12 group insurance trends and targets for 2021 are to be taken into account:
#1. Sadly, COVID-19 is here to stay
No surprises here – all the indicators point to the fact that COVID-19 is going to be a prominent force in 2021. Not just in the insurance market but for industries all over Canada. It is also uncertain how it can impact community insurance, so here are a couple of things we see:
- Increased utilization of telehealth services and telehealth
- The effect of mental wellbeing on workers and employment
- Profit Plans Shifts
- Potential renewal effects
- Homework and a growing gig market
#2. Telehealth and telemedicine will continue
The COVID-19 pandemic resulted in increased emphasis and acceptance of telemedicine and telehealth facilities. We saw provinces working together to extend their Regional Health Programs and include more telecommunications and other technology, such as COVID Alert App.
It seems likely that Canadians will continue to follow the social and physical distancing recommendations in 2021. Thanks to COVID-19 and the steep growth in telehealth adoption we saw in 2020, we continue to see a sustained surge in the use of these remote health facilities.
#3. The mental health of Canadians will remain complicated
Before COVID-19 arrived at the scene, Canada’s mental health crisis had been on everyone’s mind for many previous years. Today, after the worldwide pandemic, fear and depression exacerbate the mental health of Canadians.
#4. COVID-19 will affect renewals
During COVID-19, each insurer handles renewals somewhat differently.
It is impossible to predict the immediate results of these methods. However, we believe that the 2021 renewals will be more “hands-on.” Work with employers and advisers to maintain the arrangements, reach the groups halfway through, and conduct more aggressive talks. That’s at least how we’re going to treat it.
#5. Personal Protective Equipment (PPE) increased the charges
The possibility of increased costs, particularly dental and paramedical claims, due to personal protective equipment (PPE) charges is fantastic. Many clinicians, for example, PPE and plexiglass, will incur extra costs to guarantee their patients’ safety. Increased sanitation protocols can also be a cause inflating the expense of claims.
#6. A Gig Economy could become the norm.
Employers will decide how they handle this individually as a company. Working from home has become the normal and this has had effected the economy, for example:
- How can organizational culture be preserved remotely?
- Do incentives have to be changed to suit the current way of work?
- Do they have to spend money on mental health?
- Should workers be recalled to work safely? Should they have to?
#7. Still, Long healthcare wait times is an issue
Before COVID-19, healthcare wait time in Canada was also one of the longest on the planet. However, thousands of elective procedures were cancelled in the first days of hospitals with diminished capacity and a rightful preference for coronavirus patients. Numerous hospitals and clinics now face a backlog of operations that will only raise waiting times in 2021 in Canada.
#8. Bring more diversity and inclusivity with Insurance
By upgrading our forms to incorporate an ‘Undisclosed’ option for gender Back in June 2020, BBD added additional diversity and inclusion into our processes. In recent years the terminology surrounding gender and sexual identity has grown, with more insurers set to expand alongside them in 2021.
#9. Defined contribution plans will rise in popularity
We assume conventional plan designs to be challenged with more Canadians operating from home due to COVID-19. This transition would be motivated by a need for more choice from both plan stakeholders and employees. There may be an improvement in implementing defined grant schemes, such as healthcare expenditure accounts (HCSA) for dental choices.
#10. Biosimilars will continue to become mandated in provinces
Although it is accurate that Convergence of Veterinary Medicines (COVID-19) has put plenty of our forecasts on the backburner for 2020, biological comparisons remain to be looked at. Alberta joined British Columbia in December 2019 in the decision to order the transition to bio-similars.
#11. Cybersecurity and data storage will change
Early on in COVID-19, the Canadian Emergency Response Aid (CERB) use to access people’s Posting Stations expanded online scams. Sadly, these spikes have continued phishing e-mails and scams, so it’s something to witness in 2021.
#12. Renewed focus on reviewing and updating benefits plans
We expect 2021 to focus more on the study and updating of compensation programs. Ongoing improvements to the latest plans as employers are targeted at the accommodation and increasing mental wellbeing, substance use, paramedics, and more.