Everyone's looking for ways to get the attention of brokers and employers by promoting their sizzle. In the group employee benefits arena, one way to get attention is to offer flashy, innovative technology that promises to make doing business easier.
After all, there are plenty of employee benefits carriers and third-party administrators offering plenty of solutions — but whose technology has more sizzle? Or, maybe a better question — does the sizzle really matter the most? It's no secret that technology is a huge selling point. But there are times when it can be cool but not very useful, or vice versa. Be careful not to get caught up in the look and feel. It's important to find the balance.
In fact, to make technology a real differentiator, it's not the sizzle; it's the steak — the substance behind the technology — that separates full-service providers from the rest of the crowd.
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There are two critical factors related to technology that make a difference when you're determining which carrier to work with: the functionality of the technology, and the people behind it.
Functionality: Balancing it with flash
Having a solid foundation beneath the flashy technology is essential. Think about signing on with a carrier the way you'd think about buying a new car. Sure, you want the car to look great and have cool features, but you also expect it to be reliable and offer value. It needs to get you where you want to go, and it needs to be smooth and easy to operate.
For carriers, having the right tools to support brokers and employers throughout the process includes service and support before, during and after implementation.
Many offer technology focused on benefit selection and decision support, but it's probably even more important to offer electronic solutions that help get coverage installed seamlessly. For instance, some carriers automate the new business submission process. This technology brings all the necessary forms and information together in one spot, making it faster and easier to get a business on the books. This benefits all players involved — brokers, local office staff, home office teams and employers. Tools like this can make or break the enrollment experience.
Post-implementation, employers of all types are looking for better ways to connect their HR and payroll systems to their carrier's systems. They want processes to be more streamlined and simpler to manage.
Technology such as electronic data interchange (EDI) is designed to accurately and efficiently manage changes or updates to employee benefits information. A good EDI process offers file format flexibility, a range of options for secure data transmission, and a focus on the accuracy and integrity of the data. You want your clients to work with a carrier that pays attention to details and makes sure files match every time. The end result leads to savings in cost and time.
Systems like these may be focused more on the nuts and bolts rather than the sizzle, but balancing functionality with flash is imperative.
People: Putting the right technology in the right hands
One of the key aspects of offering high-tech solutions for brokers and employers is to back up solutions with people who know how to leverage them. You can work with a carrier that offers state-of-the-art systems, but if those systems aren't coordinated with the whole installation and servicing cycle, the sizzle may be meaningless. In other words, the back end needs to support the front end.
Look for carriers that not only offer innovative technology, but put it in the right hands. Find carriers that have given their people the tools to do their jobs well through the entire process, from a case's beginning through enrollment to final implementation and beyond. This makes it possible for carriers to ask once, clarify once and move forward — and that's more efficient.
One area where technology plays a fundamental role is employee benefits management. That's where it's crucial that experienced, knowledgeable staff set it in motion. Providing online administrative services makes it easy for brokers, clients and employees to manage their benefits. Back those systems with the right people to ensure the work gets done right.
Of course, that's true across the board. A good carrier staffs support teams that specialize in the technology behind each stage of the process.
Another important issue is finding an employee benefits carrier that offers flexibility. Is the carrier approachable and receptive to change if there's a better way to handle a task or issue? For example, if your office staff loves working with a particular carrier, except for an issue with technology, could you reach out to that carrier to offer suggestions? Feedback from people who use the systems firsthand deepens a carrier's understanding of what great customer service is. That's why I recommend working with carriers that are open to your feedback.
You have certain expectations of the group benefits carriers you work with. You should expect no less from the technology they offer to support benefits enrollment, implementation and management. Work with a carrier that is highly committed to what's behind the sizzle. While flashy systems may draw your attention and help you sell benefit solutions, getting the benefits installed and serviced seamlessly is often the bigger win.
Bottom line: Work with carriers that understand what's most critical when it comes to technology, focusing on offering systems that are flexible, accurate, efficient, well-designed and secure. Don't be satisfied with the sizzle; demand the steak.
Amy Friedrich is vice president of specialty benefits at The Principal Financial Group. She can be reached at [email protected].
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