Morristown, NJ – February 17th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new point of view paper Growth Opportunities in the Voluntary Benefits and Group Benefits Market. Developed in collaboration with Capgemini, this paper is based on a series of executive roundtables held jointly by Capgemini and Majesco with insurance leaders and shines a light on the changing workforce and its impact on the employee and employer relationship as it relates to Group and Voluntary Benefits.
“In today’s talent war, employers have an opportunity to create a deeper and more impactful employee relationship. This new generation of employees expects a much more personalized experience”, says Seth Rachlin, Global Insurance Industry Leader at Capgemini. “They are willing to pay for protection that works but want to decide what kind of experiences they expect to have. By providing the fundamental protection and connectivity between employers and employees, insurers can take advantage of this new opportunity. They can offer products that will close the personal financial protection gap in life and health and aid customers when they need it most through omnichannel touchpoints”.
In Group and Voluntary Benefits, the employer has long been considered the customer. However, recent events and workforce changes have created an entirely new employment dynamic, where companies are fighting for talent and must ensure they are competitive not only in compensation but also in the benefits offered to employees. With employers needing to please employees, Group Insurance and Voluntary Benefit providers need to look one layer deeper in the experience.
“Opportunities exist for those willing to go the extra step to find what is relevant to employees at different stages of their life and go beyond the typical benefits traditionally offered,” says Denise Garth, Chief Strategy Officer at Majesco. “While the industry is good at identifying family changes and retirement plans, there are other life events that are missed. Likewise, there are significant generational differences in what benefits are needed and desired for products and services. Increasingly employers are looking to insurers to meet a broader set of needs and expectations for benefits and how employees are engaged, not just at enrollment but throughout the relationship. With the younger generation changing employers more frequently, insurers need to provide portability to retain the employee as a customer going forward.”
The paper shines a light on the major shift happening in today’s workforce. With the older generation heading towards retirement, the Millennial generation is now the dominant insurance segment in the United States. With this change in demographics, the rules of employment and retirement are being rewritten. This new generation is not bound to a single organization for their career, instead opting to move around, while Gen X and Boomers want to retain the benefits in retirement, they have grown accustomed to for decades.
Insurers must strike a balance in terms of the product, value-added services, and experience to support the breadth of generations within the workforce. While many employers continue to offer the traditional products of health, dental, vision, STD, LTD and life, there is an increasing demand for new, innovative products such as pet insurance, school loan assistance, critical illness, long term care, legal services, and more. And these offerings must be digital. The older generations are rapidly adapting to digital, whereas the younger generations were born and raised digital.
The time is now for insurers to adopt a new reality in the employer and employee market. This new generation of workers want and need more flexible propositions, which are more geared toward the individual than the actual employer themselves, so there is more portability. To win the retainment battle, Group insurance and Voluntary Benefit providers are going to need to meet employee engagement and protection gaps with next-gen capabilities and cloud-native, API-enabled solutions that will keep employees satisfied for the long haul.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit wordpress-82171-584158.cloudwaysapps.com.