This post was written in conjunction with Simply Benefits.
You use the latest gadgets in every area of your business; why not your benefits? The employee benefits industry is notoriously outdated, with both plans and technology that haven’t been updated in decades. With many employee benefit brokers operating under the same methods for years, the practices around insurance are often unrepresentative of the current competitive landscape. To put it simply, paper pamphlets and fax machines aren’t doing enough for your benefits plan. In recent years, new technology has been able to revolutionize the outdated industry, making new practices known and available en masse.
Technology and Accessibility
Throughout the pandemic, the necessity of tech in the workplace came to the forefront of trends. The use of technology became much more widespread, as organizations came to realize its value and ability to increase accessibility. For benefits, the introduction of technology meant that people who were unable to access medical help in person were now able to access healthcare from the comfort of their own home.
The rise of technology has brought about new tools such as benchmarking, health scores, virtual offerings, and more. Using these new tools can help your benefits plan further stand out and stay competitive among organizations that leverage technology in their own group benefits plan. Though changing your employee benefits strategy can be a nuisance, incorporating the use of technology is critical in this day and age. Making the change now can go a long way in preventing future headaches too.
With companies shifting their benefits and purchasing processes digitally, taking advantage of the latest technology can help your organization stay on top of trends, find the best benefits for your people, and increase accessibility for all plan members.
Benchmarking
When it comes to benefits, using benchmarking technology is critical to staying ahead of the game. Benefits benchmarking allows you to compare your offerings to those of your competitors, while providing more insights into how your plan is performing. Using benchmarking tools can further help you analyze your plan by factors such as industry, company size, or geography. Another perk offered is the ability to spot and adapt to trends that fit your organization’s needs. Benchmarking keeps your plan ahead of trends, and allows you to predict changes in your organization’s needs.
Benchmarking tools such as CloudAdvisors offer extensive comparison data across the country, allowing employers, benefit providers, and group advisors to personalize comparisons to their needs. The extensive availability of accurate, current data means employers can readily make informed decisions when they need to.
Benefits Administration
In order to manage your employee benefits plan, a benefits administration platform is essential to help streamline the process. As a software, it can help with tasks such as checking for eligibility and enrolment, in addition to maintaining organization. These platforms act as a portal to simpler benefits administration, digitally.
Digital Third-Party Provider
Working with a third-party provider that leverages technology, like Simply Benefits, offers employers and
employees a seamless employee benefits experience. With a digital portal for both plan administrators
and employees, the time-consuming paper processes that have long plagued the insurance industry are
eliminated.
A plan administrator using the Simply Benefits portal has the ability to view plan coverage and a pricing
breakdown, manage all eligible employees on the plan, initiate enrollments for new employees, view
current and historical invoices, and generate account usage and financial reports all on a desktop
computer. The information needed is available in real-time without any of the administrative heavy-lifting.
By simplifying the plan administrator experience, employees also benefit from paperless, intuitive
processes. Enrolling in your benefits plan and understanding what you are covered for should not take
filling out multiple forms and reading through a booklet filled with insurance jargon. In the Simply Benefits Employee Portal, members can enrol in their plan and use their benefits instantly, submit claims, be reimbursed within 48 hours, and view a breakdown of their coverage and exactly how much remains.
Virtual Options / Telemedicine
Virtual options such as telemedicine have risen in popularity post-pandemic, being an especially convenient solution for all people globally. Technology and benefits have joined together to ensure healthcare can be delivered in a safe and affordable way. With a variety of care options, individuals are able to choose how and when they need a service along with their preferred method of communication. The convenience this technology provides allows individuals to take more time to care for themselves, and opens more accessibility to individuals with mobility issues, anxiety, immunocompromisation, and more.
Health Care Apps
Wellness apps have also started to gain traction as employers have begun incorporating them into their benefit plans. Employers can easily implement these apps into their existing benefit offerings. With mental, financial, and community wellness solutions available digitally through the accessibility of their phone, employees can take control of their personal health like ever before. Generally, apps are an affordable solution, and a step forward in accessibility with many offering employer-sponsored as a purchase option.
We use the latest technologies in many aspects of our daily lives already, so why not extend that into employee benefits? By doing so, benefits become accessible anytime, anywhere, and can be integrated with other digital offerings to give employees a holistic and comprehensive plan that fits the needs of their lives.
