Of late, Covid cases may be on the decline, however there has been a significant increase in employee attrition across world. Several factors have contributed to an increase in employee attrition which include the flexibility to work from remote locations, health problems and a toxic management culture. Employees need to feel emotionally connected to the organization and this has to be a harmonious relationship.
As per the results of a survey conducted by Safetree Insurance more than half of the MSMEs have observed that Group Mediclaim policy has reduced their employee attrition rates. Vikas Anand, CEO, Safetree mentioned that such policies help in retention of employees as they feel valued by the organization. In addition, these policies bring a peace of mind to employees which leads to higher employee motivation and productivity. Furthermore, many progressive organizations also offer optional insurance benefits to their employees for their ageing parents, that are normally available on standalone basis in the market at much higher cost with many policy exclusions.
Another significant trend that emerged from the survey is the significant increase in technology adoption to smoothen the administrative aspects of the Group Mediclaim policy. Most respondents who are using a digital platform for administration of their group Mediclaim policy noted lower turnaround times for claims processing, reduction in work load for the HR team and an increase in employee satisfaction.
The survey also noted 69% of the respondent felt that policy coverage and pricing are important criteria while selecting the group medical policy. Over 91% of the respondents look at service delivery and domain expertise of broker while selecting their insurance consultant.
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Safetree has recently introduced Health First, a digital platform for corporate clients and their employees to administer the group health policies more efficiently.
Mr. Anand mentioned that the Health First platform provides a user-friendly dashboard that provides all the relevant information relating to the policy such as the total number and status of claims, endorsement status etc. The information can be customized as per the requirement of clients. The employee can also administer the policy and their benefits on both web and app.
Safetree has implemented their Health First platform with a leading luxury cosmetic brand which has over 350 employees.
Mr. Lalit Sharma, National Head – Corporate Sales, mentioned that the Health First platform will significantly reduce the workload for HR personnel. Furthermore, the Health First mobile application will bring flexibility for employees to access and operate the Mediclaim policy from their mobile phones. Going forward, more such technology enabled health insurance products will contribute significantly towards enhancing the employee – employer relationship in the corporate sector.