March 8, 2023 – As employers cut back on employer-paid insurance products, they, in turn, will deliver voluntary product offerings such as accidental death and dismemberment, critical illness, long-term care, and short- and long-term disability protection. Offering group life and voluntary/worksite products allows plan sponsors to provide plan members with entry-level access to important benefits they might not otherwise purchase as independent offerings.
This report provides an overview of group life and voluntary/worksite insurer business and technology issues, data about the marketplace, and more than 10 examples of recent technology investments by carriers. This report draws from the expertise of Aite-Novarica Group’s staff, conversations with Aite-Novarica Group clients and Insurance Technology Research Council members, and a review of secondary published sources.
Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report.
This report mentions Aflac, American Fidelity, Assured Allies, Beazley Benefits, Beazley plc, Benefitfocus, Beneva, Businessolver, Cambia Health Solutions, The Canadian Life & Health Association, CareQuest Institute for Oral Health Centerbridge, CNO, Combined A&H Group, Continental Insurance Group Ltd., DentaQuest, Dentist Direct, Direct Access, Empyrean, EquiTrust Life Insurance Company, FINEOS, Genworth, Globe Life, The Guardian Life Insurance Company of America, HC2 Holdings, Homesteaders Life, Independence Holding Company, Life & Specialty Ventures, LifeMap, Manhattan Insurance Group, MetLife, MG Capital Management Ltd., NGL Group, Noyo, Pacific Life, Physicians MutuaL, Principal Financial Group, Prudential, Reliance Standard Life Insurance Company, Renaissance Life & Health Insurance Company of America, Securian, Sentry Life, Shift Technology, The Standard, Standard Security Life Insurance Company of New York, Sun Life Financial, Transamerica, Trustmark Insurance Group, Unum, USAble Life, Vitech, Voya, Workday, and Workterra.