft Services.” The first one is perhaps the most important: Beware any carrier that promises that its services will completely protect your company and your employees. “No one can absolutely protect your personal information from being stolen or fraudulently used,” CFA writes. Likewise, any vendor that uses scare tactics should be avoided.

Likewise, a carrier should be able to explain the various services they provide, and how they directly help the employee. It’s important to know to what extent a carrier can, and will, help a person once a theft already has occurred. A company that provides one-on-one help tends to help resolve issues faster, and put employees’ minds at ease. Being the victim of an identity theft can be confusing and infuriating without a professional voice on the other line to help guide him or her.

Last year the Healthcare Trends Institute, run by the healthcare financial technology platform provider WEX Health Inc., issued its fourth annual report on the state of employer-based health plans. It found that 68 percent of those surveyed agreed that good benefits are key to improving morale and satisfaction among employees. Nearly 7 in 10 agreed or “strongly agreed” with this statement: “The quality of a benefits package impacts the reputation of my company.”

Great companies keep good company, in the form of carriers that have earned the trust of clients and their employees. To keep employees productive and happy, find the identity theft protection carrier with a solid reputation, and credentials to match.

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