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In Summary – How to Keep Pace with the Ever-Changing Employee Benefits Space

A conversation with Derrick Wong, a 2023 Employee Benefits Power Broker winner and Risk & Insurance Rising Star.

Below is a summary. Additional details are outlined in the full article, written and published by Risk & Insurance. Read Full Article

Whether he’s implementing new types of benefits to encourage employee recruitment and retention or watching trends in employee benefits, this Risk Cooperative broker is helping clients navigate a highly complex space.

Key Takeaways:

Benefits Trends | As health care costs continue to rise, with peak medical inflation this past year, employers are turning to new strategies that maintain quality while reducing health care spending. One new model gaining traction is Reference Based Pricing (RBP). When managed well, this model can offer up to 30% savings.

Non-traditional Benefits | With so much recruitment competition, employers want to offer a healthy work environment that promotes wellness. With employees sometimes apprehensive about engaging with various wellness programs, some employers are offering cash incentives. Greater participation reduces burnout and attrition while creating a more positive work culture.

Keeping Up with Industry Changes | Staying open to collaboration with colleagues, carriers, and brokerages is a great way to stay up-to-date on changes within the industry – especially in competitive markets. Plus, participating in conferences, events, speaking engagements and webinars has proven to be a fundamental strategy to create awareness and influence within the employee benefits space.

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