Voices of Voluntary Benefits

By Michael Naumann, Reliance Matrix

CB - Accident insurance is the most commonly selected worksite benefit amongst our client’s employees and its popularity continues to grow each year. For HR teams that are still skeptical about the product, running through a couple of quick claim examples showing sample payouts is an informative and often illuminating process to conduct with your clients

BW - Many client benefit strategies place an Accident Plan in an employer offering when it pairs well with both their core and their voluntary benefits The Accident Plan ideally rounds out or completes a benefit package The often-overlooked strategy question for an employer considers the economic make-up of their employees Does a good percentage of their employees have enough wallet to afford the premium? Do they have employees that may not have enough savings on hand to deal with an accident which requires medical assistance or more? If the answers are “yes” and “we do” their benefit package should include Accident Insurance

RM - Today’s workforce is the most diverse that we’ve ever seen, and employees are more vocal and empowered than they have ever been. To continue to meet the ever-changing needs of the workforce, the need for offering an accident plan is more pivotal than ever. Whether your clients are looking to launch a HDHP for the first time, concerned about out-ofpocket liabilities of a higher deductible, overall financial wellness of employees, or protecting HSA balances, accident insurance plays a big role in all of those strategy discussions

TS - There are myriad ways accident plans make sense in terms of providing robust benefits to employees, while managing costs The key is figuring out which plan makes the most sense, given the organization’s population and objectives That’s where data is key, and why the best way to integrate accident insurance is to tie it to claims. This data allows HR teams to pinpoint potential risks and then, once they have a sense of the likelihood and severity of accidents, determine what level of accident coverage would be best. Once the right plans are in place, it’s important to make them easy to navigate, especially when it comes to filing claims and receiving benefits. The goal is to make sure employees have a positive experience, so they’ll continue to select and value these plans as well as the employer that’s providing them Integrating claims with medical and disability providers can make the employee experience more efficient It also allows the employer to leverage data analytics and identify patterns, trends and risk factors related to accidents With this data in hand, they can then develop targeted prevention strategies that have an impact, refine coverage options and glean valuable insights on risk mitigation This can be achieved through coordinated claims management systems or partnerships between insurers to streamline the claims process, reduce paperwork and ensure seamless reimbursement for covered expenses.

MR - Accident insurance has a place for nearly all employers for many reasons to consider. Employers who have many employees working paycheck to paycheck will find it helpful to supplement their disability and PTO strategies and they will find it a great tool to supplement employees with out-ofpocket medical expenses. It is also a great tool to offer in conjunction with a HDHP with an HSA as most accident plans are HSA compliant Employers who are worried about Monday morning workers compensation claims caused by soft-tissue injuries outside of the workplace will find it a useful tool to avoid numerous small injuries being reported on their workers compensation mod factor, which for larger employers can help lower their mod over time Utilization will primarily be driven by younger active employees, employees with young children playing sports, and older employees who are more susceptible to slips and falls

Michael: What would improve the accident plans available on the market today?

MR - I would love to see more group accident plans that include either return of premium or return of premium upon death benefits For many years carriers have included wellness benefits to help increase persistency and when a consultant chooses a carrier with wellness triggers that align with an employer sponsored wellness or health plan discount requirement, it works quite well However, there are many employers who do not have a sponsored wellness/health plan discount requirement, which then causes the wellness benefits included in an accident plan to often go underutilized The return of premium benefits would be a great substitute to help drive persistency for the carrier and the employer to justify the offering.

CB - Rather than chasing rates to $0, we would rather see carriers offer a series of plan options where the correlation can be drawn between the rate and the quality of benefit. All too often, the marketplace is guilty of presenting a limited set of plan options focused mostly on cost. It’s important that carriers offer plan design flexibility to adjust certain product components (such as AD&D benefits) perhaps when there are similar coverages available through other lines of coverage like AD&D or the client would like to improve certain payout areas This flexibility would drive additional employer adoption because they could customize the plans to better fit with their overall healthcare strategy

TS - While accident plans offer members a lot of benefits, there’s always room for improvement as I see it, in the areas of better coverage for baseline testing and mental health Baseline neurological testing, as part of an annual wellbeing or preventive exam, can assess whether a concussion is present by determining balance and brain function, such as learning, memory, focus and problem solving. This is important because, according to the CDC, 10% of athletes in the U.S. get concussions each year. Recent statistics show that there are between 1.6 and 3.8 million sports- and recreation-related concussions each year. That’s a lot, and many of these concussions are serious In football alone, brain injuries account for as much as 95% of all deaths Being able to compare pre-injury baseline testing results with those post-injury gives clinicians the chance to identify injuries and their effects earlier, and provides the best treatment, as well as recommendations for return to school, play and sports

Accident Plans isn’t necessarily a product enhancement, but instead creating a better engagement experience for employees The communication strategy should educate employees while painting the picture as to why they may need the benefit Guides, videos, testimonials, and benefit recommendation solutions can all help employers engage and nudge employees into fantastic personal benefit combinations. Ultimately the employer can foster their employees with the resources, the environment, and the time to properly research and select their benefits…especially discovering where Voluntary Benefits fit into the puzzle!

Michael: What innovation are you seeing in the marketplace, beyond product design?

