An increasingly tight labor market means more employers are offering more benefits to recruit and retain workers. Unfortunately, it also means more confusion about the overall benefits package itself.
In fact, 45% of U.S. employees said they do not fully understand their benefits package. It’s a problem, one MetLife is looking to solve.
This week, the company said it’s entering a strategic relationship with Nayya, a digital platform provider “for benefits decision support and engagement.”
MetLife will be the only insurance carrier to offer Nayya's artificial intelligence to employers with more than 1,000 U.S.-based employees.
This announcement comes on the heels of MetLife’s latest U.S. Employee Benefit Trends Study research which found that 62% of employees say understanding how to use their benefits would give them a greater sense of overall stability and half (50%) say having it would make them more loyal to their employer.
“While employees recognize the need for benefits, our research shows there are key barriers to employees’ understanding of what benefits are offered, how they can be used during critical moments and also year-round to support their personal needs and financial goals,” Bradd Chignoli, senior vice president, National Accounts & Financial Wellness at MetLife, said in a statement.
Nayya uses individual's information (with permission), gathered through an interface, and provides artificial intelligence algorithms for tailored and actionable recommendations across a range of benefits including medical, dental, vision, life, disability and accident, health, pet insurance, health spending accounts, identity protection and legal plans, while considering how these products holistically work together.
In addition to benefits decision support, Nayya provides on-going engagement to educate individuals and drive value of benefits throughout the year, providing proactive notifications and claims-based opportunities. MetLife and Nayya will begin demonstrating the two firms’ capabilities with customers in the first quarter of 2024.
