For decades, traditional brokerage firms have been stuck in a familiar paradigm: They spend virtually all their time designing benefits plans for HR teams but devote little time to helping employees actually use their benefits. The results are telling. Only half of employees reportedly understand their benefits. And 71% of HR teams say their employees underutilize their benefits and see this as a critical problem to solve.
This status quo is clearly broken, but a new paradigm is coming. We expect a modern class of brokerages will emerge that take ownership of the member experience by empowering employees (and their families!) to understand what benefits they have, how to effectively use them, and then support them year-round when they get stuck. It is even more imperative considering health plan costs are growing at nearly 10% a year. It’s up to us to deliver a return on that investment.
