It goes without saying that during the past year and a half, the world has faced a wide variety of unique challenges. As society adapted to the pandemic, we have learned new ways to use existing technologies for communication, education, work, health and even personal relationships.
We have also seen a constantly changing legal landscape (mandates, moratoriums, etc.) that has left employees on uneven footing while trying to navigate financial and legal matters. This evolution, combined with the increased use of technology, has resulted in several new areas of focus in the employee benefits space:
- Service delivery innovations. Companies that had previously mastered digital/remote access to services, i.e., "disrupters," experienced a growth explosion in 2020.
- Legal protection and support. These services are important during periods of stability and critical during trying economic and social times.
- Privacy and reputation management. More people are conducting their daily transactions from home, including online shopping, socializing, working, entertaining, and more. With increased usage comes a higher risk of identity theft and online privacy concerns.
The soaring value of virtual professional services
Sheltering in place and social distancing dramatically curtailed, or in many cases, put a complete stop to in-person visits to professional service providers like doctors, accountants, and lawyers. Many people simply decided to hold off on these services indefinitely, despite their high priority. For example, a recent McKinsey health care industry report confirms that a "strong continued uptake, favorable consumer perception, and tangible investment are all contributing to the continued growth of telehealth in 2021." The report continues, "New analysis indicates telehealth use has increased 38X from the pre-COVID-19 baseline."
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