The demand for non-medical (voluntary) benefits is expected to increase within the next five years as people have moved to working remotely and the workplace adapts to changes and improvements in technology. Amidst the shift from office work to remote work, employers are not planning to cut back on benefits anytime soon, but in fact, are providing expanded options to complement the growing the workforce and protect employees from the ever-adapting health crisis plaguing the world.
Due to the ongoing COVID-19 pandemic, financial security, health and well-being are an increased concern for many. A study done by LIMRA and EY shows that employees are finding greater value in products like life insurance, disability insurance, and wellness programs. According to the study, one third of all employees place a higher value on life insurance benefits than they did prior to the pandemic.
Going into 2022, brokers and employers have an increased responsibility to provide effective benefits to their employees. Luckily, many studies have been done over the last several years, including the one referenced above, that help point us in the right direction. The pandemic has caused employees to become more concerned about their health in a way we have not seen before. In return, they are providing the market with critical data about which benefits they see as necessary to keep themselves and their families safe and healthy. If brokers and employers continue to adapt to the changes in the healthcare world, and listen to the needs of the market, they can help solidify trust and confidence between themselves, their employees and their partners.