NEW YORK - August 6, 2020 - NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement and individual solutions, today introduced its 2020 US Benefits Trend Report, a comprehensive report of employee benefit trends. The report provides employers with data and analysis designed to help them chart a course toward better outcomes for their organizations and their employees.
Perspectives from NFP subject matter experts, analysis of statistics year over year, and consideration of the effects of COVID-19 are the core elements of the report. Sections include comprehensive data analytics, as well as actionable insights, for a variety of topics, including health care, benefits compliance, pharmacy, digital transformation, legislation and regulation, voluntary benefits, and well-being and engagement. While NFP found that many of the same challenges remain, the impact of the global pandemic will require employers to explore new solutions to address needs and goals.
Key report findings include:
- 9 of 10 adults lack the necessary tools to make well-informed medical decisions
- 30% of employees believe a lack of transparency from insurers and providers is the biggest barrier to effectively shopping for coverage
- Up to 40% of the workforce will be independent contractors (gig workers) by 2040
- The percentage of employers offering employee mental health offerings increased to 75% in 2018 (up from 34% in 2014)
- 62% of individuals with employer-based insurance have a chronic or complex disease, which comprises 85% of total employer-based healthcare spending
- Approximately one in seven adults in the United States '” about 40 million people '” provide some type of unpaid care to another adult
Access the full report, including actionable insights on how employers can address these trends.
'Our US Benefits Trend Report comes at a time when uncertainty is a major challenge for employers,' said Kim Bell, NFP's senior vice president, head of health and benefits. 'Trend analysis and expert insight provide the foundation for discussions regarding the solutions employers need to move forward productively. From cost containment to employee engagement, we are excited to continue to provide the expertise and guidance that inform decisions and bring clarity to complex objectives.'
'NFP is proud to continue delivering data-driven expertise that helps our clients navigate the current environment and beyond,' said Ed O'Malley, executive vice president, head of insurance brokerage and consulting. 'We remain committed to listening to our clients, understanding the problems they face, and connecting them with solutions that enhance their success.'
'The benefits of our increased scale extend to our data analytics, including those in our trend report,' said Doug Hammond, NFP's chairman and CEO. 'Serving more clients across a variety of industries gives us more information, and more detailed perspective, on client needs and effective solutions. This allows our team to be even more precise in making impactful recommendations to employers as they create meaningful programs for their employees.'