In our last blog looking into the insurance market, we outlined how important it is for today’s business to transform their approach to group health insurance planning. By taking a technology and data-first approach, businesses will get access to deeper strategic insights – in turn putting themselves in a better position to deliver a world-class employee experience.
But this is just the first stage of the insurance journey. Partnering with a digital-native early on in the process can also empower businesses to manage their insurance policies in a more efficient and effective way, as well as make smarter decisions when it comes to renewal.
It’s no exaggeration to say that embracing the new age of insurance can have a long and lasting impact. Here’s how businesses can reap the rewards by adopting a forward-thinking mindset and getting the right partner in place.
Managing your plan
From the date of inception, businesses must ensure that the ongoing management and administration of their policy is as seamless as possible. This isn’t easy with a traditional broker or insurer; they typically lack the level of insight needed to make a material impact. But, by rethinking their approach, businesses can realize all the benefits that come from being data and technology-driven.
- Increased productivity: although insurance generally remains a paper-based industry, key processes such as submitting claims and adding users can now be completed through mobile apps and cloud-based platforms.This reduces the admin burden on HR teams, saving them a significant amount of time and freeing them up to focus on driving policy change.
- Deeper insights: businesses can now get access to accurate data insights into how their insurance policies are used by employees through platforms that integrate HR and insurance in one place. Data analytics can provide actionable business intelligence in real-time, empowering CEOs and HR managers to make better strategic decisions that elevate the employee experience.
- Proactive measures: data also enables businesses to get out in front of potential issues or changes in behavior and proactively make changes that positively impact their employees. This could include quickly adapting policies as required, such as providing access to additional services that meet evolving employee needs.
- Employee experience: mobile apps let employees easily access and learn about their insurance package. They can make use of online features such as telemedicine services and gain full visibility into the reimbursement process.
This focus on digital capabilities – enabled through the right insurance partner – feeds into a superior experience that meets employees’ evolving needs while empowering businesses to manage their policies with efficiency and impact.
Raise at renewal
The final stage of any insurance journey is renewal. A lot can change in a year, so businesses must view the renewal phase as an opportunity to review their coverage and premium. This is where being guided by a partner that has access to deeper insights into key areas is essential.
It’s during this phase where making strategic decisions based on data is most important. If they don’t, businesses will likely end up settling for inadequate coverage that doesn’t truly meet their needs.
So, what should businesses be thinking about as they review their insurance policy? A key step is to review their current benefits in relation to employee behavior to see if the plan is still relevant. Have employee needs changed, or any new issues emerged? Linked to this, businesses must analyze policy utilization data to determine whether premiums are likely to decrease.
Finally, renewal periods offer a perfect opportunity for businesses to improve on what they already have in place. Employee surveys can help CEOs and HR leaders understand employees’ needs and always be driven by the data.
And remember: don’t settle for a one-dimensional utilization report at the end of a policy. The right insurance partner will be able to provide insights into the benefits that employees are searching for and are interested in, instead of just which services they’re using. That’s the key to realizing the benefits of a digitally-driven insurance journey.
Want to simplify and enhance your group health insurance journey? Download our ‘Demystifying insurance’ ebook to discover the future of business insurance.