iA Financial Group experts stress the need for inclusive drug insurance to meet diverse employee needs and boost retention
In a webinar by Benefits and Pensions Monitor, experts from iA Financial Group emphasized the importance of inclusivity in drug insurance plans as a response to Canada's changing demographic landscape.
The webinar, featuring Dustin Hunt, Frederic Leblanc, and Alexandra Le Manac’h, addressed how the country's population, now over 40 million, is becoming more diverse, with a notable increase in older adults, individuals with disabilities, and transgender and non-binary people.
This shift necessitates a more inclusive approach in organizational practices.
Alexandra Le Manac’h stated, “According to a Forbes study, organizations that integrate EDI into their practice can lead to up to 87 percent better decision-making. We are also talking about better financial performance, better client relationships and improved employee well-being.”
The webinar highlighted that these inclusive practices are essential not only for better decision-making but also for improving financial outcomes and client and employee relations.
The webinar introduced the concept of an “invisible backpack,” representing the unique mix of personal history, experiences, and cultural backgrounds that each individual carries.
Recognizing these differences is crucial for understanding and meeting the diverse needs of a population that cannot be homogenized.
The discussion also focused on the pervasive nature of unconscious biases in shaping beliefs and behaviours in the workplace.
These biases can lead to exclusion and discrimination if not actively addressed. The experts emphasized that recognizing and addressing these biases is a shared responsibility within organizations.
Equity, diversity, and inclusion (EDI) were defined as interconnected concepts.
Equity involves treating individuals fairly based on their unique needs, diversity encompasses the diverse backgrounds and experiences individuals bring, and inclusion refers to creating an environment where everyone feels respected and valued.
The webinar outlined three main pillars for integrating EDI into organizations: focusing on teams, clients, and community.
Frederic Leblanc discussed current trends in employee benefits, highlighting a growing demand for inclusivity, flexibility, and customization, particularly post-pandemic.
He pointed out, “Recent data reveals a significant gap in employee benefits concerning inclusivity. About 88 percent of employers find it challenging to attract and retain staff, partly because 32 percent of employees feel their employers do not offer sufficiently inclusive benefits.”
This realization is driving a shift, with many employers planning to analyze their benefit plans from an EDI perspective in 2024.
The role of insurers in supporting EDI strategies was also explored, particularly in offering inclusive drug programs. Insurers are encouraged to revise plan designs and update contracts to be more inclusive, especially concerning obesity management.
Obesity is now recognized as a chronic disease, requiring a shift from exclusion to inclusion in benefit plans.
The webinar also addressed the critical role of immunization in employee benefits. Vaccination is highlighted as a crucial preventive measure, particularly for employees with conditions that increase their risk of complications from infections.
The importance of including vaccines in benefit plans was emphasized, with an analysis showing that 53 percent of plan sponsors now cover vaccines.
