PIMA Member Spotlight: SISCO
SISCO provides reliable third-party administrative services as part of the remarkable Cottingham & Butler family of companies, one of the country’s largest privately held insurance services firms. Belonging to an organization that has been around for more than 130 years, SISCO strives to be “Better Every Day,” and that commitment allows it to outperform the competition in all key areas, from service metrics to organic growth to financial stability.
Whether you’re an employer, broker, association, or carrier, SISCO is ready to help tackle unique challenges with its comprehensive self-funded and fully insured programs. It’s also proud to boast a staggering half a million-plus members across all 50 states.
SISCO is passionate about staying at the forefront of innovation in the insurance industry. The organization attests that its commitment to never becoming complacent has allowed it to remain competitive and successful despite a rapidly changing marketplace. Its impressive suite of services includes everything from employee benefits administration and consulting to population health management and more.
Here are just some of SISCO’s insights on the current and future landscape of insurance:
Challenges for the Insurance Industry
The health insurance market is becoming increasingly complex, and this complexity is creating challenges for both insurers and consumers. Governmental bodies have introduced insurance industry regulations to try to improve the affordability, availability, and transparency of plans, but the costs of providing coverage continues to rise.
In addition, there are numerous technologies that claim to aid in managing healthcare costs, but they have yet to be fully embraced by insurers. Advocacy services are being used to help customers navigate the complexities of the health insurance landscape, but access to these services remains a challenge for many demographics. Given this, the industry continues to look for innovative solutions to address these challenges.
Innovation in the Insurance Industry
Insurance customer engagement is a key strategy for insurers to attract and retain customers. Digital health solutions are becoming increasingly popular as well, allowing members to track their health, access personalized wellness coaching, and do much more from the convenience of their mobile devices.
Insurers are also looking toward single-point solutions, which address specific areas of risk and tackle health issues in a more targeted fashion. Innovating through personalized experiences and omnichannel engagement, insurance can improve member experiences while increasing the efficiency of how health care is delivered through seamless coordination of care across the entire ecosystem.
The Future of the Affinity Market: This Year and Beyond
In the next few years, the affinity market will gain more significance and turn its focus on the gig economy labor force. Attention will be paid to gig economy groups (27%), product and service groups (19%), retail organizations (15%), and health and fitness organizations (15%).
This emerging sector of affinity insurance could soon overtake those in the traditional affinity insurance market. By taking action now, companies can stay ahead of their rivals in this space by boosting member acquisition and maximizing their earnings prospects.
How Insurance Companies Can Stay Relevant
Companies can keep their ears to the ground to listen to how the industry is changing and how services and products must evolve to address those changes. Consistent communication in the insurance industry with brokers, employers, associations, and industry leaders can provide insights into shifting needs, so using creative ways to solicit, gather, and act upon such feedback can ensure companies stay relevant in a challenging landscape.
The Next Generation of Insurance Leaders
It is time for leaders to work on their hard and soft skills to be able to successfully relate and speak to multiple generations. Hard skills refer to the job-specific knowledge and abilities required for employees to do their job duties efficiently. Soft skills, on the other hand, are the personal qualities that enable employees to do their best work. Hard skills help you discern applicants who look great on paper, while soft skills indicate which of those applicants will excel in real life.
Up-and-coming leaders will be well-versed in technological advances, hard skills, and the fundamentals of interpersonal relationships and empathy. Only then will they be enabled to lead effectively and make lasting impacts.
The future of the affinity market and insurance industry is ever-changing. With the emergence of gig economy groups and product and service groups, the traditional market might soon become overcrowded. Going forward, companies must recognize the challenges that come with these complexities and then embrace innovative solutions to address them.
Published on February 1, 2023.
PIMA® (Professional Insurance Marketing Association®) is a member-driven trade association focused exclusively on the group-sponsored benefits market.