Jan 13, 2023

BenefitsPro: These 5 trends will define employee benefits in 2023

Challenging conditions will accelerate innovation and investment in the member experience. Here are five trends top of mind for Noyo CEO, Shannon Goggin.

From the Great Resignation to record inflation and mass layoffs, 2022 was full of challenging economic conditions for the industry and beyond. Benefits became even more important to workers and their families, and we saw an acceleration of trends like embedded benefits, non-traditional benefits, data transparency, and an evolution of brokers’ roles. Now, new priorities are emerging.

In the face of economic uncertainty, there’s less appetite for risk. Rising health care costs, a looming recession, and a cooling labor market are just some of the factors already influencing benefits in 2023. Families with employer-sponsored plans now pay 47% higher insurance premiums than a decade ago. But there’s hope on the horizon: Empowering people to understand their benefits helps them make better decisions. That’s why I believe 2023 will see the industry prioritize members even while doing more with less. Technology will play a vital role in paving the way for better outcomes.

2023: The year of frictionless benefits

As employers grapple with navigating benefits programs amidst economic downturn, they will require more from their benefits software. This in turn will put greater pressure on insurance companies to modernize their systems and accelerate new partnerships and digital experiences to meet their members where they are.

Here are the five trends Noyo's CEO and Co-Founder, Shannon Goggin, thinks will define benefits in 2023.

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