No one wants to be sick. Or poor.
But lately, with worldwide events like the Covid health crises and surges in the cost of living, people are more worried than ever about these things.
And since no one has the power to totally prevent illness or financial instability, employees are looking to their workplace protection providers to help them out.
As large-scale talent shifts happened, it became clear that workers favoured companies with more flexibility and better financial and health benefits.
Because of this, employers are looking for protection packages that go beyond the basics of health insurance and include bigger-picture protection products like life insurance, income protection, and non-financial benefits like help with mental health.
Ideally, protection insurers could help employers meet this need with packages aimed at keeping employees healthier, happier, and more engaged in their work. And while many are working to do so, monolithic technology isn’t built for innovation.
The Blocker: Monolithic Technology
Historically, the monolithic technology that underpins most protection insurance companies doesn’t offer the kind of agility needed to get new products and packages to market quickly.
For example, if an insurer wanted to add new occupational classes to existing income protection policies, it’d be wonderful for customers. They’d have far less ambiguity on whether their situation is covered, and if so, for how much. However, with monolithic technology, coding all those new occupational classes into your policy administration system would take ages.
Future-focused coretech, on the other hand, makes these kinds of product updates a cinch.
Keep Up With the Market
The only constant in life is change — and that’s true in insurance too.
In today’s world, it’s clear that the old ways won’t cut it. Future-focused coretech is the game-changer, enabling insurers to adapt swiftly and offer the comprehensive protection that employees need.
Dive into our comprehensive market overview to see where the industry stands today, where it’s headed, and what you can do about it.