Technology platforms have changed the way many consumers share information about their friends, family, jobs, causes, hobbies and much more. Technology also has impacted consumer expectations regarding the way they receive information. The preferred method of communication for many has shifted from printed, physical materials to instant, digital messages. As a result, the way brokers and employers share information about benefits and enrollment has also changed with the availability of benefits management platforms. Agents, consultants and brokers who offer a technology platform can provide a new and better way to communicate and manage benefits programs.
Reaching employees
Employee benefits are a key driver of employee satisfaction, yet many employees do not realize the full value of their benefits package. An article in Workforce Management noted that 96 percent of employers say their employees need guidance to make sound benefits decisions, yet only 23 percent of employees say their company’s benefits education efforts are effective. To improve your own client relationships while potentially increasing enrollment, arm your employer clients with tools to better educate employees about their benefits packages. Benefit management platforms that enable employees to shop, compare and enroll in benefits give your clients an opportunity to improve employee satisfaction and ensure that employees fully understand the breadth of benefits offerings available. An effective platform should include:
24/7 access from any device. In a June 2011 study, SunLife Financial reported 71 percent of employees prefer learning about benefits online. Using an online benefits platform maximizes access to benefits information and allows employees to enroll in benefits when it is most convenient for them. The platform should be available year-round for employees, not just during open enrollment. Choosing a platform with mobile capabilities further enhances accessibility, allowing employees to learn about or enroll in their benefits from any handheld mobile device.
Visibility into total costs of benefits. Total benefits costs include employee payroll deductions, taxes and employer costs. With the rise of health care consumerism, employees need to be aware of the various benefits packages offered by an employer and their associated total costs. Plan comparison tools help employees view coverage and expenses for a variety of benefits plans, allowing employees to choose the best option for their unique situation. To help employees further understand the value of their benefit packages, employers can offer a view of the employee’s total compensation package within the platform, including base salary, incentives, vacation and benefits. This total compensation analysis is an effective employee education and retention tool that quickly helps employees understand their company’s financial commitment.
Multiple forms of communication. While employees seek easy-to-digest information, employers seek effective methods to deliver consistent messages. The challenge of communicating across a company is often complicated by geographic dispersion, language barriers and low engagement rates. In a recent survey from United Healthcare, 77 percent of employees said their employers should use simpler language to describe benefit options. Using clear, concise messaging and a variety of mediums, including printed materials, online materials and video, is the best way to reach the largest audience. Allow employees to choose their preferred method to receive benefits information, either via email, snail mail, text messaging or a combination of these.
Improving open enrollment
Using a benefits management platform, especially during open enrollment, streamlines benefits processes and allows employers to focus less on administrative tasks and more on strategic HR initiatives. Offering a platform to your clients means they can streamline open enrollment, reduce costs associated with distributing plan information, improve employee communication, personalize the enrollment experience and eliminate potential data entry errors. Employer business rules are enforced at the point of entry, ensuring that employees only see benefits information that pertains to them. HR professionals are able to store all benefits information in one place, approve all employee benefits elections and transmit benefits information electronically to their insurance providers and payroll systems.
Brokers and employers also see an increase in plan participation when using an online benefits management platform, which is especially important when offering voluntary benefits that supplement an employer’s benefit package. Incorporating enrollment for voluntary benefits into an employee’s core enrollment process eliminates extra steps that can deter employees from participating in voluntary benefits.
Improving your business
Broker-specific portals offer features similar to benefits management platforms but are focused on the unique business needs of a broker. Using a broker portal, brokers can generate quotes, shop and compare benefits plans, manage enrollment and communicate directly with clients. Online tools and videos can help guide clients through the sales process. Broker portals also streamline billing, enabling brokers to manage and pay one consolidated bill and view clients’ invoices and payment history.
As platform technology continues to transform consumer behavior, it is essential that employers and brokers adapt to changes in employee preferences. Using a benefits management platform allows employers and brokers to communicate with employees via a method they prefer while also streamlining benefits management. Understanding the value their customers gain from a benefits management platform will differentiate brokers from their competition. Partnering with a technology platform provider allows brokers to pass along the value of a platform directly to their clients and position themselves at the forefront of benefits management.
Nancy Sansom is senior vice president of marketing and communications for Benefitfocus. She can be reached at [email protected].
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