Aon’s 2021 Global Wellbeing Survey finds that globally, companies that improve employee wellbeing performance by 4% see a 1% increase in company profits.
Voluntary benefits are a great way to offer more personalised and meaningful care for your employees with minimal impact on the bottom line. For your most critical employee experiences — mental health, financial wellness and physical wellbeing — our voluntary benefits have even greater potential.
When you neglect employee experiences the true value of Aon’s benefits are unrealised. The best way for you to see how voluntary benefits provide extra care and contribute to employee financial wellness is to understand how they are bundled with your other existing benefits.
You also need clear communication tools and strategies to engage employees. You can do this in several ways. Aon’s research shows many employers are interested in digital health apps (47%), self-management tools (41%) as well as navigation and consumer engagement platforms (41%). The good news is bespoke solutions exist and technology companies are ready to respond now. You can gain strong competitive advantage with talent acquisition and retention by being the first to act.
Employee experience plays a significant role in maximising the value of your benefits investment. Being ready allows both employers and employees to reap the rewards. Here are some guiding principles to help you enhance your employee experience and maximise your benefits.
Focus On Better Technology
Human-centric design and quick connections are the future. Users expect an optimised and personalised digital experience which promotes confidence ensuring a more active approach to benefits enrollment each year. When evaluating solutions you must assess vendor product road maps, update frequency and agility.
The extra care provided by voluntary benefits is most valuable to employees when they enroll in major medical benefits. Enrolment solutions can clearly show you the exposure associated with different plans and how voluntary benefits can help manage both your finances and ultimately your care.
As self-service technology grows it is critical your employees receive clear, concise and correct information to make better decisions. Aon’s research shows 81% of employers want decision-support tools to help employees identify gaps in care between their individual protection and their employer’s core offerings.
Decision-support tools also help employees look at their situations and profiles in a more personalised way. For example, healthy employees in their 20s are more likely to consider accident coverage over critical illness or cancer care. Mature employees, on the other hand, may have family or friends who have experienced critical illness or cancer and lean towards those benefits. Decision-support tools improve not only your employee experience but also the long-term value-add of voluntary benefits.
Hyper-personalised communication is the new normal – from retailers recommending products based on your purchase history to personalised messaging in your emails and advertisements. Your employee experience is very much the same.
You and your insurer should be moving towards hyper-personalisation to help your employees match their bespoke needs with their care. Personalisation opportunities range from how to communicate actively with your employees on their chosen devices to sending them hyper-personalised information based on demographic segments such as age and location. You can use your existing employee data to embrace hyper-personalised communication seamlessly.
Streamline Your End-To-End Experience
When you need to file a claim — particularly when you or a family member is dealing with a health issue — ease of administration and streamlined end-to end experience determines your satisfaction and peace of mind.
Some insurers are adopting intuitive claim models, a form of real-time adjudication, streamlining the entire experience. For example, an employee fractures their leg with the insurer knowing the sequence of events and where the employee’s benefits align. The insurer can then intuitively process that claim with little intervention from the employee.
Highly streamlined employee experiences use data, transparency and connectivity to help you understand your costs and utilisation. Real-time uploads and streamlined processing require less manual effort from your employees to finalise their claim and receive their care.
In some cases, the insurer reaches out to the employee only to finalise the coverage or pay the benefit. In others, the insurer might send a notice to the employee that an event has triggered an eligible claim.
For example, a wellness claim that includes a S$50 to S$100 annual health checkup, should be adjudicated in real-time for a streamlined end to-end experience. Insurers are increasingly finding ways to connect to medical data to be able to do this, providing instant satisfaction and peace of mind, allowing your employees to realise the tangible value of their voluntary benefits.
Find Out More About Our Voluntary Benefits Solution Unique To South-East Asia.