A Look Forward to 2023

We’re wrapping up 2022 here at Allegiant Global Partners and beginning to look ahead to 2023. It’s always a risk to put your predictions down in writing – and the past few years have only served to reinforce that our world is subject to shocking events that turn everything upside down. Nevertheless, we’re doing our best to strategize for 2023 to meet the market and support our clients. Here’s what we’re looking for next year:

1. A truly cashless solution for Local staff members in 2023.

This is the number one challenge facing international nonprofits who want to provide holistic benefits across a global workforce. We think the demand for this solution is high and that there’s a correspondingly high probability of seeing one in this calendar year. It will be a game-changer for the marketplace, opening up a world of possibilities for NGOs struggling to create tangible equity for employees.

2. Significant increases in healthcare premiums, given current global economic pressures.

This will feel more significant in the United States, so managing your programs and evaluating benefit design may be more critical than in years past. 

TIP: DO NOT consider plan design changes until a final renewal figure has been agreed upon, regardless of how much you want to reduce the premium.

3. Higher competitive pressure in ancillary lines within the US (Life, ADD, and Disability).

Higher interest rates and other economic factors will drive carriers of these lines to actually lower rates to win new business. 2023 may be the year to consider moving your ancillary carrier to help offset the rise in medical premiums.

4. Quickly rebounding global travel – both business and personal.

The spike in travel in 2022 will continue to rebound at aggressive rates, highlighting the importance of ensuring that you have adequate travel coverage and assistance solutions. By the end of the calendar year, we’ll probably be back to 2019 travel levels.

5. Increasingly acute and complex mental health challenges.

This pandemic has exacerbated the pressures of modern life, speeding us toward a confrontation with the toll of mental ailments on a global workforce. This will continue to be a challenge for employees and insurance carriers alike. Finding effective solutions that are not cost-prohibitive will be important and managing employee expectations will be key. Understanding the difference between “acute” mental health and “maintenance” mental health will be significant as you design your solutions.

Of course, 2023 is sure to throw some curveballs our way. What are you looking for this year?