March 8, 2022 –Group and voluntary benefits introduce accident, health, disability, and life insurance to many employees, especially younger generations in the workforce who may not purchase coverage through traditional individual market channels. Offering group life, disability, and voluntary/worksite products allows plan sponsors—typically employers or associations—to provide plan members (i.e., employees) with entry-level access to important benefits they might not otherwise purchase as independent offerings. Group and voluntary/worksite insurance carriers must execute the basics and continue to drive greater efficiency.
This Impact Report provides an overview of group and voluntary/worksite carriers’ business and technology issues, data about the marketplace, and more than 10 examples of recent insurer technology investments. This report is part of a series on key business and technology trends in specific lines of business in the U.S. insurance industry, and it draws from conversations with Aite-Novarica Group clients and Insurance Technology Research Council members, as well as secondary published sources.
This 42-page Impact Report contains two figures and two tables. Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report and the corresponding charts.
This report mentions Aflac, American Fidelity, Ameritas, Assurity, Bank of America, Beazley Benefits, Beazley plc, Cambia Health Solutions, CareQuest Institute for Oral Health, Centerbridge, Clearwater, CNO, Combined A&H Group, Continental Insurance Group Ltd., Dentist Direct, Direct Access, Ease, Empyrean, Fidelity, FINEOS, Globe Life Inc., HC2 Holdings, Independence Holding Company, Life & Specialty Ventures, LifeMap, MetLife, MG Capital Management Ltd., Mphasis, Mutual of Omaha, Noyo, Ontario Teachers Insurance Plan, Optum, PlanSource, Principal Financial, Prudential Financial, Quadient, Reed, Regence, Reliance Standard Life Insurance Company, Renaissance Life & Health Insurance Company of America, Securian Financial, Sedgwick, The Standard, Standard Security Life Insurance Company of New York, Sun Life Financial, TIAA, Transamerica, Trustmark Voluntary Benefits, Unum, Vitech, Voya, and VSP.