Tell us about your professional journey in employee benefits.
I began in the industry working for a supplemental health insurance company and quickly went on to serve as the employee benefits specialist for a large employer. During this time, I became familiar with employee benefit consultants, enrollment firms, benefit administration companies, and most importantly, how a unique, well-designed suite of benefits can serve to differentiate employers from the pack. Before arriving at TransUnion nearly four years ago, I worked for a local enrollment firm focused on effectively communicating employee benefits so that value is understood and products are utilized to the policy-holders fullest benefit. I’ve been able to bring a consultative approach into my current role, and that’s been very impactful as education and awareness are so important when it comes to digital health and safety.
More organizations are considering identity and digital security as an important modern voluntary benefits. Can you tell us why?
In today’s highly digital environment, more organizations are concerned about data breaches, cyber threats, and other security issues. And, they aren’t just thinking about protecting their organization, but their employees too. Every quarter, TransUnion conducts research into consumer attitudes and opinions, and last year, more than 70% of Americans reported being concerned about identity theft. Many organizations are adding value for their employees by addressing these concerns.
Threats from identity theft, social engineering, ransomware, and cyberbullying not only drain mental, emotional, and financial resources from team members but also open the door to cyber threats that can affect the workplace.
How is individual employee identity security connected to the cybersecurity of their employers?
The increase in remote work, blurred lines of personal/work device usage, and the heightened cyber threat environment created by data breaches have made employees more vulnerable to cyber-attacks. These individual risks increase cyber risks at the organizational level.
For example, when an employee’s personal information is exposed in a data breach, it can be used in social engineering scams, where a cybercriminal is able to effectively impersonate an employee. Identity protection alerts employees to potential issues with their identities so they can be proactively addressed.
What digital security benefits and services can organizations receive through TransUnion?
Organizations can benefit from industry-leading identity security that protects both employees and the organization. This includes:
Identity theft protection for each employee through IdentityForce includes proactive credit and threat monitoring, identity theft restoration services, resolution and reimbursement for ransomware, social engineering, and cyberbullying, and up to $2,000,000 in stolen funds reimbursement.
Financial wellness solutions such as counseling, goal setting, interactive credit health features, detailed collection, foreclosure, auto loan, and balance alerts help employees manage and improve their financial health.
Credit analytics: From credit simulations, reports, and scores, changes in score alerts, the addition of authorized user alerts, and more, credit analytics allow consumers to more intimately interact with their credit score and the factors that either positively or negatively impact it.
Breach response services allow our clients to act more effectively in the event a data breach occurs. Our team is poised to handle the notification and remediation required after suffering a data breach.
Business exposure analytics allows our clients to monitor business entity names, likenesses, and employee populations’ aggregate risks and susceptibilities. By providing education and insights we can help our clients to be better protected.
How does TransUnion partner with businesses to provide employee benefits?
Particularly since the rapid digitalization of workplaces post-pandemic, identity theft concerns have reached all-time highs. The number of employee benefits professionals reporting interest from clients in recommendations for identity theft protection to add to their employee benefits mix has more than doubled.
By educating our partners on the prevalent digital threats that exist for their organizational clients and ultimately, employees, we are able to offer the peace of mind that comes with greater identity security. TransUnion provides cost-effective, industry-leading solutions that can be offered either at annual open enrollment or during a separate enrollment period.
How have you seen identity security benefits evolve?
Just 5-7 years ago, identity security was almost an afterthought; appended at the end of an enrollment. The pandemic really changed that. The rapid increase in scams, breaches, theft, and fraud caught the world by storm, and now, the unfortunate reality is that nearly everyone has had personal information of some sort exposed in a data breach. This exposure can ultimately lead to identity theft, fraud, and other financial losses. Because of this, identity security and financial wellness solutions are growing in demand. TransUnion is always evolving to meet the changing needs in this dynamic landscape with innovative product solutions.
What advice would you give to employee benefits managers when considering benefits packages?
Carve out just 30 minutes to learn about the full suite of valuable protection that can be made available to clients and their employees. Impactful features can get lost in the shuffle if they are not fully understood. Benefits managers can provide truly valuable solutions to their employees by taking the time to fully understand the product, the provider’s reputation, and their commitment to innovation.
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