- Supplier Info
- Why LifeLock?
- The Sourcing Alliance Program
- Getting Started
- Tools & Tips
LifeLock offers its clients identity-theft protection to safeguard against fraudulent use of a program participant’s finances, credit, and good name. The program offers five points of protection to the employees of Sourcing Alliance members:
- Monitoring Your Identity – As soon as you complete your enrollment in LifeLock identity theft protection, LifeLock immediately begins monitoring for threats against your identity information.
- Scanning for Threats with Patented Technology – LifeLock uses its patented LifeLock Identity Alert® system to constantly scan over a trillion data points to help protect you from identity fraud.
- Responding to Identity Theft – LifeLock identity theft protection services alert you by text, phone, email or mobile app when LifeLock detects a threat.† **
- Trust LifeLock’s Service Guarantee – When you become a LifeLock member, you’re immediately backed by LifeLock’s $1 Million Service Guarantee‡. Plus you’ll have access to LifeLock’s U.S. based Member Services agents 24 hours a day, 7 days a week, 365 days a year.
- Tracking Your Credit Score – LifeLock Credit Score Manager™ provides important safeguards for monitoring and helping you maintain your credit score. More than just free annual credit reports*, LifeLock monitors all three major credit bureaus daily and notifies you of any changes in your credit report.
* Pictures, cash, and cash equivalents are excluded. Member is responsible for all applicable fees charged by document issuing companies to replace lost or stolen documents.
** Fastest alert requires member’s current email address.
† Network does not cover all transactions.
Why We Chose LifeLock
Sourcing Alliance chose LifeLock as a unique voluntary benefit for members to offer their employees. LifeLock is a program that improves the overall value and relevance of benefits packages. Employees choose whether or not to participate, and pay the opt-in costs. Some employers value the program so highly, they provide LifeLock as a paid employee benefit. The choice is yours.
In 2012, 1 in 20 adults in the U.S. experienced identity fraud. Adding LifeLock identity theft protection to your voluntary benefits package can increase its value while keeping costs down. LifeLock services help safeguard the credit and financial health of your employees. It’s a modern day solution to a modern day threat.
As LifeLock protects individuals from fraudulent identity theft, it also protects organizations from the productivity disruption that results while employees work to resolve a compromised identity. Employers want to maintain high productivity and differentiate themselves to attract top talent. A LifeLock benefits survey in 2013 showed that 39% of employees said they would be either extremely likely, or likely, to purchase identity theft protection through payroll deduction.
Bottom line: Without incurring any costs, employers can offer significant benefits to their employees and provide their employees lower pricing than LifeLock’s standard retail or advertised discount rates.
Options to Get Started:
LifeLock and Sourcing Alliance have partnered to provide Sourcing Alliance members with a unique package of capabilities and value:
- On average, 15% to 20% of employees opt-in for this program (vs. 1% to 5% for traditional voluntary employee benefits).
- Employees receive a 15% discount from LifeLock’s retail rates when purchasing LifeLock through payroll deduction.
- Employees who are current LifeLock customers also receive this improved pricing.
- Our team provides the necessary materials and training to educate your employees about the offering prior to your annual benefits enrollment process.
- Sourcing Alliance will either a) provide the content needed within your existing online benefits enrollment process, or b) provide a stand-alone, branded registration portal for your organization.
LifeLock offers three tiers of services. For up-to-date information on LifeLock’s services, see the LifeLock website:
†Network does not cover all transactions.
‡The benefits under the Service Guarantee are provided under a Master Insurance Policy underwritten by State National Insurance Company. Under the Service Guarantee LifeLock® will spend up to $1 million to hire experts to help your recovery. As this is only a summary, please see the actual policy for applicable terms and restrictions at LifeLock.com/legal.
LifeLock Junior™ service is a proactive protection system rolled into LifeLock’s family plans that helps keep your children’s information safe.
Getting started with LifeLock for your employees is easy. You have three options:
- Complete the online form at https://www.sourcingalliance.org/join/
- Call Sourcing Alliance at 844.289.6728 and ask to speak with a representative about the LifeLock Identity Theft Protection program
- Email Sourcing Alliance firstname.lastname@example.org with your contact information and the best times for our team to contact you about the program
You can download or print a detailed description of how to Get Started with Sourcing Alliance’s Identity Theft Protection program here.
Higher Adoption Rates
Why not offer a voluntary benefit option that your employees want to participate in? Employee participation in LifeLock’s services is significantly higher than the typical 1% – 5% adoption rate of most voluntary benefits programs. LifeLock averages an opt-in rate, of 15% – 20% of employees. Employee participation rates are highest when the program is offered as a payroll deduction in your annual benefits enrollment process.
Any employees who are current LifeLock customers receiving a lesser discount or no discount at all, can participate in this benefit, and are upgraded to the Sourcing Alliance’s 15% discount.
Benefits Package Alternatives
LifeLock’s program offers employers a choice. The program can be available as an employee-paid voluntary benefit or offered as a component of the employer-paid benefits package.
Types of Identity-Theft Protection
Identity-theft protection falls into one of two categories:
- Proactive Protection – ongoing monitoring of credit activity to help identify and prevent identity theft before it happens. For example, LifeLock’s services are designed to identity a thief who attempts to secure credit or take out a loan in your name using your stolen social security number and bank account information.
- Responsive Protection – a $1,000,000 insurance policy to cover losses and pay the costs of restoring your identity and provides 24×7 member services agents to handle your case. For example, LifeLock’s $1,000,000 guarantee protects you in the event that an identity thief succeeds in securing a loan in your name. LifeLock’s guarantee will pay i) the amount of the loan if it cannot be recovered from the identity thief, and ii) the costs associated with restoring your identity.
LifeLock is one of the few identity-theft protection services that provides both types of coverage in its service package options.
Financial & Productivity Costs
Federal government agencies estimate the average financial loss to a victim when an identity theft occurs is nearly $5,000 (source: Dept. of Justice). In addition, the typical recovery and remediation effort costs approximately 200 hours over 6 months (source: Federal Trade Commission).