Top 4 voluntary trends of 2011, what to look for in 2012
Published December 19, 2011 2:57 PM
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Updated December 21, 2011 9:07 AM
1 Min Read
Employees and their families have unmet needs as far as financial protection, security
Due to economic factors employers package their services in such a way that costs of implementing and maintaining benefits are low for the employer, says Marty Traynor, VP of voluntary benefits at Mutual of Omaha.
"We, the Insurance carriers, and the brokers that work with us can help employers find solutions to their own internal administration expenses for benefits that would be a factor that would be a plus as well," he says. If theres one caution you have to make sure affordability is built into the equation of the product offering. You dont want to offer a portfolio of benefits that makes an employee think their voluntary benefits packages is too expensive."
"We, the Insurance carriers, and the brokers that work with us can help employers find solutions to their own internal administration expenses for benefits that would be a factor that would be a plus as well," he says. If theres one caution you have to make sure affordability is built into the equation of the product offering. You dont want to offer a portfolio of benefits that makes an employee think their voluntary benefits packages is too expensive."
Demographics in the workforce are beginning to evolve into a more diverse one
As more baby boomers are looking towards retirement employers are broadening their portfolio of products while also making them affordable since plan participants enjoy choices.
Thousands of baby boomers are reaching age 65 and whether theyre making a decision to retire early or to retire in the future that large demographic is going to drive interest and a lot of benefits creativity that right now is probably lacking, says Traynor.
Thousands of baby boomers are reaching age 65 and whether theyre making a decision to retire early or to retire in the future that large demographic is going to drive interest and a lot of benefits creativity that right now is probably lacking, says Traynor.
Technology presents voluntary benefits easily to participants
Employee enrollment seems to evolve towards use of technology which organizes information and uses marketing techniques to present more personalized information to employees.
Traynor says advisers can use technology by conducting a webcast to deliver product information since it's proven plan participants retain more information with face-to-face interaction.
Traynor says advisers can use technology by conducting a webcast to deliver product information since it's proven plan participants retain more information with face-to-face interaction.
Wellness programs may not be the new rave in 2012
Steve Howard, chief marketing officer of American General Life Companies in the Dallas/Fort Worth area is not so keen about wellness programs taking off in 2012.
Depending on the market segment, large employers that have a tremendous amount of dollars at stake for their program by instituting more advance wellness programs are going to be able to see the return to reduce their health care costs both premiums theyre paying and claims on the back end."
In this economy though he says most of the companies in the country are not 10,000-plus, most are small and mid-size groups that cant afford to do these types of wellness programs, he adds.
Depending on the market segment, large employers that have a tremendous amount of dollars at stake for their program by instituting more advance wellness programs are going to be able to see the return to reduce their health care costs both premiums theyre paying and claims on the back end."
In this economy though he says most of the companies in the country are not 10,000-plus, most are small and mid-size groups that cant afford to do these types of wellness programs, he adds.
