Getting the Most Out of Your Company-Provided Insurance Plans

As the future of work evolves, our approach to employee benefits must adapt. Company-provided insurance plans are essential for employee well-being and satisfaction. 

Personalising these plans to meet the diverse needs of your workforce can enhance their value and support your business objectives. 

This article explores how organisations can help employees maximise their insurance benefits, with insights into emerging trends shaping the future of work in New Zealand.

The future of work and why this matters.

Understanding the future of work is crucial for designing benefits that meet the changing needs of your employees. Several key trends are emerging that will significantly impact how we work and what employees expect from their employers. Recognising these trends will help you stay ahead and ensure your insurance plans are relevant, attractive, and beneficial to your workforce.

1. Evolving workforce skill requirements and skills shortage

The rapid pace of technological advancement and changing job roles are continually evolving workforce skill requirements. Amidst these changes, skills shortages are a significant challenge. Providing valued benefits, such as comprehensive insurance plans, is important in order to attract and retain employees with the skills needed to execute your business strategy. 

2. Hybrid working models

Hybrid working is here to stay, requiring managers to lead remote and in-office employees effectively. A well-structured insurance plan that offers flexibility and personalised options can benefit this new working environment, ensuring all employees feel supported and have a benefit they can access regardless of their work location.

3. Wellbeing-centric workplaces

The emphasis on employee well-being is growing, with companies increasingly adopting practices prioritising mental health and overall quality of life. Insurance plans that include mental health sessions, wellness programmes, and preventive care can support a well-being-centric workplace and illustrate a culture of care.

4. Diverse and inclusive workforces

As companies strive for inclusivity, offering tailored insurance plans that cater to a diverse workforce becomes even more important. Health insurance plans can also support and advance health equity for your workforce.

Key Points for maximising your insurance benefits.

To fully support your employees in getting the most out of their company-provided insurance plans, there are several critical areas to focus on. By leveraging data, collaborating with insurance partners, and implementing a holistic communication strategy, you can ensure your insurance programmes are effective and valued. The following points outline practical steps you can take to align your insurance offerings with your business objectives and your employees' needs.

1. Data-driven alignment

Leveraging data is essential to ensuring your insurance programmes align with your business objectives and your employees' changing needs. This includes analysing claims data, employee demographics, engagement surveys, and information from current insurance programmes. Regular reviews will help you adjust policies to stay relevant and effective.

Action steps:

•    Conduct an in-depth review of your insurance programmes every three years.
•    Perform annual spot reviews at the time of renewal to make necessary adjustments based on changing demographics, needs, or insurer policy updates and changes.
•    Analyse employee demographics and claims data to identify trends and needs.

2. Collaborate with insurance partners

Work closely with your insurance providers to explore additional benefits beyond core policies. These might include free mental health sessions, workshops on specific health issues, preventive programmes, and educational resources on health and well-being.

Action steps:

•    Discuss supplementary benefits and services with insurance partners.
•    Incorporate preventive programmes like screenings and health education workshops.
•    Develop a calendar of wellness events to engage employees.

3. Robust employee communication plan

Effective communication is crucial to ensuring employees understand their benefits and know how to use them. A comprehensive communication plan should include various forms of engagement, such as lunch-and-learn sessions, personalised interviews, and accessible informational resources.

Action steps:

•    Organise regular informational sessions and workshops.
•    Provide clear, accessible information about insurance benefits and usage.
•    Offer personalised consultations to help employees tailor their insurance plans.

Supporting your employees in maximising their company-provided insurance plans involves leveraging data, collaborating with insurance partners, and implementing a communication strategy. 

Aligning insurance programmes with business objectives and employee needs can enhance employee satisfaction and well-being, ultimately contributing to a more engaged and productive workforce.

Aon's Approach.

We extend our services beyond the placement and renewal of insurance programmes. We work closely with our clients to ensure that their insurance plans are effectively administered and tailored to meet the evolving needs of their employees. 

Focusing on data-driven decision-making, we help ensure that insurance programmes remain relevant and aligned with business objectives. Our collaborative approach involves working with insurance providers to explore additional benefits and developing comprehensive communication plans to educate employees about their options. 

We help our clients balance cost-efficiency, business goals, and the personalisation and utilisation of insurance benefits, ultimately driving a more engaged and satisfied workforce.

Talk to Aon New Zealand’s employee benefits specialist, Kevin Stephens, today to discuss your insured benefits programme how we can help you get the most from your insurance spend.