Key Ingredients for a Successful Benefits Administration Technology Partner23 January, 2020
Avoid common compromises – and reduce your risk of poor choice and project failure – by understanding what sets successful benefits administration solutions apart.
Employers offer benefits to stay competitive in a tight talent market and maintain happy employees. However, your employee benefits experience is not dictated solely by the health insurance, retirement benefits, life insurance, disability insurance, or fringe benefits you offer. Your benefits technology platform can make a huge difference in the way employees feel about your offering, as well as how productive your benefits team can be over outdated manual processes.
The benefits of employee engagement and smarter productivity can’t be overstated. As an HR leader, however, you put a lot on the line when selecting the technology provider you’ll entrust with your benefits enrollment, administration, and engagement. The right benefits solution will help you gain higher productivity and increase relevance, improve cost predictability, and mitigate risk through accurate compliance and coverage – but how can you identify the best partner?
Empyrean’s new At-A-Glance Guide covers 10 benefits administration must-haves to help you select a strong benefits administration partner with confidence. Here we take a quick look at a few of these key “ingredients.” For more, download the free guide today.
High Client Retention
A lot of time and investment goes into finding the right technology partner – but improperly vetted solutions are bound to fail, even after go-live. Ask for your potential partner’s client retention rate. This indicative figure will show if clients are satisfied and sticking with their solution.
To help find a viable partner to meet your current needs, look for a benefits technology firm that fully delves into and understands your company’s many unique factors, such as industry and culture. Your potential vendor should have proven and positive past experiences with clients of similar size and complexity to your own.
Adaptive and Scalable Solutions
Whether currently insourcing or outsourcing, you likely have existing processes based on your benefits strategy. The technology powering your benefits administration platform should adapt to and enable your strategy – you shouldn’t have to compromise your strategy to fit a vendor’s shortcomings. To increase data accuracy and efficiency, your partner should tailor to your unique formats, culture, employee groups, and strategy, while applying best practices where appropriate.
Your business is ever-changing, and benefits are a large part of that dynamic. Select a proactive benefits administration solution that can keep up with predictable and unpredictable changes in your company, market, and applicable regulations – otherwise you could face unexpected issues down the line. Your partner should have a history of maintaining smooth service throughout clients’ major organizational and strategic changes, to prevent the need for a new vendor search soon after your next big business announcement.
Strong Year-Round Benefits Engagement and Employee Experience
Your benefits technology investment shouldn’t be limited to a single experience during Annual Enrollment, or you could face the risks of disengaged employees. Instead, expect your platform to put artificial intelligence (AI) to work for your employees, saving real dollars and time with better benefits package recommendations, convenient health care providers, cost comparisons and options for prescriptions and treatments, and streamlined processes when filing paperwork and making a claim. Year-round support will make sure employees are engaged and leveraging the benefits you offer to the best of their ability.
Proactive benefits administration technology delivers value that goes beyond basic enrollment and administration – to reach employees at the right point of need. How robust and relevant is your current benefits solution? You need an experience that makes benefits matter to your employees every day – not just once or twice a year.
Data You Can Trust
One of the most common reasons companies seek out a new benefits technology provider is because their current system produces bad data. The problem is then compounded when their vendor fails to properly clean and continually audit their data. When evaluating a solution, look beyond just an attractive and functional user experience, and dive deep into your potential partners’ data handling capabilities. Can the firm manage your data and provide the expertise to understand the whys behind your data and reporting?
Airtight Security Procedures
Managing employee benefits also means handling and protecting your employees’ most sensitive information. Millions of people have already fallen victim to security breaches, as cyber criminals use increasingly sophisticated methods to infiltrate information systems. Security must be more than a “check-the-box” priority for your benefits administration partner.
Your chosen technology provider should employ robust security protocols such as at-rest data encryption, annual security audits, thorough employee background checks, HIPAA training and certification for all employees, and restricted and monitored data access.
Each company’s benefits, workforce, and strategy are different, but selecting your next benefits technology vendor doesn’t have to be risky or nerve-wracking. With support from the right partner you’ll eliminate compromises, lower costs, and enrich lives to increase employee satisfaction and make benefits matter every day.
For the complete checklist of all 10 must-have ingredients – and to see how your benefits technology stacks up – download Empyrean’s newest At-A-Glance Guide. As you read, we’d love to hear your thoughts. Feel free to contact us with questions or comments at firstname.lastname@example.org.