Prudent highlights India’s trends in wellness and personalised employee benefits
Prudent highlights India’s trends in wellness and personalised employee benefits | Insurance Business Asia
Insurance News
Prudent highlights India’s trends in wellness and personalised employee benefits
Sector-specific trends also outlined
Insurance News
By
Roxanne Libatique
Prudent Insurance Brokers Pvt Ltd has unveiled its second edition of the Annual Benefits Scorecard for 2024-25, offering insights into evolving employee benefits in corporate India.
Using data from over 3,100 organisations and representing more than 3 million employees across 14 sectors, the report highlighted emerging trends in areas such as preventive care, wellness, and personalised benefits.
Employee benefits in India
The scorecard, developed using Prudent’s BenchmarkPro tool, comes at a time when companies are adjusting their benefits strategies to reflect changing workforce needs in the post-pandemic era.
It highlighted shifts in median benefits offerings, with an increased focus on health and wellness programs and customisable benefits.
Pavanjit Singh Dhingra, joint managing director at Prudent Insurance Brokers, noted that preventive care plans have seen nearly a 40% increase, and the trend towards personalisation reflects the importance of offering flexible benefits that cater to different generations in the workforce.
He also noted the growing role of diversity, equity, and inclusion (DE&I) in corporate benefit packages, particularly in sectors like BFSI and IT, which are offering benefits for LGBTQ+ employees, gender affirmation surgeries, and support for employees with disabilities.
“In a post-pandemic world, this report provides essential insights for businesses to enhance their benefits offerings, ensuring they attract and retain top talent while staying competitive in a dynamic environment,” he said.
Notable trends in employee benefits in India
The report identified several key shifts in employee benefits.
Outpatient department (OPD) benefits
There has been a 30% to 40% increase in OPD benefits, particularly in industries such as BFSI, healthcare, and power. Preventive screenings and mental health support have become integral parts of these benefits.
Mental health services
With 74% of employers now offering mental wellness programs, companies are expanding counselling services as part of their overall employee well-being strategies.
Customised benefit plans
Personalised health plans are gaining traction in sectors such as IT and e-commerce, where employees are given the flexibility to choose benefits suited to their needs, moving away from traditional defined benefit structures.
Diversity, equity, and inclusion
DE&I benefits are being embraced in several industries, with gender affirmation, fertility treatments, and LGBTQ+ inclusivity becoming more common, particularly in BFSI and e-commerce sectors.
Pet care
As a growing number of employees seek pet-related benefits, especially in IT and e-commerce, companies are beginning to offer coverage for pet care as part of their benefits packages.
Sector-specific highlights
The scorecard also provided an industry-by-industry breakdown of benefits adoption.
Automotive
This sector has seen a rise in maternity and accident insurance benefits. Fifty-one percent of companies offer graded sum insured, and 77% provide maternity coverage, though progress is still needed in mental health and DE&I benefits.
BFSI
Sixty-six percent of organisations in this sector offer graded sum insurance, and 94% provide maternity benefits.
The report noted new pregnancy-related benefits and a growing focus on diversity and inclusion.
E-commerce
E-commerce companies are focusing on personalised benefits, with 61% offering family floater sum insured coverage. New initiatives include expanded maternity coverage and mental health support.
Healthcare
As the sector grapples with talent shortages, 87% of healthcare organisations provide maternity benefits, and mental health programs are gaining traction. There is also a growing emphasis on increasing insurance coverage for middle management.
Prudent’s Annual Benefits Scorecard is designed to help organisations stay competitive by aligning their employee benefit packages with current trends and workforce demands.
Looking ahead, the report predicts a continued shift toward more personalised benefits as companies aim to attract and retain talent in an increasingly competitive job market.
Asia’s Top Insurance Employers for 2024
Coinciding with the release of Prudent’s Scorecard, Insurance Business Asia has revealed its list of the Top Insurance Employers for 2024, underscoring the changing employee expectations across the region.
Insurance Business Asia invited firms across the region to submit details on their employment practices, including benefits, work culture, and career development opportunities. Employees of nominated companies anonymously rated their employers on factors such as compensation, growth opportunities, and the company’s commitment to DE&I.
This recognition highlights the adaptability of these companies in aligning their benefit offerings with evolving workforce priorities, helping them attract and retain talent in a highly competitive job market.
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