Introduction
So much has been written about the systems transformation that occurred in the group benefits space during the pandemic. As employees remained at home during prolonged lockdowns and turned to online self-service for group benefits transactions, group insurers were compelled to respond with optimized services such as more seamless user experiences and accelerated claims processing for greater employee engagement.
In a digital world where consumers have come to expect increasing levels of self-service convenience, they have developed greater expectations in terms of an effortless user experience. Group insurers responded by partnering with benefits providers to offer more advanced offerings for easier enrollment, accelerated claims processing, and other system enhancements that follow the entire claim lifecycle. As research indicates that employee engagement contributes to productivity and loyalty, providers continue to leverage optimized group benefits operations, to ensure long-term employee retention and satisfaction.
The Need for Continued Operations Optimization
As the stakes have continually been raised with group insurers’ enhanced self-service and faster claims turnaround, employees have come to expect and demand upgraded service from their employers. Research has indicated that there is a connection between low engagement and high turnover, which can cost an employer 1.5 times the employee’s original salary. With additional research proving that engaged teams have lower turnover, 21% greater profitability, and 17% higher productivity , employers have realized that operations optimization is well worth the investment and contributes to significantly improved profits and growth.
Optimization in Action
Benefits providers are implementing advanced features starting from enrollment and throughout administration and payouts. Co-browsing or collaborative browsing, which enables service agents to collaborate with employees in real-time, is another popular option offered by providers during the purchase process of the customer journey or when filing a claim. In addition to enhanced core administration systems, providers also offer allied core services such as leave and absence management and other integrated benefits. Examples include:
- Unum’s absence management solution makes applying for leave easy and more accessible for employees. Unum also offers a solution that provides secure, real-time API connections between the benefits and major HR systems, including Workday, ADP, and UKG.
- Gusto’s cloud-based payroll, benefits, and human resource management software for businesses. The Gustowallet app is available to companies that use Gusto’s products. It tracks, saves, and accesses funds, enabling users to set financial goals, earmark savings for emergency funds, and earn better interest rates. It also has a loan feature, where the borrowed amount is deducted from the next month’s salary.
Final Thoughts
Advances in group benefits system optimization should continue to serve employees well with improved self-service, accelerated claims cycles, and other allied administration enhancements. By making continued and strategic investments in system optimizations, group insurers and employers can benefit from enhanced employee engagement and improved retention to establish a beneficial future for all.
1 “Four Lessons From Companies That Get Employee Engagement Right,” Forbes, June 2018
2 Ibid.
SELVAGANESH GOVINDAN
Selvaganesh Govindan is a Chartered Insurer with over 20 years of experience in the insurance and information technology industries. He is a business architect with Mindtree and responsible for incubating the domain competency for the Life, Annuity, Retirement Solutions, and Employee Benefits sub vertical. He has worked with insurers across the globe on key initiatives including core modernization, experience transformation for customers and intermediaries, and legacy transformation.
KESAVAN SENTHAMILSELVAN
Kesavan Senthamilselvan is a Mindtree-certified insurance professional working as a Business Analyst for the Insurance domain. He holds a PGDM in Finance and Business Analytics. With over five years of experience, he has worked on core implementation and digital transformation engagements with large clients across the US and Europe.
SELVAGANESH GOVINDAN
Selvaganesh Govindan is a Chartered Insurer with over 20 years of experience in the insurance and information technology industries. He is a business architect with Mindtree and responsible for incubating the domain competency for the Life, Annuity, Retirement Solutions, and Employee Benefits sub vertical. He has worked with insurers across the globe on key initiatives including core modernization, experience transformation for customers and intermediaries, and legacy transformation.
KESAVAN SENTHAMILSELVAN
Kesavan Senthamilselvan is a Mindtree-certified insurance professional working as a Business Analyst for the Insurance domain. He holds a PGDM in Finance and Business Analytics. With over five years of experience, he has worked on core implementation and digital transformation engagements with large clients across the US and Europe.
