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Employee Benefits and the Importance of Staying Adaptive in the Internet Age Thumbnail

Employee Benefits and the Importance of Staying Adaptive in the Internet Age

The internet has changed our world. However, a select few still try to deny the waves of change have reached their industry. For too long insurance companies believed themselves a part of this camp, safe from the disruptions of the internet. So, they continue to sell insurance the same old, closed-off way – tell the customers what they want, then sell them on it.

Taxi companies also felt they were in the same spot years ago. After all, you can’t put a taxi on the internet.

Adapting Your Business to Your Customer

An internet taxi isn’t going to take you to Yonge Street. In fact, it’s not going to take you anywhere because it’s not real. But that didn’t stop Uber, and Lyft, from disrupting an entrenched industry. They didn’t change the service itself, but they changed how the service was delivered to an ever-changing, Millennial customer base – one who demands the service runs around them, not the other way around.

The desires and expectations of customers are the great change the internet generation has brought, and the one too-few brokers realize has no border. It’s a world of choice out there and personalized service rules the day.

Adapting Your Employee Benefits

Brokers, like taxi companies, are starting to feel the change in their customers. In fact, a top insurance company in Canada recently announced they are eliminating 1,500 positions over the course of two years. They cited changing technology and customer expectations as the prime reasons for their actions. And this is just the beginning.

Whether it’s work hours or a benefits plan, people don’t want to deal with rigid, unchanging rules – they want flexibility. This has caused an increase in employee’s:

  • Desire for health spending accounts

  • Interest in lifestyle spending accounts

But a greater desire for flexibility isn’t the only change. The definition of health has expanded, past prescription medicine, dental care and even vision. Mental health awareness, stress management and support for employee and family assistance plans are on the rise as people embrace this more holistic approach to health.

And, as a business with employees, it’s important for you to tailor your benefits plan to include these items.

From business owners to employees, people want what’s best for them – a personalized, holistic approach – and the old way doesn’t yield this. Yet many companies and brokers cling to the old way of selling the same suite of benefits to each business, instead of working together to find unique solutions for each employer and their employees.

Employee Benefits Solutions for a Current Age

The time has come to air out the old, stuffy way of doing things. At Bayview Financial, we want to throw open the windows and doors to help find the right solution for your business and your employees. Through education, cooperation, and listening to yours and your employee’s unique needs, we can help you craft the perfect employee benefits plan for your business and your employees.

Let the current age reign with Bayview Financial. Call today for a consultation!