As South Africa experiences its own version of “The Great Resignation”, with skilled workers eyeing opportunities abroad or joining the gig economy to dictate their own terms, companies are feeling the pressure to work harder to attract and retain top talent.
Implementing insurance cover and other employee benefits can help companies to keep good people on board. Click2Sure has engineered a compelling digital insurance solution for employee benefit providers, employee-centric companies and traditional group insurers.
Employee benefits are beneficial to employers as well as employees:
- When job seekers assess opportunities they don’t just look at the salary, but at the employee benefits on offer. A substantial benefits programme can propel a company onto those “Best places to work” lists.
- Valuable employees are less likely to resign for another job if they are tied into a company through employee benefits that reward long-term commitment.
- Insurance cover for employees can reduce absenteeism. For example, consider how dental insurance might prevent a worker’s niggling molar from becoming a major tooth infection (with days off required) – or how funeral plans help employees to take care of family members’ funerals without unnecessary complications and delays.
- Insurance can improve morale and productivity – employees are less stressed and distracted when they know that protective measures like income, life and disability cover are in place for them.
- Putting a basic employee insurance scheme in place can help grow a business with the right people – it suggests that the company offers a caring environment and is a thriving concern (you won’t find any benefits at a struggling company).
Why now is the time for digital insurance
The days of complex, paper-intensive insurance implementations are over. Using the latest insurance SaaS (Software as a Service), a suite of digital insurance products can be launched in as little as a month. This applies equally to:
- Employee benefits solution providers wanting to add insurance to their current spread
- Companies looking to launch insurance for employees in-house
- Traditional group insurers seeking to digitise the full insurance value chain
Even a small to midsize company that offers no other employee benefits can now launch employee insurance easily and cost-effectively, through a partnership with two entities: an insurtech, like ours, to integrate modern insurance software into the company’s systems, and an underwriter to underwrite the policies and ensure compliance.
Globally, the demand for digital insurance is set to grow steadily, with market revenues forecasted to reach almost US $24 billion in 2028. The demand for digital insurance is being driven both by market expectations (consumers want the convenience of digital financial services) and by the pandemic, which has made us all more aware of the need for protection against uncertainty. The coronavirus has made things life insurance and medical cover top of mind for millions around the world.
Digital insurance is the fastest, easiest way to get insurance today. Its future growth trajectory and ease of implementation now make it a sound business investment for any company.
How we do digital insurance – and the products you could launch
Within a month, Click2Sure’s experienced team can embed an insurance MVP into your systems, for products that will prove relevant and attractive to employees. The insurance would be “white label” in nature – even if underwritten by a Hollard or Guardrisk, it can be presented to the market or to your employees as your own offering, branded in your CI.
Using APIs, we design insurance to be omnichannel – meaning that it can be distributed to employees via website, mobisite, app, chatbot, ecommerce, WhatsApp, SMS and even QR codes. The result is a widely visible insurance offering across multiple sites, with almost no distribution costs. Types of insurance you might offer:
- Affordable private healthcare plans
- Gap cover for employees’ excess medical expenses
- Income protection
- Family funeral plans
- Disability and critical illness cover
- Dental insurance
- Vision insurance
- Income protection
- Travel insurance for employees on the move
The premiums for employees’ insurance are usually co-paid between employer and employees. In order to keep them at an affordable level for both parties, a minimum number of employees need to sign up for any given (group) insurance product.
This is where the omnichannel way we design insurance is key, because it makes insurance visible and accessible to hundreds or thousands of employees, via the digital channels of their choice.
Insurance made easy for benefit providers and employees
Click2Sure specialises in digitising the entire traditional insurance value chain, removing as much paperwork and complexity as technology allows (here is some more information on how we have made policy administration easier). The back end of the solutions we implement includes:
- Policy adjustment functionality
- Claims management access
- Visible timestamp of all events
- Claims status and updates tracked in real time
- Automated claims approval mechanisms
- AI fraud detection mechanisms
- Auto and manual flagging of potentially fraudulent claims
- Policy alerts and payment reminders for employees
- Financial management (reportable via Bordereau)
At the front end, employees can take up new policies in quick and easy self-service digital steps, then access the dedicated Customer Dashboard at any time to:
- View T&C’s and their policy schedules
- Submit claims
- Manage, extend or cancel their policies
- View product or promotional messaging (e.g. when new insurance products are added)
- Apply for new policies
The benefits of employee insurance are clear – but what about the costs?
In the old days, launching insurance would have required investment in more office space, new staff, specialised hardware and more. As the solutions we engineer are fully cloud-hosted, our clients pay only for integration of the digital insurance product(s) into their systems, and then an ongoing subscription to Click2Sure’s underlying cloud-hosted software. Key considerations:
- Modest upfront investment (implementation only)
- The cloud software is leased, not bought and licensed
- No operating expenses unlike traditional insurance
- Almost no distribution costs (all-digital)
- If you expand capacity in the future, there are no restructuring costs
- No need to hire new administrative staff
What makes Click2Sure the right technology partner?
Click2Sure was launched in 2015 with the “Problem to Solve” of turning insurance into a digitally embedded experience (goodbye, paper). We sought to transform insurance from an administration-heavy undertaking into an easy, fast experience for both policy holders and policy providers.
This also allowed us to move insurance beyond the walls of traditional insurance providers into companies of all sizes and types – retailers; manufacturers; consumer brands and more (we call it the democratisation of insurance).
We have past and present experience in implementing employee-facing digital insurance products, as this 2019 Employee Benefits use case outlines. Currently we are working with a leading employee benefits solutions provider, to enhance their market offering through digital insurance.
In South Africa, the only employee benefits required by law are the Unemployment Insurance Fund (UIF); Skills Development Levy (SDL), and Compensation for Occupation Injuries and Diseases (COIDA) – but read about the ways some of the “Best Companies to Work For” support their employees, and we think you’ll agree that offering a basic Employee Benefits programme, with insurance at its core, is a must for companies hoping to stay competitive in the new, employee-driven marketplace.
We are ready to make insurance work for you. Call us on +27 (10) 045 4019 or email firstname.lastname@example.org and take your place on tomorrow’s “Best Place to Work” lists.