In March 2020, Rob Shestack, Chief Strategy Officer at Paylogix, surveyed thought leaders to record the impacts of the COVID-19 Crisis on the Voluntary Benefits industry. Results form this research are presented with discussion.
The COVID-19 pandemic has affected everyone in unexpected ways. Working in the employee benefits community, we have a front-row seat on how these dramatic changes impact American businesses and employees. While some impacts will not be fully understood for years, we wanted to capture some industry leaders' initial reactions during this historic disruption of American business.
In March 2020, Rob Shestack, Chief Strategy Officer at Paylogix, surveyed thought leaders to record the impacts of the COVID-19 Crisis on the Voluntary Benefits industry. He interviewed core industry leaders engaging various players to monitor how their business has shifted during the pandemic, and how business will change post-pandemic heading into 2021.
Survey participants were asked to respond to ten questions designed to gather their first-hand perspective into changes that they were already seeing and develop some insight into potential long term changes. To get a broad view, professionals from various parts of the industry were selected. The mixture of data and written insight from interviewees provides an insightful overview of how business shifted and what it will look like in the coming years. Understanding how the market has changed and seeing how companies will leverage benefits technology to their advantage can help companies to get ahead and adjust during this time.
This unique and necessary survey provides invaluable input to the Voluntary Benefits Industry during this time. This report provides meaningful dialogues about the economy, healthcare, company infrastructures, and societal norms. Facing this COVID-19 pandemic has put changes that were slowly occurring on the fast-track, drastically shifting company cultures. The impact on American businesses, employees, and the benefits industry are just beginning to be realized.