Group Benefits and the Post Pandemic World

Have you vaccinated your group benefits against the post pandemic world? The world has changed, your habits have changed, your staff’s priorities and expectations are not what they were. Does your group plan have the necessary technological advancement to provide your staff with virtual documents, virtual claims processing, and virtual customer service? Your employees expect a different kind of service from their benefits packages today than they did even 3 years ago. Customer service now requires online tools that are fast and easy with virtual consultation approaches. Does your provider line up? 

Consider a group RSP plan that requires you to visit the branch for advice. Is that not archaic? Who wants to visit the branch these days? Should your plan provider not have mobile and virtual advisors? 

Health on the mind. 

Group benefits are designed to increase staff retention and contentment. And even before the pandemic; health, dental, life and disability coverage were valued assets for any employee. Now after years of pandemic discussion, health is that much more of a value. Group benefits respond by creating a culture of care and consideration for a post pandemic mind set. Today, with one’s own health at the forefront of the media and public conversation, extended health care benefits have never been positioned so well to do that which they were designed to do. 

The Looming Labour Shortage

Have you found it hard to find job applicants and keep them engaged during the hiring process? Finding and keeping quality staff is a struggle. Do you offer the benefits applicants are seeking?

Creating a culture of valuing your staff beyond their dollar production amounts sends the message that your company values the worth of the individual. The quality of your program likewise sends a message. Have you reviewed your plans considering the new post pandemic era? 

Speaking of advisors; does your group benefits advisor fit with your company culture? Your advisor may not be on payroll but most certainly works for your organization. It’s especially important during a labour shortage that they fit with the culture and style of the team. They have a significant impact on your staff’s satisfaction at work as they meet with them about RSPs and health plans. Considering these things, have you been in contact with your advisor recently? You will want to ensure that this individual and or team can support your values and vision. 

What is Changing at the Top?

There are now multiple reports from various major insurance providers showing group claims during the pandemic have increased significantly year over year. Employers need to be aware that premiums are affected by those claims. With claims on the rise, it means that your employees are making use of the provisions, but it also means that rate guarantees, and competitive shopping by your advisor have never been more important.

Ensure you have an engaged advisor with relationships to multiple providers to increases your hope that your plan will have long rate guarantees and competitive unit costs. 

The insurance industry is also facing a labour shortage with many agents about to retire. Does your advisor have the youth and focus to place attention on you long term? 

An Institutional Shift

Did you know that the leaders in group RSP’s are insurance institutions? Group RSP’s are specifically designed for the long-term security and reliability of the employee. Insurance providers are the experts in security. Most of the major banks have left the space, and the major insurance institutions have taken the lead on this important service. Is your provider an industry leader in this space? 

About Ontario Life Financial

Chandler Horne is the founder and owner of Ontario Life Financial. Chandler intends to set the bar for non-profit and charitable group benefits plans.

Ontario Life Financial can be the one-stop shop for Extended Health Care plans, group RSP’s and Employee Pensions. Chandler has worked in the charitable sector for 15 years and understands the unique challenges faced with this type of business. He understands that employee mission adoption and culture creation are vital when meeting and exceeding the goals of the organization. He understands that the relationships within these organizations push the vision forward and set new bars for excellence. He believes this mindset is a significant advantage for any broker/employer partnership. 

Ontario Life Financial is also dedicated to supporting non-profit and charitable institutions.

We are Agents of Hope for Indwell and donate a significant portion of total commissions. We are committed to increasing donations and partnerships with each new client we onboard.

More Tips 

Is your Long-Term-Disability employee paid or employer paid? Most employees will gladly pay for their LTD when they learn that claims payouts will be taxed if they are employer paid. The last thing someone wants is a payout reduction due to tax. Paying for LTD is a minimal cost to the employee considering a full benefits package. Yet the burden to the employer is reduced significantly when considering the number of employees multiplied by the LTD unit cost.

Does your group administrator have access to online tools? You pay for your administrator’s time, let’s ensure it’s efficiently spent. Providers should have access to online beneficiary changes, termination, and enrolment tools for your team. 

Do you match your employee’s RSP contributions? Incentives work. And though your client’s financial concerns at home is not directly your responsibility, helping them save money for their future can reduce their stress and make them more productive at the office. 

Do your employees care about ethical investments? If so, did you know that there are providers offer ethical options in group RSP options? 

Does your benefits plan make it easy for older staff to retire well and pass on the vision of the company to the next generation? Consider asking your advisor how to plan for generational business? 

Have you surveyed your staff about group benefits and found out what is most important to them? A survey can reveal a lot about the emphasis your premium dollars should be focused towards. 

Including a small prescription fee to the employee of $1 or $2 makes them aware of the cost of claims. This small change can help manage overall claims abuse and keep renewal fees down in the long run. 

Providers are Shopping

Ontario Life Financial has seen a significant competitive edge in the market. Providers want your business and are offering rate guarantees as far as 28 months along with extremely competitive unit costs for life, disability, and health/dental coverage. Contact us today to get the competition started.