New report provides an overview of group life and voluntary/worksite carriers’ business and technology issues, and examples of recent insurer technology investments
The voluntary benefits market has become more attractive as responsibility has shifted from employer to employee for many non-medical, health-related insurance products. As plan sponsors want to drive out costs, insurance carriers must execute the basics—benefit and policy administration, enrollment, case installation, marketing, and product design—while driving greater efficiency. In a new Impact Report, Business and Technology Trends: Group Life and Voluntary Benefits, research and advisory firm Aite-Novarica Group provides an overview of group life and voluntary/worksite carriers’ business and technology issues, data about the marketplace, and more than 10 examples of recent insurer technology investments.
“Insurance carriers cannot control which enrollment systems benefits brokers and enrollment specialists support,” said Nancy Casbarro, Senior Principal at Aite-Novarica Group. “Being able to exchange data among brokers, enrollment specialists, carriers, and plan sponsor systems, leveraging AI-related technologies for data extraction, is a potential source of competitive differentiation.”
“If insurers prioritize core systems that support analytics across and within groups,” adds Steven Kaye, Head of Knowledge Management at Aite-Novarica Group and co-author of the new report, “then vendors can identify potential opportunities to support data enrichment efforts to help carriers understand plan participant behavior and future-state product development opportunities.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.