Prudential's president of group insurance is focused on helping all employees be financially successful

As the daughter of immigrants and the first in her family to graduate from college, Yanela Frias is Prudential's most senior Latina and the president of group insurance. Frias has a deep understanding of what it means to work hard and take big risks, and today, she channels her knowledge and experience into helping employers offer benefits that provide financial well-being to all members of even the most diverse workforces.

Starting her career as an accounting associate with Prudential over 25 years ago, and working up to multiple financial leadership roles within the company, Frias gained a wealth of experience before making the transition to her current role. She credits her drive and her passion for financial wellness to her early experiences watching her parents, as well as her Latina heritage. 

"I was born in Cuba, and my family moved to the U.S. when I was eight," she says. "From the very beginning, that is an experience that shapes who you are. I saw my parents literally pick up from an established life where they were surrounded by family and had white collar jobs, and take a tremendous risk because they felt that coming to this country would provide much more opportunity for their family."

Read more:  How recruiters can manage an influx of applicants this fall

Creating this access for others, especially people for whom it may seem out of reach, is now Frias's mission at Prudential. She recently sat down with EBN to talk about what called her to this position, and why employer focus on financial wellness for all employees is so important. 

Courtesy of Prudential

How has your family's story and your background in finance inspired you to focus on the benefit needs of diverse populations?
[My parents] came to this country with two kids, $1,000, no family, not speaking the language. Growing up, financial security was not a given at all. They worked blue collar jobs, living paycheck to paycheck, and things like saving for retirement and access to the ability to create financial security was not something that was readily available. Eventually they were able to create some security, and certainly opportunity, for me and my sister. That created a real foundation for me of understanding that not everybody has the same access. Not everybody has the same financial education and understands the needs or the solutions that are available. 

When I came to Prudential, I quickly understood the value of the solutions that we offer, whether it's life insurance or disability insurance, which is more about protecting your family against financial risks, or things like retirement planning, which are obviously looking ahead and planning for people's goals in retirement and in life. That was something that really resonated with me because of how I grew up and the challenges that I saw my parents face, but also the success that they were able to accomplish by working hard, as well. It's something that's stayed with me, not only just in terms of what I do, but also making sure that we are focused on reaching those diverse populations, because every ethnicity has different goals and objectives in life. 

Read more:  Michelle Hamilton, InStride's people director, is saying goodbye to HR hierarchies

What is your strategy for helping employers effectively meet the needs of their specific population, especially those struggling with financial stability? 
We do a lot of work to help them understand their population, and how to reach them and help them meet their goals. We focus on segmented strategies and inclusive solutions — things like enrollment resources — to help deepen the connection and the understanding of the employee benefits that they have access to so they can make the best decisions possible. We know for a fact that many employees, whether they're diverse or not, really don't even understand the benefits that they have available to them. So that's a critical area for us to focus on to really help them along the way, so they make the most intelligent decisions.

What are some current areas of focus your working on to reach more diverse employee populations? 
In general, 60% of Americans don't have enough savings for a $500 emergency, and most people have a high deductible [health insurance] plan. Part of what we seek to do is educate employees about supplemental health products, such as hospital indemnity, which fill important gaps that people have. We focus on helping employees understand the value of that, and provide real-time education as they enroll. There could be educational videos or AI-powered tools that help people maximize their benefit dollar and help them understand their entire financial picture, their benefit picture, what they have access to and what they need, and how best to optimize that. 

When you get into diverse populations it's an even bigger challenge, whether it's language or access to information. We have clients whose employees don't have a computer, all they have is a phone, so you have to be very flexible and try to tailor education materials. It varies by employees: It could range from white collar employees that have access to all types of technology and can access materials easily to those that are on a warehouse floor. How do you get to them? It could be in person, through phone or text, paper — it really does run the gamut.

Read more:  On-site care is helping Lauren Haddox boost preventive health at a Florida school district

What is the impact when an employer effectively executes a strong plan design that caters to the needs of its workforce?
Employees trust their employer more than any other constituent, so to help them with their education, with vetting and ultimately with access to these solutions, it's gone from financial wellness to holistic wellness, especially post-pandemic. When you have an employer that embraces that role, you have a more productive employee because they're less concerned about all those issues, but also a more loyal employee.