6 Important Factors to Consider When Choosing the Right Insurance Plan For Your Frontline Blue-Collar Workers

For a myriad of reasons, employee benefits being one, India’s young workers are quitting jobs in droves. Over 900 million workers of legal working age have stopped looking for jobs, as per data by the Centre for Monitoring Indian Economy (CMIE). This is a threat to the corporate sector and overall economic growth.

Employee benefits are thus becoming a non-negotiable aspect of hiring and retaining workers. Companies must offer financial and wellness benefits for frontline blue-collar workers to earn their trust.

Choosing the right insurance plan for the frontline workers is a significant part of these efforts. Here are some aspects to keep in mind while doing that.

1. Customisable Insurance Policies

Today, as a result of customised insurance offerings, most employers can offer better insurance benefits for their employees. Workers also have the freedom to choose their insurance benefits, terms, and conditions according to their family and financial goals.

This is a better way to enhance employee experience, rather than providing them with an insurance policy that isn’t worthwhile in the long term.
For instance, a married worker with ageing parents should be able to bring their family under the purview of the policy. Similarly, part-time delivery personnel could avail a short-term policy with accidental coverage.

2. Digitisation of Insurance Process

When choosing the right insurance plan, companies need to enable digital onboarding and claims process. This ensures faster and easier access to employee benefits. For instance, a dedicated app to educate employees about various types of insurance can empower them to make the right decisions. Such resources can be created and distributed in the workers’ native tongues for greater transparency.

Seamless cross-platform integration can help simplify complex insurance processes. In the long term, online processes can help companies reduce man-hours and overheads.

3. Affordable Packages

A key part of choosing the right insurance plan is the budget involved. Affordable packages can help small companies pass on these benefits to their workers.

Given that the MSME (Micro, Small, and Medium Scale Enterprises) employs over 120 million people in India, and contributes over 25% to the nation’s GDP, such packages have huge societal benefits.

They can improve the living conditions of many people, like migrant workers who don’t have access to social benefits.

4. Company Branding and Logo

Another aspect of choosing the right insurance plan is a tech-enabled platform that lets companies fulfil their branding efforts.

Businesses should be able to customise the insurance platform with their logo, and colours. The platform could become a storefront solution to manage employee benefits. This creates a feeling of belongingness in workers.

5. Powerful Analytics

It’s important to measure the success of insurance benefits programs. Companies need to track utilisation ratio, costs, onboarding numbers, and more to calculate the ROI. The insurer needs to offer a full set of reporting tools to look into areas that need improvement.

6. 24/7 Handheld Claims Processing

Workers must have access to 24/7 claims support during critical hours. The tedious manual claims process lowers the employee experience, making workers disillusioned with the process.

To enable this, companies have to set up a team that handles queries round the clock. If the insurer offers assistance regarding this, it can lead to huge cost savings.

7. Choosing the Right Insurance Plan

Indian companies and technology start-ups are increasingly demanding more from their frontline blue-collar workforce. It’s time to acknowledge and address their problems to ensure retention and greater productivity.

BetterPlace offers an end-to-end tech-enabled insurance-centric service that lets companies create meaningful relationships with workers. Contact us to know more about choosing the right insurance plan.