March 2020 Edition
Adding benefit options is an effective strategy to recruit and retain employees. But that’s not always possible from a cost standpoint. Enter voluntary benefits – which can be more affordable options, because they’re paid for by the employees themselves.
Plus they deliver tremendous value. They can help employees handle unexpected expenses due to a severe accident or critical illness requiring long-term care. And most policies come with a wellness benefit that pays the insured for getting an annual checkup.
The Society for Human Resource Management (SHRM) reports more and more companies are indeed leveraging voluntary and supplemental benefits to help attract and keep employees.1 According to SHRM, the most popular benefits employees want include:1
- Critical-illness insurance
- Identity theft protection
- Pet insurance
- Hospital indemnity plans
However, some employees aren't taking advantage of the voluntary benefits they’ve already paid for. This stems from a lack of understanding how these benefits work.2
Online tools are the answer to voluntary benefits education
To meet the growing need for education on comprehensive voluntary benefits, Securian Financial developed a digital decision-making experience that helps employees better understand their benefits. Benefit Scout™ uses artificial intelligence to help guide employees through the process of selecting benefits.
The result is less guesswork for employees – and fewer questions for human resources staff.
For employees, Benefit Scout provides 24/7 voluntary insurance benefit education and cost estimates – employees answer just a few questions to receive coverage recommendations.
For employers, it helps ensure employees understand their benefits, have the right amount of coverage to meet their needs, and improve the overall financial wellness of a company’s employee population.
Offering voluntary benefits is one way companies can incentivize current and prospective employees. And Benefit Scout can help overcome the education and engagement hurdles around these often-misunderstood benefits.
Learn more about why Securian Financial clients choose Benefit Scout.
1. Wisenberg Brin, Dinah. “Using voluntary benefits to support workforce strategy,” Society for Human Resource Management (SHRM), February 14, 2019.
2. Satter, Marlene. “Most employees don’t ‘get’ voluntary benefits,” Benefits Pro, August 19, 2019.
Insurance products are underwritten by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not a New York authorized insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its affiliates. Minnesota Life Insurance Company and Securian Life Insurance Company are affiliates of Securian Financial Group, Inc.
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