RM - One of the best additions that I’ve seen added to accident plans (and the employee experience) from some carriers is predictive claim payments Intuitive claims-payment models anticipate the needs of employees filing an initial claim and pays upfront for additional expected covered costs For example, if an employee with accident insurance files a claim for a documented fracture, the carrier will proactively pay the claim for physician follow-up visits, an X-ray, crutches, and possibly physical therapy A benefit is automatically paid for those expected and covered events upfront at the time of the original claim without requiring the employee to submit more supporting documentation throughout their treatment. This process helps reduce the amount of paperwork required to complete claim payment, improving the value to the employee as well as their experience.

RM - The biggest part of every client conversation that I have regarding supplemental health benefits revolves around the employee experience

Everything from the ease of enrollment, integration with the ben admin platform, claim intake process, benefit verification, gathering of additional information to process the claim, to finally payout; are discussed and explored. Carriers that can tell the best story around this process and offer the best value (not lowest rate) are often winning. If the employee experience isn’t understood and will not be able to be easily communicated to employees, the solution is not going to be a viable long term.

MR - The ease of filing claims is the most important aspect of choosing an accident plan and carrier Does the carrier allow claims to be filed online? Is there an app which someone can take scans or photos of their claims documents and send securely to the carrier? Does the carrier allow for direct deposit via claims forms, website, and app, which can help the employee avoid relying on snail mail to receive a check? Additionally, carriers are becoming more flexible on what they will accept as burden of proof to make claim payment as many providers are making it harder for employees to obtain UB-04 or HCFA 1500 forms

BW - As workforces have gone remote or hybrid the past few years, our industry has experienced an accelerated Insurance Tech leap to next-generation automation, engagement, AI and data sharing capabilities There is a huge opportunity in creating a seamless claims process for Accident Plan participants Reviewing medical codes, it’s easy to identify an injury which may have occurred because of an accident Why not have that trigger a message to a covered individual about a potential claim? Improving benefit enrollment selections and claims utilization experiences for covered benefits, like Accident Insurance, will ultimately prove the value of the product and create demand.

TS - Providing an exceptional customer experience sets a carrier apart This includes offering userfriendly digital platforms, managing claims and making it easy to access customer support. With that said, and from an innovation perspective, I see carriers investing in intuitive mobile apps, selfservice portals and chatbots to enhance convenience and streamline the customer journey, supported by a human element. Carriers leveraging technology and automation to process claims have a competitive advantage Many are using artificial intelligence (AI) and machine learning algorithms to expedite claims assessment and reduce the administrative burden for customers, which drives satisfaction and differentiates the carrier in the market

Providing an exceptional customer experience sets a carrier apart. This includes offering user-friendly digital platforms, managing claims and making it easy to access customer support.

Tina

TS - Carriers are also integrating telehealth services into their accident insurance offerings, which makes accessing resources easier for policyholders They can enjoy virtual medical visits, get advice and even get prescriptions from the comfort of wherever they are Talking about inclusivity, telehealth services can increase accessibility and convenience, particularly for minor injuries or non-emergency situations Carriers are going beyond traditional coverage by offering other value-added services, such as access to wellness programs, fitness incentives, preventive care services, health coaching and discounts on health-related products and services all designed to deliver to people a holistic approach to accident prevention, recovery and overall wellbeing

Rachel McCarter, West Market Sales Leader, Voluntary Benefits, Mercer Her current focus is to help current clients and prospects design voluntary benefit programs to drive and deliver value to their organization Rachel is a co-chair of Mercer’s VB DEI counsel, member of Mercer’s Women at Mercer BRG, member of the Denver Belonging Council, and leads Mercer’s Rising Professional Network BRG in Denver.

CB - Coordination of claim continues to be a hot topic of discussion and one that will continue to evolve as technology makes it easier to execute and the carriers have a better understanding, through experience, of how it impacts loss ratios (and therefore rates)

Michael - the future is now, and as you can see, we need to adapt our plans and more importantly, processes, to meet the demands of an ever evolving consumer

Colin Bradley, President/CEO, Winston Benefits, Inc , a nationally recognized leader in the voluntary and benefits administration marketplaces with more than 30 years of excellence and experience helping companies and plan sponsors design, communicate, enroll and administer their employee benefit offerings. In his current role, Colin has overall responsibility for the Company’s business strategy, operations and staff

Matthew Rednour, VBS, GBDS, REBC is Vice President of Ware Group General Agencies located in Eastern Iowa Matt Rednour is Co-Chair, Great River Human Resources Association, & Iowa SHRM State Conference. Matt is responsible for developing supplemental benefit solution strategies for employers and broker/consultant partners throughout Eastern Iowa and Western Illinois

Tina Santelli, CBC, CBDS, Vice President, Voluntary Benefits and Enrollment Solutions, Alera Group She is responsible for leading key top-tier partnerships at Alera Group, strategically developing relationships with preferred carriers. She maintains and strengthens existing carrier relationships, and identifies new strategic partnerships that will benefit Alera Group’s clients across the country

Bradd Westemeyer, Chief Operating Officer for Help Me Choose Benefits Bradd has nearly 23 years of experience in employee benefits, healthcare, benefit administration and retirement solutions. As a Co-founder of HMCB, Bradd is heavily involved with product solution development, marketing their Benefit Recommendation Solution while developing carrier, broker and client relations