Group insurance in the construction sector – how to efficiently take care
The year 2020 has changed the approach to group insurance. The importance of insurance programs has grown significantly for both employers and employees. New technological solutions appeared, providing employers with additional tools to strengthen their positive image among employees. Improvement of remote contact is essential in the construction sector, where employees are dispersed across multiple locations.
Employees want to talk about insurance, and it’s worth to do so
The pandemic has changed a lot in our perception of the world, including our approach to insurance. The hierarchy of needs has been redefined. In a blink of an eye, health and life insurance policies have become one of the most important non-wage benefits. However, it is worthwhile remembering that many employees are not fully aware of what those benefits provide. Yet they know they need extra protection. We have noticed that more and more employees choose higher than standard sums insured. This phenomenon is partly a manifestation of employees’ growing insurance awareness, but at the same time only the beginning, and a lot depends on how the employer will talk to employees about group insurance provided to them.
Most people, even those insured, do not know the scope of their policies. They only have partial knowledge of the services available. Therefore, it is not uncommon that even the best and most advantageously designed insurance program is not appreciated by the employees. As a result, group insurance is perceived only as a cost that does not translate into employee satisfaction and employment attractiveness in the company. Therefore, talking to employees about the benefits they have due to insurance is very useful. Employees should be informed regularly about the benefits of the policies, for example, by showing how insurance can help them in a crisis situation. For instance, in the construction sector, it can be emphasized that there is a possibility of receiving additional compensation in case of injuries or hospital stays. The company may also point to measurable financial benefits – group insurance, even if we pay for it with our own money (the employer does not fully cover the premium), is much cheaper than the individual policy. This information should be provided in an accessible form. Their content should be specific and presented graphically. Nowadays, people also appreciate the opportunity to watch short videos, and that may be supported by the technological leap made by insurers and intermediaries in recent months.
Group insurance rely on remote tools
More prominent involvement of IT tools, such as electronic declarations of accession to insurance, has been discussed for a long time, but it was only the unique situation caused by the pandemic that gave the stimulus for radical changes. It turned out that many matters related to the employer’s insurance management can be resolved remotely, and additional tools have quickly appeared to support contact between the policyholder and the insured, i.e. the company-employee. As a result, employees currently have a constant insight into the insurance scope and the support offered; they also gained an additional dialogue channel. Employers should use this to show employees the benefits they acquire from protection, as mentioned above. This can significantly contribute to their job satisfaction, especially since they have access to all data and support all day long, no matter where they are. Brokers can also help in creating information for employees. Our role is not only to choose the best solution for the company and negotiate the best price. We provide advice and support throughout the insurance contract.
Tomasz Kaniewski, Director of the Life Insurance Office at EIB SA