Recap From Winston CEO on LIMRA 2023 Workplace Benefits Conference “View From The Top” Panel
June 5, 2023 | Winston
On May 2-4 in Newport, RI, insurance industry leaders responsible for developing, marketing, and distributing group and workplace/voluntary benefits gathered for the LIMRA 2023 Workplace Benefits Conference. This year’s theme, “New World of Work — New World of Opportunities,” had attendees discussing how increasing employee expectations, digitization, and a looming recession will impact the workplace benefits market.
As part of the three-day exploration, Winston’s President and CEO, Colin Bradley, joined top executives for the panel discussion View from the Top to give perspective on the most important topics affecting the future of workplace benefits. Moderated by Phil Trzcinski, Director of Distribution Strategy and Execution for Transamerica, his fellow panelists included Todd Katz, Executive Vice President of Group Benefits for MetLife, and John Stanley, Senior Managing Director of Employee Benefits for Transamerica.
Colin had the pleasure of participating in this year’s LIMRA conference on Winston’s behalf, sharing insights and data from the company’s experiences helping consumers enroll in benefits this past Open Enrollment period and his perspective on emerging benefits trends in the post-COVID era.
“At Winston, our products and services help explain the value of insurance benefits to consumers while guiding them through the plan selection process. As a result, we have a pulse on what is happening in the consumer marketplace and are bringing that information back to our HR and insurance carrier partners.”
As the COVID pandemic continues to subside, a number of notable mega-trends have emerged from our perspective that will drive the benefits marketplace for the next several years, including:
Employee Awareness and Appreciation of Benefits has Grown
People saw firsthand the importance of benefits during the pandemic. That experience has sharpened consumers’ attention to the value of their benefit programs.
Benefits Spending has Proven Resilient
Despite increased costs for most benefit programs and consumer price inflation pressuring pocketbooks, employees’ spending on elective benefits continues to increase.
Carriers Invested in Better Customer Experience
During COVID, many carriers accelerated digital transformation projects aimed at improving the customer experience. This investment has led to consumers having a greater appreciation for and increased likelihood to purchase additional benefit programs.
Still, gaps continue in comfort levels and in making better benefits decisions. With the information we gather during our consumer interactions, we can provide a vital perspective to HR and the carrier marketplace on how to improve the products and delivery.
As a CEO and senior leader of an HR services provider, we will focus on improving the knowledge, experience, and outcome for the consumer’s benefit. Ultimately, they are the real customers.”
Disclaimer: This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.