Leverage benefits technology to win new BORs
Offering more affordable benefits is important, but everyone is having that same conversation. So, how else can brokers stand out?
Outside benefits
Connecting employers to less expensive benefits is always going to be important, but it’s not the only way benefit consultants can provide value. Benefit consultants can help their clients enhance benefits administration processes through technology.
Believe it or not, employers are being told to avoid advice from brokers who can’t have the technology conversation. SHRM’s Ultimate Guide to Hiring a Benefits Broker advises employers to “ensure your broker understands the HR technology landscape. You’ll want to know whether they can assist you in building and maintaining streamlined, efficient and high-quality HR processes.”
If your client or prospect needs new technology, here’s some common pain points:
Manually entering data everywhere
If your client or prospects current technology doesn’t communicate with other HR systems of record, they’re wasting time and money.
Benefit consultants can connect their clients to technology solutions that integrate with other HR systems of record (payroll, HRIS, and carriers). When HR systems are connected to one another, it cultivates a harmonious HR ecosystem. In other words, data exchange between systems keeps all systems up to date, without the risk of costly human errors. If your client or prospect is lacking this crucial functionality, you have an opportunity to help them through providing the right technology solution.
Using technology simply not designed for benefits
Many employers are using technology offered to them by HCM solutions and payroll providers. These platforms handle multiple HR components like payroll, benefits, etc. but the problem is that these systems simply aren’t built around benefits. Usually, all-in-one solutions are built around payroll as the top-priority, resulting in a system that can’t handle the complexities of many benefits offerings.
Lack of access to data
Best-of-breed benefits technology allows employers to access a wealth of data. If your clients or prospects lack access to data, they’re missing out on valuable information that can help with curating a best-fit benefits package. Employers can use data to determine which benefits had the best adoption rates and identify any areas of friction during open enrollment. Data helps your clients drive desired outcomes.
Self-service is lacking
Each year, employees should actively participate in open enrollment. Unfortunately, many individuals tend to stick to the same coverage they used in the past without exploring different options. The employee is not only hurting themselves, but not engaging in OE also has a negative impact on your clients’ return on investment. How does technology help? Through self-service functionality that allows employees to navigate their benefits on a tablet, smartphone, laptop, and desktop at any time — anywhere.
Decision support functionality provides employees with the right tools to make critical benefits decisions. Support tools include glossaries to define benefits jargon, side-by-side plan comparisons, and educational videos. There are even analytical tools that can calculate out of pocket expenses.
An informed employee is an engaged one. Provide your clients with technology that will enable their staff to feel secure when choosing benefits, increasing engagement.
Helping your clients choose a benefits technology solution
When selecting a benefits technology solution for your clients, it is helpful to consider the following:
Avoid “free” solutions
Advise your clients not to use “free” platforms. Often carriers will offer a platform for free, but employers end up frustrated with it. Free versions of platforms are often watered-down versions of the software — and the worst part: it’s usually not free. The cost of the platform usually ends up included in the client’s premium.
Understand what’s included
Technology solutions all seem to look the same and include the same features. When taking a closer look, you’ll notice differences in the service model, fees, features, and functionality. It’s important that the client has a clear understanding of the platform they are buying.
The big picture
The cost of implementing new benefits technology may be a concern for the client. Be sure your client understands the return on investment they’ll receive if they are anxious about the cost. Implementing new benefits technology is an investment in future time savings, avoiding administrative headaches, and improving employee engagement.
You only need to look like a technology expert
Brokers generally shy away from discussing benefits technology, as they are not confident they are knowledgeable enough. This knowledge gap is why having a technology partner is so important. Benefits technology experts help you identify gaps in your clients current technology and provide best-fit solutions. The right partner will connect your clients to a solution by performing a thorough discovery process that assesses your clients’ needs, challenges, and goals.
Technology partners also configure, support, and maintain the system, so that you don’t have to carry the burden of doing it all yourself. And you or your clients don’t need to license the platform either. Technology partners provide quick and reliable responses whenever your clients have questions or issues.
Providing your clients with a best-fit, fully serviced benefits technology solution can go a long way in helping you secure new BORs this season.