Securian Financial Group, a US-based financial services holding company, has established a new Voluntary Employee Benefits Group under Minnesota Life Group Insurance, in a bid to enhance its business footprint.

The voluntary benefits initiative will enable the company to strengthen its product offerings in the group insurance market, claims the company.

Due to growing health insurance premiums, Voluntary products are popular as they enable employers to offer rich benefits at less expense.

Employees also favor voluntary benefits, as they pay less than they would in the individual retail market for the same products and services.

Elias Vogen has been promoted as the new director to manage the new voluntary products group, effective 16 September 2013.

Vogen joined Securian Financial Group in 2003 and before being appointed as director of Voluntary Products, Vogen was manager, Group Life and Individual Life claims.

Group Life Insurance senior vice president Von Peterson said, "Eli will lead a multi-disciplinary team as we develop a suite of products to effectively compete within the growing voluntary benefits market."

Securian Financial Group is parent of a group of companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer.