Insurance brokers have been utilizing technology solutions in their practice for some time. These applications support day to day functions such as client service and accounting and finance. Other solutions provide intelligence and data within the practice as well as share information with clients. Below are some of the common offerings for benefit advisors. EmployeeTech can help your firm select the right mix of solutions to meet your market and budgetary objectives.
Technology anchors, the Health Exchange process, which includes front-end decision support, calculations around contributions and cost, and data integration with the carrier’s eligibility systems. Some solution providers in the exchange market provide the full package which includes a benefits communication and enrollment platform along with spending accounts and insurance markets- essentially a turn-key option. Other alternatives provide just the back-end technology without the insurance component but may offer greater flexibility in program design. EmployeeTech will help your firm sort through these models and select the appropriate solution for your clients and their employees.
With the growth of consumer directed plans plus the desire to control costs and improve employee well-being, employers are rapidly adopting or improving their existing Wellness programs. Effective Wellness programs incorporate sound leadership messaging, reliable health data, well-designed incentives, personalized goals and invite social engagement. Technology plays a critical role in the delivery of these programs.
Benefit Administration (BenAdmin) Solutions cover a broad category which includes almost any function that helps employers manage their plans and outsource the related manual work. Properly applied BenAdmin solutions most often increase efficiencies in day- to-day benefit transactions, improve accuracy of eligibility data, result in a better employee engagement experience and reduce need for paper. Online Enrollment is one of the most widely recognized BenAdmin applications. Other automation services include Consolidated Billing, Premium and Billing Reconciliation and Dependent Audits. Generally, the larger the number of transactions an employer experiences, the greater the value attached to BenAdmin Solutions, and the higher adoption rate by larger employers. BenAdmin applications can be purchased as stand-alone “point” solutions or as part of broader HR systems.
Studies demonstrate that good employee benefit communication pays off with increased employee morale, retention and productivity. Understanding the value of your benefit offering provides critical feedback. Benefits communication can be embedded inside a company intranet or benefits administration solution or delivered through a third party web-based or paper communication. Regardless of the method of delivery, employers should ensure they are communicating as effectively as possible to their employee population. Automation tools can supplement or initiate a sound communication strategy that will optimize employee usage, understanding and appreciation of their benefits.
HR and Benefit content, especially if it’s related to regulatory information, is a constant moving target. These solutions allow benefit advisors access to relevant and up-to-date information to stay on top of current and pressing issues. Usually these solutions can be adapted to marketing and communication pieces that can be passed along to clients and prospects. Other tools are provided directly to your customers in the form a Employer Portal or through telephonic support
These platforms support a wide-array of needs to run and agency from basic contact management through commission tracking. Functionality and core competencies can vary by specific platform. Beyond the features, the quality of the experience is strongly influenced by how well the system is implemented and managed. Agencies that provide greater emphasis on system configuration, best practices and stringent usage requirements stand the most to gain from their agency management platform.