Spurred on by an increasingly competitive landscape, insurance companies have realized that one of the greatest driving factors for attracting and retaining members is the services they provide. Often, these differentiating factors allow for businesses to avoid cutting rates on premiums and drive their combined ratios down. Self-insured groups have built themselves upon this model. Their not-for-profit model incentivizes them to continuously reinvest their funds into services, promoting stewardship amongst the fund; a rising tide raises all of the ships.
As companies invest into technology and automation, they realize that their employees are afforded the opportunity to build greater relationships with members. Increased efficiencies throughout the insurance life-cycle engages underwriters and claims administrators with customers to better assess risk, and immerse themselves in the nuance of each business. They find themselves providing services that are more tailored to the unique circumstances of each customer, curating a more impactful customer experience.