The Reuters news staff had no role in the production of this content. It was created by Reuters Plus, the brand marketing studio of Reuters.
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Disclaimer: The Reuters news staff had no role in the production of this content. It was created by Reuters Plus, the brand marketing studio of Reuters. To work with Reuters Plus, contact us here.
RETIREMENT STRATEGIES
Group insurance
individual life insurance
Michael Estep, President of Prudential Group Insurance, sees a critical opportunity for employers to close the gap on a huge disconnect: Four generations are working side-by-side in the workforce today, yet most companies still offer cookie-cutter benefits packages. Now, modular and personalized benefits are transforming how forward-thinking employers protect their people.
To best support a diverse, multigenerational workforce, employers must modernize their approach to group benefits to meet employees where they are and help shield them from disruption when it matters most.
That’s the message from Michael Estep, President of Prudential Group Insurance, who believes the benefits landscape is undergoing a major shift. “The one-size-fits-all approach just doesn’t work anymore,” he says. “Employees want modular, customizable benefits. They value flexibility, caregiving support and financial wellness more than ever.”
Our business reaches over 22 million individuals in the U.S. and is here to provide products that help people and their families in times of need.
Michael Estep, President of Prudential Group Insurance
group benefits:
protecting people,
powering loyalty
73%
Job Satisfaction & Benefits
of employees say a comprehensive benefits package is crucial
Modern benefits
86%
59%
Employees
Employers
What accounts for the disconnect? As with most things in life, it all comes down to communication. Or, in this instance, a lack thereof.
Estep has spent his entire career in insurance, and has seen what happens when people don’t plan properly. “Our business reaches over 22 million individuals in the U.S. and is here to provide products that help people and their families in times of need,” he says.
“It’s critical that people take time to understand their benefits and employers give them the tools to do so,” Estep says.
That means letting people know exactly what benefits are available to them, with specific instructions on how and when to use them. The Prudential study found that among employees who say their benefits feel “modern,” 91% are satisfied with their job, and 90% say they’re likely to stay with their employer.
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Bridging the Generation Gap
The workplace has never been more diverse, both demographically and generationally.
Today, with four generations working side by side—each at different life and career stages—employees face a range of financial pressures, from student loan debt to housing costs to caregiving responsibilities and retirement readiness.
Employers must create benefits programs that reflect the realities of their workforce’s needs. That means moving toward personalized benefit plans that can adapt to all stages of life.
“If done right, benefits can create loyalty and adaptability through supporting employees,” he says.
As American workers navigate daily challenges such as living paycheck to paycheck and managing caregiving responsibilities, nearly two-thirds (63%) say they are worried about mental health for themselves or their families, reports Prudential’s Benefits & Beyond study.
Over the past five years, employee demand for mental health coverage has skyrocketed. Unfortunately, Estep says, many people don’t utilize these benefits when they have them. Employee Assistance Programs—EAPs—have existed for decades, yet 55% of employees have never used their EAP benefits, according to the study.
55%
Mental Health Coverage
Employees who have never used their EAP benefits
One of the main reasons is the fear of being stigmatized. “Companies must make an effort to destigmatize benefits and make sure employees aren’t embarrassed to use them,” he says. “That comes back to awareness.”
Estep notes that many employees are confused about how to access their benefits or are simply unaware of what’s available to them. To change that, employers need to talk openly about therapy and promote mental and emotional well-being as a sign of strength.
They must ensure digital platforms make benefits easy to find and understandable and personalized if they can. “Closing the gap means listening, educating, modernizing what you’re offering, and then ensuring benefits are simple, relevant and ultimately easy to use,” he says.
Closing the gap means listening, educating, modernizing what you’re offering, and then ensuring benefits are simple, relevant and ultimately easy to use.
Michael Estep, President of Prudential Group Insurance
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To that end, Estep wants to reframe the perception that benefits are something to use only when disaster strikes. “Benefits must be seen as everyday tools, not just emergency-only resources,” he says. “Employers should simplify access and communication to take action to reduce that stigma.”
Building Loyalty Through Care
If benefits once existed mainly to attract talent, today they build loyalty. “Employers need to highlight the preventative and financial wellness benefits as critical tools to retention,” Estep says.
Companies also need to position benefits as a strategic investment in their workforce’s long-term health and wealth, and there is research to back this up. The Prudential study found that among...
91%
are satisfied with their job
90%
likely to stay with their employer
employees who feel benefits are modern
73%
employees who feel benefits are not modern
68%
employees fall into this category
plan to stay with the company
But employers must also stress that benefits aren’t just something employees sign up for once a year and then forget about—what Estep calls a “transactional” arrangement. Rather than focusing on money alone, employers must understand what creates a better life for their employees, and then show them that they care about their total well-being and their life’s work. This builds stronger emotional connection and loyalty.
“Employers must evolve from transactional offerings to benefits that build everyday resilience,” he says. “That includes financial, emotional and physical well-being.”
This evolution also includes framing benefits as strategic investments and ongoing engagement in workforce health and loyalty.
Employees expect employers to help them manage work-life balance through supportive benefits and the culture surrounding them.
Michael Estep, President of Prudential Group Insurance
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Protecting Their Life and Life’s Work
According to Prudential’s Benefits & Beyond research, 55% of boomers, Gen Xers, millennials and Gen Zers say that paid time off to care for a loved one is their most desired benefit. But along with this comes a lot of stress.
“Employees expect employers to help them manage work-life balance through supportive benefits and the culture surrounding them,” Estep says.
Equipping employers with the resources and communication strategies they need to modernize things like disability, supplemental health and life insurance offerings helps them better address their modern workforces’ priorities through greater support and heightened protection from the unexpected. These modernized benefits can also help reduce employee stress surrounding life’s milestones—even the exciting ones like starting a family—because they feel supported and their financial strains are alleviated.
Consequently, they can more fully enjoy and experience big life moments more freely.
An Expert View on AI
Many people are wary of AI, but Estep believes it will revolutionize how people enroll in and interact with their benefits. “AI can personalize enrollments and recommendations, surfacing the right support at the right time,” he says.
Estep foresees a not-so-distant future in which HR tech platforms function like digital concierges, guiding employees through choices with clarity and context. (Some platforms, like Enrollify, already do some of this.) AI will “remove friction from the entire process, and technology will free up HR to focus on strategy and supporting their employee populations, not just the burden of administering benefits.”
How soon will AI be mainstream? Pretty quickly, Estep thinks. “Six months ago, I would’ve said a few years,” he says. “But it could be months, as quickly as things have been emerging.”
As the workplace evolves, so must the safety net that supports it. The companies that thrive will be those that stop viewing benefits as a cost center and start seeing them as what they truly are: a strategic investment in human resilience and organizational success.
According to Prudential’s 2025 “Benefits & Beyond” study, 73% of employees say a comprehensive benefits package is crucial to their job satisfaction. Yet while 86% of employers believe their offerings are “modern,” only 59% of employees agree.
Group insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates, none of which are affiliated with Reuters Plus. 1088988-00001-00
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