Changing Face of Benefits Administration Processes

Annual open enrollment season is here once again! But, the scenario is not the same as earlier as this year you’ve got more options than ever. Enrollment landscape is witnessing a major shift and brokers must keep that in mind. The paper and other traditional enrollment practices are being supplanted by new technologies that are gaining good market foothold and altering the methods of benefit administration in organizations.

This change is being exemplified by the employers that raise different type of queries. Earlier, employers used to enquire about benefit products or communication methods to educate and enroll employees. But today, the conversation has gone to a new level where the clients ask about the type of technology that is being used by the broker.

Moreover, the acquisition and proposal processes are defined by the technology capability and connectivity instead of the benefit offerings or cost considerations.

Enrollment technology tools have rapidly evolved over the last decade necessitated by the need to bring flexibility and convenience to employers as well as employees in managing benefit administration.

As per recent research studies, US workforce comprises of a great age diversity and includes baby boomers, Gen X, and millennial, with every age group differing from the other in terms of requirement and knowledge about benefits.

Another factor that directly affects the enrollment process is the health care reform that forces employers to meet the mandates. Thus, this makes it very clear that one size fits all strategy doesn’t really works in this case and brokers need to struggle to meet this spectrum of enrollment needs.

Thus, brokers are offering wide array of enrollment methods and technology options that can meet every client’s needs. With this, employers are heavily relying on benefit administrators for Employee Benefit Administration, while carriers are making efforts to establish strong channels between the benefit administration, enrollment and employer.

Online benefits admin software is becoming the most appealing technology to tech-savvy employees and works best when you get a third-party system associated with an enrollment platform and give employees a seamless transition experience.

Altogether, whatever technology is being used for the process, employers need to ensure that they establish proper benefit communications, educational tools, sign up methods and dedicated time to review and discuss the information. While the brokers must consider employer goals, ease of technology, accessibility, employee eligibility, benefit plan changes, and user participation while integrating a system for executing the process.

Thus, with the shifting paradigm, one thing is very clear that employers are likely to prefer the brokers or benefit administrators that offer a broad range of enrollment methods and technologies.

Get ready with TeemWurk Benefit Administration Solution to be the most preferred option for employers.