PORTLAND, Ore. — April 1, 2024 — StanCorp Financial Group, Inc., known as The Standard, has announced the completed acquisition of the life and disability insurance business of Elevance Health. This agreement follows the terms reported on March 28, 2023. It includes a 10-year distribution partnership in which The Standard’s products and services will be made available to Elevance Health customers.

For the Standard, this transaction is a significant landmark in their growth efforts within the employee benefits marketplace. It also marks the start of a mutually beneficial partnership with Elevance Health. The newly combined life and disability benefits businesses will now operate under The Standard’s brand. This includes the operations and employees from the Elevance Health Life & Disability.

The distribution agreement sees the sales team of The Standard collaborating with the medical sales team of Elevance Health. This collaboration aims to provide several benefits for Elevance Health customers. These benefits include group life insurance, short and long-term disability, accidental death and dismemberment insurance, and paid family leave and absence management services.

Morgan Kendrick, EVP, and President, Commercial Health Benefits at Elevance Health, aims for a seamless transition of customers they both serve. Meanwhile, David Payne, VP of Employee Benefits at The Standard, emphasizes the agreement as a testament to The Standard’s commitment to the life, disability, and absence management market.

The transaction with Elevance Health helps to broaden the scale and distribution network of The Standard’s employee benefits business. As of the close of the last year, Elevance Health served around 4.8 million lives across 14 states.

In addition to its various products and services offered, The Standard is committed to exceptional customer service. For individuals seeking information or needing to reach the company’s representatives, there are several ways to contact The Standard. For more information, please visit eddcaller.com and find out how to get ahold of edd customer service.