A by-product of the COVID-19 pandemic is that employees are placing a greater importance on the benefits offered by their employers, and are more closely examining their benefit needs. Will carriers see a positive impact on participation rates? Will they see any impact at all?
LIMRA recently asked full-time employees with insurance benefits what changes they made to their benefits package during their 2020 open enrollment period. The research found that:
- Employees are not making broad changes to their benefits portfolio because of the pandemic;
- The pandemic played an indirect role in many employees’ decision-making;
- A desire for additional protection drove employees to make changes.