How Mandatory are Voluntary Benefits Technology Upgrades?
Trends in US Voluntary and Worksite Benefits Market
The prevalence of voluntary and worksite benefits has steadily increased over the last decade. The COVID-19 pandemic drove more employers to broaden their voluntary and worksite benefit offerings to meet employee expectations, a key component of total compensation packages used to attract and retain employees in a competitive job market. What does this increase in demand mean for the insurers offering these products?
Celent interviewed seven insurance company executives, including four of the top 20 insurers in the voluntary and worksite market in the US, to better understand the trends they are seeing in the voluntary and worksite benefits market. The interview questions covered market and product trends and their impact on new business, service, technology, and data. This report summarizes the findings from these interviews. The opinions presented in aggregate data and anonymous quotes provide a view into how ready the industry is for the changes happening in the voluntary and worksite market.