The challenges of the pandemic underscored the life-changing importance of benefits to the workforce. Benefits insurers must be prepared to meet new customer expectations by hyper–personalizing benefits to a more distributed, digitally native, and health-conscious workforce.
Personalization and flexibility in employee benefits has long been an important trend. MetLife’s 2019 Employee Benefit Trends report found that 93% of employees said the option to customize their benefits is a “must-have” or “nice-to-have” option.
Post-pandemic, however, carriers must offer hyper–personalized benefits programs. While flexible voluntary benefits and cafeteria plans remain valuable to consumers demanding choice, insurers have an opportunity to improve the customer experience further still with emerging technology like predictive analytics, conversational AI, and human genome sequencing.
Recent research from PwC shows that 41% of consumers are likely to switch insurance providers to more digitized alternatives. In contrast, insurers that seize the opportunity to hyper-personalize their digital channels will experience long-term customer retention and satisfaction.