From Product Provider to Strategic Partner: The Transformation Imperative for Benefits Carrier
In the third article of a four-part series, the Insurance sector within the Financial Services Industry Group explores the projected growth in sales and in-force premiums in the group and voluntary benefits industry.
From an industry perspective, growth prospects for carriers are focused on two essential questions:
- How can a carrier enhance competitive capability or advantage and leverage it to improve market share?
- What new products, services, or segment might a carrier pursue?
While there are many ways carriers and providers can pursue these strategies, three key growth areas stand out as
opportunities for differentiation in the market:
- Employee Wellness Programs
- Data and Analytics Services
- Personalized Supplemental Benefits
However, to capitalize on these opportunities, group and voluntary benefit providers must address six critical challenges:
- Product-Line Driven Processes and Support
- Difficult Enrollment Process
- Claims Administration Complexity
- Rising Costs of Benefits
- Difficult Data Management
- Competition For Talent
Overcoming these challenges is not easy. But solving these critical issues enable success and sustainable growth for the future. Carriers and providers that view these challenges as opportunities will be able to differentiate themselves in the market.
Read the first article in this series, The $432B Boom is Just the Beginning: Why Margin Strategy Will Determine the Winners in Annuity's Golden Age.
Read the second article in this series, Capital Efficiency Revolution: How Sidecars are Transforming P&C Insurance Investment.
