How do insurance companies create value postpandemic? has been saved
How do insurance companies create value postpandemic?
Broker trends and growth strategies for group insurers
In the Covid-19 recovery, the group insurance market continues to face volatility. To understand what insurance carriers’ strategies should focus on today, we surveyed more than 200 brokers nationwide. The trends we uncovered reveal how insurance companies can strategically drive growth with better digital capabilities, analytics, and offerings.
How do group insurance companies create value in a postpandemic world?
As the United States continues its recovery from the COVID-19 pandemic, players in the group insurance market have faced a volatile environment, as mortality and morbidity remain elevated and a steady decline in unemployment and greater emphasis on worker well-being fuel rising client demand.
Despite this volatility, group insurance carriers and brokers are adapting their business functions to operate in a postpandemic world and continue to invest in innovative ways to service clients and brokers, who are demanding a more diversified product and service offering. While the focus of the last five years has been on core modernization and scratching the surface with digital strategy, group insurers are looking toward the next frontier of capabilities that will drive growth.
To help understand this next frontier, Deloitte sought to assess where brokers are concentrating their efforts and in what ways group insurers can help support these efforts to make their offerings more attractive in this competitive environment.
As part of our research, we conducted a survey of more than 200 brokers nationwide and held conversations with benefits consultants from large and midsize brokerages to better understand top broker priorities in the group insurance market.
We found that to better support sales and service in the group insurance market, brokers see opportunities for carriers to enhance their:
- product and service offerings
- sales capabilities
- data and analytics solutions