Before the Affordable Care Act (ACA), the growth of millennials in the workforce, and the advent of consumer-driven health care, many companies used paper-based processes or a standalone system to administer their employee health benefits.
As technology influences every facet of modern life, this approach may no longer work. With the rise of the on-demand, social media-driven world, companies of all sizes want tools and technology that will enable them to better serve a workforce accustomed to simplicity and anytime, anywhere access to information.
For health benefits brokers, this means their role must evolve. Quickly. To remain competitive, brokers may have to move beyond selling traditional health insurance and become both a technology consultant and strategic counselor to their clients on a range of related regulatory compliance issues and voluntary benefits.
Embracing technology can help brokers do this. For example, employers still using standalone systems to manage benefits administration, payroll and HR activities face multiple challenges in complying with ACA reporting requirements because they must compile data from multiple systems. Brokers who recommend and manage integrated workforce management platforms on behalf of their clients can help those employers simplify regulatory compliance while addressing a wider range of their clients' HR needs.
Brokers partnering with ADP to provide integrated technology platforms that span all aspects of workforce management – from recruitment and onboarding to payroll and annual benefits open enrollment – make it easier for their clients to give employees a better consumer experience. Watch the video below to see how this technology enables HR managers and employees to more easily complete common HR tasks.
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Helping employers adopt integrated workforce management platforms is key to enabling brokers to deliver greater value to their clients – many of whom want to simplify compliance in the face of increasingly challenging and time-consuming regulatory requirements. In addition, brokers can leverage technology to help defend their business from market disruptors such as insurance technology startups and help grow revenue with an expanded end-to-end service offering.
Finally, brokers should also leverage technology inside their firms as a differentiator. This includes optimizing their corporate websites for mobile devices to ensure clients and prospects have instant access to their educational tools as well as other key resources and information. Technology can also help brokers eliminate paper and reduce administration so they can spend more time with their clients.
In a rapidly changing benefits landscape, it's clear that technology is helping benefits brokers remain competitive. It also enables them to consolidate and optimize HR systems on behalf of their clients so employers can focus on what matters most – attracting and engaging top talent to achieve their business goals.
Of course, technology alone is not enough. To deliver more value to their clients, brokers need to also bring their expert counsel and insights. ADP is a one-stop-shop partner that can help brokers help their clients move from standalone systems to integrated workforce management platforms by providing modern technology platforms and strategic insights from ADP's team of compliance and HR experts that can help empower brokers to answer their clients' toughest questions.
For more information on how ADP partners with health benefits brokers to help them leverage technology to stand out and stay ahead of the competition, visit ADP.
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