What SMEs need to Look for in a Group Insurance Partner
Anyone who runs a business knows their people are one of their biggest assets—and that’s especially true for smaller organizations, where every member of your workforce needs to pull their weight. To run a healthy business, you need healthy employees—and that’s where group insurance comes in.
Group insurance helps ensure employees can access everything they need to stay healthy, so they can stay productive and do their best work. A good benefits plan is also key to attracting and retaining the best talent. The right plan is important for every organization—but especially for small and medium businesses who look to drive big value for every dollar they spend.
But a good group insurance plan requires more than just a friendly price tag—it needs to match your company’s unique needs. Here are the top three things to look for in a group insurance partner.
An insurer that can meet your needs
Insurance shouldn’t be one-size-fits-all. But it can often feel that way, especially for smaller organizations that don’t always have the same bargaining power due to lower headcounts. But size shouldn’t matter—the right insurance partner should offer flexible, customizable options that affordably meet your needs, whether you have just a handful of employees or more than 100. What’s more, policies and plans should be flexible and scalable enough to grow as your business grows.
But meeting your needs isn’t just about the right sized plan. A great group insurer keeps showing they care, long after you sign your contract. Look for a provider that offers ongoing personalized support every step of the way, including helping you understand your options if and when your needs change.
An insurer that makes everyone’s life easy
No one enjoys wasting time dealing with cumbersome claims processes and complicated user interfaces. These frustrations are even more impactful for smaller businesses that require all hands on deck—not dealing with health benefits claims.
As such, you’ll want to make sure your group insurance partner is easy to work with—and easy for your employees to work with too. Look for a provider that offers easy-to-use tools and solutions, both for plan members and administrators. Whether you’re managing users, making a claim, or have a coverage question, the right group insurance partner should make it simple to get what you need, quickly and efficiently.
Communication is important too. From the first point of contact, you’ll want clear and transparent information about plan details, costs and all the ins and outs. Great communication is key for driving satisfaction from your group plan too, as transparent, timely explanations coverage and claims will reduce frustration and wasted time for employees who use the plan, and reduce surprises.
A focus on employee health and wellbeing
Your group insurance plan is more than just a line item—it’s a key tactic for fostering a workforce that’s engaged and productive. That makes it important to work with an insurance provider that puts health at the centre of its offerings. Policies should be focused on prioritizing employee health—including employee mental health—offering coverage and access to practitioners who can truly help workers feel their best.
And since our understanding of health evolves, look for a partner that will proactively help you stay on top of emerging trends related to employee benefits, as well as regulatory requirements and other updates that might affect the health of your workers, or the health of your business.
When it comes to wellbeing—both of your workforce and of your business—the right group plan is key. A provider that checks all these boxes can help optimize health—for all.
