Managing Absences for Disability Insurance - Insurance Thought Leadership

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May 9, 2021

Managing Absences for Disability Insurance

Summary:

Filing disability claims and requesting leaves of absence are being greatly simplified despite all the regulatory nuances.

Photo Courtesy of Pexels

As our research has consistently shown, value-added services are increasingly one of the top areas of interest among customers, and one area of growing interest is integrated absence management for disability insurance. (We discussed this growing trend in a webinar with the Standard, a leading insurer that has provided integrated disability and absence management to their customers for a long time. You can watch a replay of the webinar here.)

Because apps and interfaces are now designed through a customer-first approach, not a product-first approach, there is a profound shift in how disability claims can be filed and leaves of absence requested, making the process straightforward despite all the regulatory nuances.

Employers are looking to their insurance companies or third-party administrators (TPAs) who manage their disability programs to provide an intuitive, digital platform where they can easily submit a leave request, view their time remaining and upload or download any necessary documentation to have their leave or claim approved.

Insurance companies and TPAs with a digital solution that provides integrated disability and absence management are well-positioned to address this significant market need, while providing customers with a single point of contact for their benefits, avoiding duplication and simplifying the employee experience.

See also: Long-Term Disability in the Time of COVID-19

Simplifying the Increasing Complexity of the Leave Landscape

It’s hard to talk about the leave of absence landscape without using the word “complexity.” It’s increasingly difficult to stay on top of federal and state paid and unpaid leave laws, and there’s no sign of the complexity diminishing, with new regulations in the works.

The transition to remote working is adding an additional layer of complexity, with employees scattered across the country working from home, expanding the number of state regulations that must be managed.

As Lincoln Dirks, a senior compliance analyst for absence management at the Standard, put it during the webinar, “You take the already complex aspect of dealing with federal, state and municipal leaves in a given state, and then you multiply that by 50. The issue becomes that no two of these states run their programs in even close to a similar manner. Rules, regulations, processes, procedures all vary by state.”

This complex landscape, though, has created a significant market demand for absence management – making it the big trend for 2021! Employer customers need it because spreadsheets and sticky notes aren’t getting it done. And, increasingly, insurance companies are expanding their offerings to include it as an integrated value-added service, differentiating them in the market.

The Value-Added Service Opportunity for Insurers

These trends offer a significant opportunity for insurers to expand their offerings with an integrated disability insurance and absence management solution that their customers are seeking.

Watch the entire webinar and hear from the Standard on how they’ve elevated corporate programs with their integrated disability and management offering on the Majesco website.

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About the Author

Denise Garth is senior vice president, strategic marketing, responsible for leading marketing, industry relations and innovation in support of Majesco’s client-centric strategy.

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