Lincoln National (LNC) Unveils Tool to Ease Employee Onboarding
Lincoln National Corporation LNC recently introduced a digital implementation platform, with the assistance of the onboarding software provider GUIDEcx, for simplifying the onboarding experience of its group benefits employer clients and their employees.
The Lincoln's GUIDEcx tool provides real-time progress updates about the onboarding procedure and ensures maintenance of transparency. It also takes care of intricacies which crop up amid such procedures and might consume significant time and resources of employers. The platform’s effectiveness enables employers to intensify focus on growing business or cater to the needs of the workforce.
The tool can be easily accessed via web portal or email without the need to enter any login credentials. The GUIDEcx platform also acts a collaborative space wherein employers can connect with their administrative squad for allocating tasks.
Considering the interactive nature of the platform, employees can stay connected with their group benefits provider during the onboarding experience and enjoy prompt access to key workplace benefits.
The Group Protection segment of Lincoln National is expected to benefit from the new tool launch. Through the unit, LNC distributes non-medical insurance products via employee-paid and employer-paid plans. The insurer remains on a spree to upgrade its workplace benefits offerings, which in turn, boosts the lucrativeness and sales of such offerings. Also, a stable financial future awaits employees if they get access to effective workplace benefits.
Needless to say, higher sale of insurance policies in the Group Protection unit of Lincoln National fetches improved premiums, which remains the most significant contributor to an insurer’s top line. Insurance premiums rose 6.7% year over year in the first half of 2023.
The recent initiative can also be termed as a time opportune move on the part of LNC, taking two points into consideration. Enhanced benefits offerings are a vital component of talent acquisition and retention in the workplace, which therefore makes a seamless onboarding experience a dire need. Also, unveiling a digital tool seems aptly timed amid the ongoing digitization inflicted across every sphere of life.
As a further testament to efforts of advancing workplace benefits, Lincoln National launched a financial wellness marketplace last year in collaboration with the well-known student debt management platform, Candidly, to provide student debt solutions and add strength to the financial wellness program of Lincoln National.
Shares of Lincoln National have gained 20.8% in the past three months, compared with the industry’s 3.4% growth. LNC currently carries a Zacks Rank #3 (Hold).
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Stocks to Consider
Some better-ranked stocks in the insurance space are Assurant, Inc. AIZ, Aflac Incorporated AFL and Cincinnati Financial Corporation CINF. While Assurant sports a Zacks Rank #1 (Strong Buy), Aflac and Cincinnati Financial carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of Assurant outpaced estimates in each of the last four quarters, the average surprise being 24.39%. The Zacks Consensus Estimate for AIZ’s 2023 earnings suggests an improvement of 13%, while the same for revenues indicates a 4.1% rise from the respective prior-year reported figures. The consensus mark for AIZ’s 2023 earnings has moved 4.1% north in the past seven days.
Aflac’s bottom line outpaced estimates in each of the trailing four quarters, the average surprise being 7.76%. The Zacks Consensus Estimate for AFL’s 2023 earnings indicates an 12.2% improvement from the prior-year figure. The consensus mark for AFL’s 2023 earnings has moved 1% north in the past seven days.
The bottom line of Cincinnati Financial outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed the mark once, the average surprise being 25.25%. The Zacks Consensus Estimate for CINF’s 2023 earnings suggests a 17.9% improvement, while the same for revenues indicates a 12.2% rise from the respective prior-year reported figures. The consensus mark for CINF’s 2023 earnings has moved 2.2% north in the past seven days.
Shares of Assurant, Aflac and Cincinnati Financial have gained 8.2%,14.3% and 0.3%, respectively, in the past three months.
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