Voya Financial Partners with Empathy to Enhance Legacy Planning Solutions
Empathy has partnered with Voya Financial to integrate the Empathy LifeVault™ into Voya’s benefits ecosystem, marking a significant advancement in legacy planning solutions offered to policyholders. This collaboration positions Voya as the first financial institution to adopt LifeVault, providing innovative resources for employees enrolled in Group Term Life Insurance and Lifetime Life Insurance policies. LifeVault aims to address the critical gaps in legacy planning, as highlighted by Empathy’s research, which indicates that the majority of individuals lack essential legal documents needed after the loss of a loved one.
LifeVault's platform allows for the secure storing, creation, and management of vital legal documents such as wills and healthcare directives, ensuring that families are better prepared for transitional life events. By employing this technology, Voya not only enhances the value of its insurance offerings but also empowers clients with the tools necessary for effective legacy planning amidst the looming $84 trillion wealth transfer from baby boomers over the coming years.
As legacy planning becomes more intertwined with life insurance adoption, Voya’s initiative is a proactive approach to meet market demands for comprehensive, user-friendly solutions. The integration of Empathy LifeVault™ reflects a broader trend in the insurance industry towards utilizing technology to improve service delivery and client support surrounding loss and bereavement. This strategic move supports Voya's commitment to providing holistic financial care that goes beyond traditional insurance solutions.
The collaboration signifies a defining shift in how financial institutions view legacy planning, as Empathy expands its services beyond bereavement care to become a key player in the financial planning technology space. As customers increasingly seek compassionate and supportive planning resources, partnerships like that of Voya and Empathy may set new industry benchmarks for addressing the growing complexities of legacy management.