NASHVILLE, TN MARCH 3RD 2021 - Cipher announced the release of their 2021 Voluntary Benefits Study. This study was conducted to provide insights for insurance organizations seeking to compete in the voluntary benefits market.
The scope of this study includes key trends identified, the benefits found for both employers and their employees, notable carrier movements, non-traditional threats in the market, and the major industry disruptors.
With 78% of employees saying that they would likely remain with their current employer because of their benefits, this study aims to arm insurance leaders with the information needed to continue building programs that support employers in their employee retention efforts.
Non-traditional insurance disruptors like Bind, are leveraging the latest technology to design insurance that allows people to tailor the benefits they want when they need them. Technologies like artificial intelligence/machine learning (AI/ML) and the Internet of Things (IoT) (e.g. remote monitoring, telemedicine, wearables) will likely be at the forefront of the changing Insure-Tech landscape.
"As the sales of voluntary benefit plans continue to increase, the revenue at risk is leading carriers to take action and prepare for disruption. We see AI and machine learning at the forefront of the insurtech landscape for the foreseeable future." - Derek Heiss, Director of Consulting, Cipher
Featured in this study are the leading disruptors in the space, including Bind, Brella, Corestream, MIDATA and Oscar.
Read the complete study here.
Cipher aids enterprise organizations in making smarter, faster decisions with a strategic partner in competitive and market intelligence. From in-depth competitive analysis and research to corporate competitive strategy planning and ongoing trend monitoring with its leading market and competitive intelligence platform, Knowledge360®, Cipher prepares clients for the future.
