Employers prioritise holistic wellness in corporate insurance plans

Companies are expanding benefits beyond traditional coverage to meet workforce needs.

Singapore's corporate insurance is seeing a strong focus on holistic wellness, particularly mental health support and preventive healthcare. As businesses recognise the strong link between employee well-being and productivity, they are expected to adopt more comprehensive benefits to attract and retain talent.

"This strong focus resonates and is aligned with the Singapore government's goal in making mental health and well-being a priority in our national agenda,” said Kenneth Tan, Chief Corporate Solutions Officer of AIA Singapore.

AIA Singapore's 2024 Live Better study found that one in two Singaporeans believe more needs to be done to enhance mental health support. More than 50% of respondents cited workplace initiatives as a crucial resource for boosting mental health awareness and access to necessary support.

As a result, employers are expected to expand their offerings beyond traditional insurance to include preventive healthcare benefits such as health screenings, vaccinations, and wellness programs.

"Businesses are increasingly realising that employee well-being drives success," said Tan. "They should prioritise partnering with like-minded insurance providers that offer cost-effective and comprehensive coverage customised to support the specific needs of each employee."

With statistics indicating that workers with poor mental health can be up to 40% less productive, companies are gravitating towards insurance partners that provide solutions to alleviate employee stress through customized coverage options.

"Leaders need to continue to stay attuned to emerging trends and innovate our products with a customer-centric mindset by keeping customers at the heart of the innovation," said Tan.