Globally, companies are realizing the need to attract and retain talent in an ever-increasing competitive market. The existing group insurance solutions no longer meet the needs of employees and employers today. Attractive employee and voluntary benefits help attract and retain talent by providing financial security. Group insurers are digitally transforming themselves to provide holistic experience across variety of product offerings such as leave or absence management aligned with FMLA, state regulations & corporate policies, and different protections such as accident & health, life, critical illness, dental, vision, disability, auto, home & legal et al.
Group insurers face the ever-increasing challenge of meeting the digital demands of a wide variety of their customers including members or employees, plan administrators, brokers, agents and medical providers while complying with the changing regulatory requirements and dealing with InsurTechs disrupting the existing business models.
Group insurers today are focused on improving the customer experience and service levels across the board while trying to reduce operational and IT costs via digital process automation, system modernization initiatives and investments in Digital, Analytics, Cloud Migration, and Cybersecurity.