While the “traditional” Group & Voluntary Benefits customers – Gen X and Boomer SMBs – have been loyal to their insurers for years, they are now becoming more digitally savvy and demanding greater value from their insurance providers. At the same time, there is increasing dominance of SMB customers in the Gen Z and Millennial generation who are more in tune with today’s employees’ changing needs and expectations. With the fluid state of employment that is increasingly common for the younger generation and the rising retirement of the older generation, portability, personalization, and flexibility of benefits have become imperative in the competition for talent and to meet employee expectations.
This shifting market dynamic presents opportunities for insurers to cater to a more diverse employee base by offering suitable products, value-added services, and experiences that help SMBs navigate these evolving challenges and set their businesses up for sustainable success. By doing so, insurers can also position themselves for growth and capitalize on the opportunities presented by this shifting landscape.
Read this report to better understand:
- The impact of changing demographics and workforce dynamics on both employers and Group & Voluntary insurers.
- The opportunity insurers have to provide the right products, value-added services, and experiences to help SMBs attract and retain employees.
- The challenges insurers face in trying to take advantage of the opportunity at hand with Group and Voluntary Benefits.
- How leading insurers are successfully navigating the gaps between what customers expect and what “the rest” of the industry is providing.