Five Questions to Help Brokers Choose the Right Benefits Technology Vendor

People working in benefits consulting are at a crossroads. Over the last two years, we’ve confused almost everything we do, and our clients have offered a much different look than before. The physical, mental and financial burden of COVID-19 has enabled employers to support the workforce by investing more in benefit packages in the face of ever-increasing pressure on health care costs. rice field.

Employees, on the other hand, work remotely and are dispersed across the country, making it harder to reach them than ever before. And unfortunately, they haven’t received a note about all of the glorious new benefits that you and your clients have put together: 2 in 5 employees have them, according to our research. He says he does not understand the benefits communication he receives.

To make matters worse, our old merit communication playbook has stopped working. What do we call the Benefit Portal? According to a recent Jellyvision survey, employees only visit once a year, but 50% of employees are confident that they know how to find the best care at the lowest cost. C-Sweet leaders say 53% of medical expenses are wasted due to the turmoil in benefits.

So if there was a time to reinvent the benefits communication strategy, this is it. It helps clients maximize their investment in profits and ultimately provides employees with the information they need to make smarter profit decisions.

It all starts with the Benefits Engagement Platform.

Why Invest in Benefits Engagement Technology?

Employee Benefits Communication software eliminates confusion and stress.

Not surprisingly, 52% of employees say that their benefits choices are stressful. Remember that it’s like a foreign language to them. But they also know that wrong moves can have great consequences. That’s why one in four employees spends more than seven hours investigating their benefits, perhaps before choosing time to spend on other things.

And they are so frustrated that employees are asking for your help. They believe you have the answer they are looking for and said that one in five employees wants more benefits education. They don’t get what they need in the traditional way and don’t want to spend more time reading meetings and benefits. They want a more targeted approach to get the information they need in less time.

That’s where employee benefits software comes in. Breaks down benefits software and complex planning designs into easy-to-understand terms and provides personalized recommendations based on employee-specific needs.

The best part? It takes only about 15 minutes on average, far from the more than 7 hours employees spend on their own research. Also, after using employee benefits technology, 85% of employees have a better understanding of their benefits. This means happier and more satisfying employees who are not afraid to choose and use benefits and are aware of the value of understanding.

It saves you (and your clients) time.

Appropriate benefits Engagement tools can empower securities firms and clients in a variety of ways. In fact, 70% of benefits consultants say that technology has improved overall efficiency.

After all, you don’t have time to sit down with individual employees and provide personalized benefits recommendations (although 41% of employees say they like it). Therefore, benefits engagement tools allow employees to show the right plans based on their personal needs and provide automated recommendations throughout the year without spending hours on email campaigns and other communication initiatives. It’s a scalable and consistent way to provide.

How to Evaluate Benefits Technology Vendors

Even if you don’t run a formal RFP process, it’s always a good idea to review some vendors so you can get a complete picture of your options. Don’t forget to ask detailed questions about pricing (ie product costs, implementation fees, etc.). No one enjoys the surprise after they have already signed the contract.

Review the five key questions to help you choose the right technology vendor for your benefits.

1. How long does it take to implement?

Make sure you understand the complete timeline from start to finish of the setup. Who is responsible for the implementation? What information does the vendor need from the client or team to get started? How do you work with the client’s technology platform?

Technology tools with great benefits do not take more than a few weeks to launch and run. In addition, solutions need to complement or integrate current technologies and processes, not bottlenecks.

2. What does customer support look like?

Even top-notch technology isn’t that many if the vendor doesn’t even talk to you. Who will support you once the new platform is set up? Can you get in touch with humans? Does your tech vendor contact you to understand what works for you and your clients? Partners aren’t hidden, so avoid deciding to send your request via the portal, general inbox, or chatbot. Good vendors always encourage continuous conversation.

In addition, good vendors have issues and resources that can be used when marketing to someone who has a drawstring purse. After all, these valuable selling points will win stakeholder support.

3. How is their reputation?

Building your practice didn’t require anything but blood, sweat, and tears. Your reputation is everything and your team is working hard to maintain it. Whether you like it or not, the partners you contract with are extensions of your team and reflect your company, so they need to have matching qualifications.

We encourage you to perform due diligence by assessing the vendor’s reputation, integrity, and credibility.

Whether you’re a start-up or a well-established company, try to learn as much as possible about your vendor’s reputation. Remember that there are benefits to working with a startup. Startups may be willing to put in more goodies to win the client’s business. All new market entrants experience road collisions. However, good vendors do not promise seamless implementation when deploying new products or features. It’s a danger signal.

4. What kind of ROI can you expect?

A good vendor can understand your goals, track metrics over time, and clearly communicate how your product helped you reach your goals. During the review process, ask for cold and difficult numerical case studies to understand how vendors define and measure success, and to understand the return on investment that clients can expect.

5. What does this cost?

Talking about money has never been easier, but prices have played a big role in making technology purchase decisions, and pandemics have made overall costs more important than ever. In fact, a survey of broker partners earlier this year found that the most important factor in choosing a new vendor was overall cost.

Therefore, be sure to keep track of all costs associated with the technology vendor you are scrutinizing. Ask detailed questions about when and how often you are billed, and if there are any additional charges for implementation, maintenance, or other charges.

After all, technology vendors have many great benefits. The tricky part is finding the one that suits your brokerage firm and client well. The tips above will help you narrow down your options so your team can focus on what really matters.

Keith Valera is Vice President of Channel Sales, Jellyvisions. Prior to leading the channel sales team, he worked in operations and learned everything he needed to know about ALEX, Jellyvisions’ benefit engagement platform, including his favorite ice cream flavors. When Keith isn’t working, he enjoys creepy movies, pickleball, and hiking.

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