Financial services

2022-08-31 | NYSE: HIGH | Press release

A new study from The Hartford, a leading provider of employee benefits and absence management, found that 40% of American workers said inflation would force them to reduce the benefits they choose when working. registration open. Additionally, 48% of American workers said inflation makes it difficult to pay their benefits.

“With our current economic environment, now is a great time for workers to take stock of the benefits they are currently receiving rather than automatically rolling over the same benefits they chose in previous years,” said Dana MacKinnon. , manager of relationship management strategy and group benefits enrollment at The Hartford, “I encourage workers to take more time this year to reflect on the changes that have occurred in their lives and to select the benefits that best fit their individual needs and budget to help protect their finances for the long term.”

Young workers were more likely to report that they would reduce their benefits compared to their older peers. More than half of workers aged 18 to 34 (51%) said they were likely to reduce their benefits compared to those aged 35 to 54 (41%) and those aged 55 and over (25 %).

Benefit Selection Approach

While many workers indicated they would choose fewer benefits this year, Hartford’s Future of Benefits August 2022 survey found that more than half (55%) of workers admitted to their age should know more about their benefits beyond medical and dental care. and vision than they currently do. Research indicates that clearer communications could help, with 37% of workers saying the names and descriptions of their benefits make them difficult to understand.

According to the national survey, many workers automatically make the same benefit choices as the previous year, which is the most common approach among American workers when selecting benefits:

  • 30% of American workers are “rollers”,” generally renewing the same choices of benefits they made the previous year;
  • 28% of workers are “planners,” keeping up to date with benefits throughout the year so that they are prepared at the time of enrollment;
  • 22% of workers are “analyzers,” analyzing coverage and calculating numbers for all of their benefit choices;
  • 12% of workers are “consultants,” generally needing to consult with someone else before making their benefits selections; and
  • 8% of workers are “avoiders,” tend to ignore all open registration emails and would rather not think about their benefits.

To help American workers fully understand their benefits options and make informed decisions to protect themselves and their families, employers can:

  • Communicate the benefits throughout the year so they are better prepared when the decision is made. Many workers (39%) said they usually register for benefits as soon as the open registration window opens;
  • Offer a variety of tools to reach their workforce, such as emails, webinars, one-on-one support from benefits advisors, educational videos, interactive decision support tools and even social media. Forty-eight percent of American workers have used social media platforms to learn about benefits, with YouTube and Facebook being the most commonly used platforms;
  • Use plain language and personalized messaging to demonstrate how insurance products relate to their lifestyle rather than just listing the benefits offered; and
  • Highlight services that may come with insurance coverage such as an employee assistance program (EAP) or will preparation services.

The survey showed that many workers (39%) said their overall health had improved due to the benefits and services offered by their company. As a leading provider of employee benefits products and services, including leave management, group life and disability insurance, and other voluntary products, The Hartford is committed to helping employers foster good -being general of their staff.

Methodology

A national online omnibus survey was conducted in the United States among approximately 900 full-time and part-time employed adults ages 18 and older. The research was conducted July 26-28, 2022. Margin of error is +/- 3% at a 95% confidence level.

About Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With over 200 years of expertise, The Hartford is widely recognized for excellence in service, sustainability practices, trust and integrity. More information about the company and its financial performance is available at https://www.thehartford.com.

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the The Hartford brand and is headquartered in Hartford, Connecticut. For full details, please read The Hartford’s legal disclaimer

HIG-E

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance and that actual results may differ materially. . Investors should consider significant risks and uncertainties that could cause actual results to differ. These important risks and uncertainties include those discussed in our 2021 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date of publication.

From time to time, The Hartford may use its website and/or social media, such as Twitter and Facebook, to disseminate important company information. Financial and other material information about The Hartford is regularly accessible and published on our website at https://ir.thehartford.com. Additionally, you may automatically receive email alerts and other information about The Hartford when you register your email address by visiting the “Email Alerts&CloseCurlyDoubleQuote” page. section at https://ir.thehartford.com.