Slayton Search Partners: The Future of Group Insurance
We’ve all heard that the insurance industry is changing, but not every part of the insurance sector is changing in the same way or at the same rate. Group insurance is unique. In order to break down group insurance trends and what they mean for carriers, Jay D'Aprile, of Slayton Search Partners, spoke with Dick Mucci, President of the group insurance business at Lincoln Financial Group.
Jay: Where is the biggest growth opportunity in group insurance?
Dick: Voluntary benefits are a huge opportunity for growth. Products like accident, critical illness, and hospital indemnity insurance can help fill key gaps that medical insurance doesn’t cover. And many times, growth today isn’t just about a consumer buying a product; it’s that they don’t purchase enough. This is often the case with products like disability and life insurance. Many employers will provide base coverages and offer a “buy up” where an employee can purchase more to meet their needs. Buying insurance isn’t always “exciting,” and most consumers don’t realize the risks they are taking when uninsured or underinsured. But the good news is employees know their benefits are important. They just need education on how to leverage them. And employers are taking action to help. They recognize the importance of helping their employees with financial wellness – it helps with employee engagement and it’s directly linked to productivity.
Jay: Consumerism is changing every industry – what new talent is required for success in today’s group insurance sector?
Dick: Experts in consumer marketing are needed more than ever. Understanding what motivates buying behaviors and how to tap into the trends consumers care about is crucial for today’s carriers. Additionally, insurance must attract those who are familiar with new, customer-facing technology. These individuals must be able to speak the language of startups and form deep relationships with tech partners. Data can be game changing, and we’re working on voice and keyword recognition technology that can determine how a call is going and provide instant analytics. The more we know about a customer, the better we can understand their needs and market relevant products to them. While tech talent is needed to implement those initiatives, strong customer service talent on the front lines is still extremely important – they are the face of our business to our customers.