As an HR leader, 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 increase everyday productivity and relevance, improve cost predictability, and mitigate risk through accurate compliance and coverage – but how can you identify the best partner?
This guide will help you steer clear of benefits administration buyer’s remorse, which is a time-consuming and costly hazard with critical consequences. Accidentally choosing the wrong solution could prevent employees from receiving correct coverage, sensitive information can be put at-risk, and regulatory compliance can go unchecked. Can you risk a dissatisfied workforce, security threats, and massive potential fines?
Whether you’re looking for a new outsourcing partner, or transitioning from insourced to outsourced benefits administration, you can avoid common compromises – and reduce your risk of poor choice and project failure – by understanding what sets successful solutions apart.
These 10 ingredients will help you identify and select a strong benefits administration technology partner with confidence.
1 | 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. Success begets success: 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.
2 | Adaptive and Scalable Solutions
Whether currently insourcing or outsourcing, you have likely 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.
3 | Single-Tenant Architecture
The architecture and execution of your technology matters. Single tenancy is the best practice for managing the natural complexity of benefits, while satisfying strict confidentiality and HIPAA requirements. In a single-tenant system, your data remains fully separated from that of all other clients, while maximizing the capability of the system’s core functionality. This allows for faster, more customizable and accurate configuration, more robust testing functionalities and error prevention, and a more secure and reliable platform.
The alternative to single-tenancy is multi-tenancy, an operationally low-cost option with all client solutions and data co-existing on one instance of the platform. Multi-tenancy leaves you with… More »
Download the full guide for the complete list of ben-admin technology must-haves to prioritize when deciding on your next provider.
Empyrean Benefit Solutions looks to enrich employees’ lives by making benefits matter every day. Empyrean provides employee benefit solutions without compromise through the development and delivery of software and services. Founded in 2006, Empyrean serves more than 3.6 million participants annually across a wide spectrum of sizes, industries, and complexities.