The recent release of the EY Global Insurance Outlook 2022 has some pretty interesting information and insights.
The section that we at Sentro found most interesting related to workforce transformation. The EY study found that "Workers in insurance and banking expressed the highest preference for remote working compared with those in other industries."
In our world of group insurance and group benefits, these eye-popping statistics re-enforce Sentro's core belief:
As a group insurer, this research has some extra implications:
- Your group customers will continue to expect group insurance products that offer their people choice and flexibility
- Your plan members want to easily direct their own choices
- Your customers and plan members have consumer-grade expectations of your online services. You are being assessed alongside Amazon and Netflix.
- You can't assume your plan member is working in a location with someone nearby to assist them
- Your own workforce has the highest expectations around choice and flexibility in their work arrangements
- Your own workforce considers the ability to work remotely as table stakes in their employment relationship with you
Your group insurance admin platform needs to deliver this not only to your customers, but also to your own people!
The Sentro cloud-native policy admin platform delivers all of this to you. Your people can work from anywhere. You can offer your customers, partners and members the product choice and modern service experience they expect.
Most Requested Insurance Product Features
The EY study also looked at consumer interest in insurance products. Here are some of the headline findings.
Insurers looking to respond to these consumer trends need modern administration platforms able to offer these products and capabilities. Increasingly, and not surprisingly, these trends are focused around the needs of the individual.
The EY study points out "The pandemic caused a significant spike in demand for life insurance and other protections, with strong life insurance premium growth in several markets worldwide. A full 75% of consumers worldwide intend to make changes to their finances in response to the pandemic, according to EY research. This is one of the clearest growth opportunities that insurers have witnessed in years, particularly among younger consumers."
Giving People What They Want Can Be A Win-Win
Most insurers are looking to modernize their core administrative platforms. These new workplace trends provide even stronger and tangible business benefits to modernization projects - well beyond the traditional "efficiency and automation" drivers.
Running your business on cloud applications and technology gives your teams what they are asking you for - the ability to work productively from anywhere. Cloud-capable core systems are no longer a nice-to-have - your workers will vote with their feet if you don't enable easy remote working capability. Easy to access and use cloud systems are now a 'must have' when an employee is considering who they want to work for. Your systems are either an employee attractor, or an employee repellant.
Employee-centric group insurance platforms like Sentro let you offer your customers more choice and different service options. Enabling a great employee experience is now a big part of your your customer's world. You can differentiate your customer service with a modern delivery platform. And with customer-centered service design, you can make yourself a business enabler for your group customers, increasing your retention rates.
Giving your people what they want is a winning formula in today's competitive talent market. Good systems and processes can make that easier for you to manage and deliver.