The U.S. workforce is a melting pot of four generations. Employers recognize that benefits should address a wide range of life events. The dreams and desires of Baby Boomers, Gen Xers, Millennials and Gen Z may differ, but financial security is at the heart of reaching them.
Benefits technology has evolved so that employers can provide a benefit education and selection experience that meets employees where they are in life. Whether starting their first job, getting married, starting a family, sending a child off to college or preparing to chase their next chapter in retirement, the benefit experience for employees is more personal than ever before. Presenting insurance information in a relatable way can help employees decide which benefit is right for them.
“The benefits industry today is telling a relatable story of how those benefits fit that employee at that moment in time,” says Laura Bongiorno, head of voluntary and specialty sales for Group Benefits at The Hartford. “When it’s time to choose benefits, it can really hit home when you see yourself. And we’re learning that most employees want help making that decision.”
The Hartford’s 2021 Future of Benefits Study found that 58% of U.S. workers would like a personalized recommendation for which insurance benefits they should buy.
Employers recognize the value that data can bring to a more personalized enrollment experience and it’s a trend that’s growing. The Hartford’s research shows that 76% of U.S. employers offer personalized benefits recommendations during enrollment. That’s up from 71% in June 2020 and 63% in March 2020.
The personalized approach is a proactive one. It creates custom messages and images based on the person’s interests, purchase history and life stage and delivers them in a way that’s most comfortable for the employee. For example, young Millennials just starting a career are more likely to focus on affordability and products that help them prepare for the future. As a digitally-driven generation, using their personal devices to sign up for, learn about and manage their benefits makes perfect sense to them.
Personalization and Privacy in a Tech-Driven World
Employers need to be comfortable sharing some employee information with benefits vendors in order to provide a personalized experience. In fact, 76% of U.S. employers surveyed by The Hartford are open to sharing basic employee information with insurance carriers in exchange for individualized benefits recommendations. But there’s a balance that employers need to strike.