The phenomena of the “Great Resignation” and “Silent Departure” are making headlines, prompting employers to innovate in the realm of employee benefits. To enhance recruitment and retention, technological advancements are coming to the forefront, notes Brian O’Connell from InsuranceQuotes. As 2023 presents a tumultuous work environment in the U.S., the spotlight is on stronger employee perks, with insurtech being a central player.
In the wake of remote working, looming recession fears, and the clamor for superior benefits, employers are gravitating towards advanced insurance solutions to address employee concerns. Josh Butler from CompScience underscores the rapid transition towards digital insurance services, with a notable emphasis on telemedicine and electronic claims.
Major Insurtech Trends in 2023
- Digital Integration with Insurance Providers: HR platforms are increasingly collaborating with insurance entities. These integrations simplify benefits management and offer valuable insights into crucial metrics.
- Focus on Wearables: Executive leaders are emphasizing the role of wearable tech in corporate health initiatives. Insurance entities are incentivizing health tracking, translating to tangible rewards for employees.
- Tailored Benefit Structures: Companies are introducing modular benefits to cater to individualized employee needs. This approach ensures a more personalized benefits experience.
- Adapting to Remote Work: The blend of work and leisure demands flexible insurance policies, especially catering to remote work dynamics.
- Telehealth on the Rise: There’s a growing emphasis on telemedicine and mental health solutions. The benefits of telehealth are manifold, from boosting morale to reducing medical expenses.
- Enhanced Transparency: Insurtech is streamlining onboarding processes, with major insurance players offering direct backend access to their apps.
The Road Ahead
Insiders predict that workplace insurance in 2023 will be both diverse and pricey. This forecast is influenced by various factors like inflation, global challenges, and market dynamics. Clear communication and continuous policy evaluations are paramount in this evolving landscape.
Our Perspective:
We view the current insurtech trajectory as a transformative approach, placing consumers at the heart of the equation. “The digitization in insurance not only amplifies operational efficiency but also enhances user experience. By integrating digital tools, businesses can deliver real-time, customized solutions, positioning themselves as pioneers in the digital era,” shares a representative from Pinnacle Digital Advisors.
Pinnacle Digital Advisors
To effectively navigate the shifting terrains of employee benefits and insurance, businesses must prioritize education, transparency, and adaptability.
This article was original published in: https://www.spiceworks.com/hr/benefits-compensation/guest-article/role-of-insurtech-in-the-workplace/