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For voluntary benefits to achieve greater traction with plan sponsors and employees, group insurance companies must overhaul their education and technology strategies and drive down voluntary benefits’ costs through new modern and efficient core systems.

Speed to market remains a top priority for insurers, and they are investing significantly in resources to support new products, services, and processes to achieve it. But insurers remain plagued by legacy technology, complex and fragmented ecosystems, and an economy that is still recovering from the pandemic’s global market disruption.

Vitech is kicking off a four-part series that explores group insurance companies’ collective issues and how they can be solved to enable a complete, optimized transformation. In this week's blog, we examine how insurers’ legacy systems and traditionally conservative cultures lead to a complex group benefits ecosystem, whose outdated technology results in manual processes and difficulty in adding or updating products to appeal to new customers.

In the evolving voluntary benefits market, insurance carriers are facing new and preexisting challenges. Industry disruption because of the pandemic challenged sales for many carriers, while others experienced growth over the year.

Of the many group insurance industry challenges laid bare by the pandemic and resulting shelter-in-place orders, the need for an effortless digital customer experience remains paramount.

As an award-winning and market-leading platform, Vitech’s cloud-native V3locity solution is well-known in the group insurance industry as a transformative suite of complementary business, enterprise, and digital applications.

Digital technology has revolutionized the way we work and live and has become a ubiquitous part of modern, everyday life…

As professionals who have worked in the insurance and retirement industries, we can attest that for today’s aging population, defined benefit pensions are a welcome source of financial security, especially for those about to retire, or have already retired. Insurers in the Pension Risk Transfer (PRT) market can offer the requisite guarantees, investment expertise, and risk management capabilities to the many boomers exiting the workplace who want to ensure that their pensions remain intact for the long term.

As someone who’s been an active participant and observer in the insurance industry for well over 20 years, I can say that insurance has often been considered a conservative industry with a resistance to change.

As a rule, human beings are resistant to change. We know that once we are comfortable within a routine, it can be difficult to modify. In a large-scale system implementation, this isn’t any different.