Data management the number one opportunity for multinational corporations to improve employee benefits experience.
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Three quarters (75%) of employee benefits professionals believe the enhanced use of data and the application of innovative technologies to improve the employee experience are the primary growth opportunities for the employee benefits sector globally over the next two years. This is the finding of the inaugural MAXIS Global Perspectives report1, which reveals the majority of sector professionals are bullish about the opportunities presented by innovative data management technologies and new digital processes.
The application of data and implementation of new technologies are seen as the drivers most likely to shape product and service offerings in the future, according to 81% of sector professionals surveyed. Almost half (49%) said that they were looking to invest in data and digital tools to make the process of providing employee benefits simpler and more efficient.
In terms of challenges, cost was the biggest concern for respondents (cited by 79%), with the increasing price of employee benefits solutions identified as the number one barrier preventing the development of better global employee benefits provision. More than half (54%) of respondents said looking ahead over the next two years better cost modelling should be a top priority for the global employee benefits industry.
Delivering flexible benefits tailored to employees was also seen as a major trend shaping the sector. Almost three quarters (72%) of respondents said their current employee benefits (EB) arrangements are based around a ‘one-size-fits-all’ strategy, yet 44% noted that a one-size-fits-all strategy is now seen as inappropriate for the changing needs of their employees.
The majority of respondents (81%) said they have developed or are developing specific plans to adapt to the future benefit demands of employees, highlighting the need for flexible schemes designed around individual needs (46%) and employee ‘build your own’ schemes (42%). Two thirds (65%) said they believe that the so called ‘Millennial’ generation of employees require new and more specific employee benefits packages; two thirds (66%) cited social developments such as Lesbian, Gay, Bisexual and Transgender rights as a key emerging trend that will shape future product and service offerings.
Mauro Dugulin, CEO, MAXIS GBN, said: “Our Global Perspectives research highlights the fact that the future of employee benefits is going to be driven by digital technologies and expanded data sets. In addition, while many multinationals are looking at and increasingly implementing global solutions to cut costs and manage risks more effectively the pull towards more localised, tailored programmes remains significant. The challenge and opportunity will be for businesses to build programmes that capitalise on global solutions where applicable, but also offer the range of local benefits that employees are looking for and value the most.
“This need for global and local solutions has a common denominator: better management of the underlying data and translating it through powerful digital processes in ways that improve transparency, help deliver tangible cost benefits and allow all stakeholders in the employee benefits chain to manage and price risks more diligently. We believe that companies who position themselves at the forefront of these trends will be the ones that get the most out of their employee benefits programmes.”
1 MAXIS GBN conducted research with 216 employee benefits professionals between 20th and 31st January 2018. The research was undertaken online by an independent third party. The MAXIS Global Perspectives report can be downloaded at www.maxis-gbn.com
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About MAXIS GBN
MAXIS Global Benefits Network (MAXIS GBN), co-founded by MetLife and AXA in 1998 is one of the leading international employee benefits networks providing global service capabilities and delivering world-class employee benefits perspectives and solutions to clients in over 120 markets around the world. In February 2016, MetLife and AXA further strengthened their relationship by combining all of its MAXIS GBN existing operations under a joint venture company. This transformation helps leverage the existing strength of the network and its two parent companies while further enhancing the client experience, focusing on product innovation and providing data analytics. For more information, please visit www.maxis-gbn.com
The MAXIS Global Benefits Network (“Network”) is a network of locally licensed MAXIS member insurance companies (“Members”) founded by AXA France Vie, Paris, France (AXA) and Metropolitan Life Insurance Company, New York, NY (MLIC). MAXIS GBN, registered with ORIAS under number 16000513, and with its registered office at 313, Terrasses de l’Arche – 92 727 Nanterre Cedex, France, is an insurance and reinsurance intermediary that promotes the Network. MAXIS GBN is jointly owned by affiliates of AXA and MLIC and does not issue policies or provide insurance; such activities are carried out by the Members. MAXIS GBN operates in the UK through UK establishment with its registered address at 1st Floor, The Monument Building, 11 Monument Street, London EC3R 8AF, Establishment Number BR018216 and in other European countries on a services basis. MAXIS GBN operates in the U.S. through MetLife Insurance Brokerage, Inc., with its address at 1095 Avenue of the Americas, NY, NY, 10036, a NY licensed insurance broker. MLIC is the only Member licensed to transact insurance business in NY. The other Members are not licensed or authorised to do business in NY and the policies and contracts they issue have not been approved by the NY Superintendent of Financial Services, are not protected by the NY state guaranty fund, and are not subject to all of the laws of NY.