2012 outlook: Top 6 trends in worksite benefits
Published November 10, 2011 2:32 PM
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Updated November 11, 2011 2:31 PM
1 Min Read
Critical illness insurance continues to attract new customers
Critical illness insurance provides vital out-of-pocket protection for both medical and non-medical costs associated with major life events, including cancer, heart attacks and strokes.
Voluntary insurance sales persevere
Increasing workforce diversity and the need to offer choices to employees with widely varying needs will drive an uptick in sales. Theres a big need for better education of workers about the need to protect their most valuable assets with life and disability coverage, points out Jeff Koll, Colonial Lifes assistant vice president of life and disability products.
Brokers looking to enhance their revenue stream should consider the voluntary benefits market
Uncertainty in the market and reduced major medical commissions because of health care reform changes are forcing brokers to look for new revenue sources. Voluntary benefits will continue to grow as a simple solution. Brokers are finding they can get in this market with little training and no overhead by partnering with an experienced voluntary benefits carrier, says Jay Hutchins, Colonial Lifes vice president of broker marketing and sales. Additionally, the majority of employers 59% already work with brokers on their employee benefits plans.
Wellness programs becoming more prevalent
With rising health care costs, employers are increasingly seeing the value of workplace wellness programs as a way to control claim costs and premium increases. Wellness-related offerings from health screening tools to online nurse services will become a bigger part of benefits providers value-added services.
More online decision-support tools attract employees
As employers continue to push benefits decision-making responsibility to their employees, look for a proliferation of websites and interactive tools to help plan participants find which ones meet their unique needs.
Employees need an entertaining interactive tool so they can individualize their benefits education and explore their unique benefits needs.
Most employees dont actively search for information about their benefits and they dont dedicate a significant amount of time to learning more about them, research shows.
Employees need an entertaining interactive tool so they can individualize their benefits education and explore their unique benefits needs.
Most employees dont actively search for information about their benefits and they dont dedicate a significant amount of time to learning more about them, research shows.
Cost containment of benefits plans is the main focus of government sector employers
Government employers are strongly feeling the effects of several years of reduced tax revenues, and now find themselves in the unfamiliar position of being forced to raise their employees share of the costs or reduce benefits. A recent survey of public sector human resources managers, Colonial Life says, shows 80% of them are looking at ways to reduce the cost of their employee benefits plans, and 58% say controlling costs is their top priority for their benefits programs.
