Even before the COVID-19 pandemic hit worldwide, the group benefits market was undergoing a considerable shift. Of note, Gen Z’s growing influence meant that benefits providers had to adapt to their evolving needs for things such as mental health support and work/life balance. The pandemic only made things more complicated for benefits providers, who had to quickly make the switch to digital on top of the challenges it was already trying to deal with.
Medavie Blue Cross won Insurance Business’ Advocis Award for Life & Health Insurer of the Year 2021 by facing these challenges head-first – and by going another step further by offering flexible options to plan members. We sat down with David Adams, VP of business development at Medavie Blue Cross, to learn how the firm supported its clients in these difficult times and which trends he thinks will be game-changers for the industry.
Adams mentioned that the industry’s “extreme migration” to digital adoption has been happening over several years now, and that Medavie has expedited its support for plan members and sponsors through this migration over the past two years.
“But we're really listening to our client base and we've had to listen increasingly over the last couple of years, something we've always done. But it's really heightened in the last several years,” Adams said. “I think about the advancements and the expedited investment we've made in some of our digital strategies.”
It was not just the digital transformation that Medavie focused on, but also on inclusivity, Adams explained.
“The fact that we've gone out and looked for digital partners to partner with so that we could expedite some of those service offerings; thinking about . . . [the] inclusivity of all our benefits plans, and making sure they’re inclusive for all of our plan members, [these] are really important.”
Adams also stated that optionality will be a key factor for plan members, and it is something the providers cannot ignore.
“The people taking advantage of benefit programs – whether they’re employer-provided or buying them on their own – they’re looking for optionality. They’re thinking about healthcare, perhaps, in different ways.”
The vice president prefaced that the typical one-size-fits-all group benefits plan needs to have at least “some elements” of optionality if sponsors and providers want all members to participate in the plan. Adams also believes that optionality will also drive the future and success of the benefits market.
“Having a group benefits program that operates a certain way, and does so year over year, over year, may need more optionality in it. Whether that’s optionality of service, optionality of coverage,” he mentioned.
Adams joked that while he’s been repetitive about the topic of optionality, he truly believes the next generation of employees is an influential voice in shaping benefit programs today – in that they care about wellness, their work environment, and self-care.
“That voice, I think, is becoming louder and louder in all employer-based work programs. And you know, it’s going to be exciting where that takes us. I think that continues to take us on a journey of a very health conscious and healthy community.”
