Welcome to our Partner Profile Series. Each month, we feature insights and perspectives from HR professionals and consultants working with various clients to address today's most pressing issues.
This month, our spotlight is on NFP. NFP is an organization of consultative advisors and problem solvers. They help companies and individuals around the globe address their most significant risk, workforce, wealth management and retirement challenges through custom solutions and a people-first approach.
This month, I sat down with Julie Baney-Curran, a Vice President of Corporate Benefits at NFP. Julie has over 30 years of industry experience, spanning multiple market segments and roles. In her current role, she focuses on training and development, compliance, contract negotiations, and strategic planning. Julie is known for her dedication to enhancing client experiences and her strategic approach to managing group benefits
Can you tell me a little about you and your role as Vice President of Corporate Benefits?
I have been in the industry for 30 years, spending the first part of my career on the insurance carrier side of the house before joining The Meltzer Group, now NFP, an Aon Company, 17 years ago. I have a dual role in NFP's Strategic Market where I manage a small number of client accounts and am also responsible for managing and developing our Account Manager and Client Advocate teams.
What are the most significant trends you're seeing in the employee benefits market right now?
Our industry is harnessing massive amounts of data to better understand the impact that communities, access to transportation, healthy food, childcare and healthcare providers have on our health. The data demonstrates that providing a good medical and dental plans aren't enough if you live in an area with poor access to healthcare providers or if you have a covered surgery but don't have transportation to follow up visits or healthy food to help your body heal. It is exciting to see vendors beginning to address these social determinants as a part of whole healthcare.
How have recent economic events (e.g., inflation, recession fears, election) impacted employee benefits offerings?
I've noticed increasing claim costs are driving higher renewal increases, partially driven by shortages of nurses and specialists, supply chain issues and overall inflation. I am impressed by the number of clients who express genuine concern for the the impact that inflation and recession have on their employees and the heightened sensitivity to the impact that increased cost share would have on their staff.
Are there any emerging technologies or innovations that are significantly changing the employee benefits landscape?
One of the most exciting advancements I see is the continued integration of artificial intelligence being used to improve the customer experience. One of the benefits that has gotten the most traction over the past few years with my clients has been PTO Exchange. The appeal is that the employer does not have to budget for a new benefit, it reduces large PTO balance liability and employees find significant value in the program. We have so many generations in the workforce that it can be challenging to find new benefits that are appealing to the masses, but PTO Exchange meets employees where they are in life. It helps employees build retirement or HSA balances, repay college loans or receive cash to help in difficult economic times. There really is an option for everyone.
What are some of the biggest challenges you see employers facing in providing competitive benefits packages?
Meeting the growing expectations of their employees to provide more benefits while managing the growing cost of the core benefits.
How do you anticipate the NFP-AON merger will benefit your clients?
The acquisition allows us to remain separate but connected. It ensures consistence and the best of what we currently offer our clients. The merger allows us to leverage Aon's extensive global reach, advanced technology and robust marketing capabilities.
What are some of the biggest mistakes you see employers making when it comes to benefits?
I believe that employers should be more transparent about the total cost of benefits and educate their employees to be better consumers of healthcare. Some employers do a great job, but we all need to help employees understand how consumerism can impact pricing for all and the incredible value that employer sponsored benefits provide.
What do you believe is the future of employee benefits?
Employee benefits will continue to be a significant part of employee total compensation. Younger generations entering the workforce have greater expectations of their employers and benefits will need to expand and evolve to meet those expectations. PTO Exchange is a great example of a unique benefit that can help employers meet these needs while also meeting budgetary goals.
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Published on Oct 24, 2024 by Dave Sherman
