Using Technology to Build the Best Employee Benefits Experience
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The document discusses the complexity and changing landscape of employee benefits, emphasizing the importance of technology in managing benefits and improving employee engagement. It highlights the need for brokers to provide best-in-class solutions and for employees to be better educated about their benefits. Additionally, it explores the trend of outsourcing benefits administration to enhance efficiency and reduce administrative burdens for HR teams.
Using Technology to Build the Best Employee Benefits Experience
- 1. Save Paper, Trees, Time and Money: Using Technology to Build the Best Benefits Experience November 15, 2018 | Tweet with us using #PSwebinar
- 3. Benefits: A Complex and Changing Landscape The Best Benefits Experience Customer Stories Unconventional Questions to Ask #PSwebinar
- 4. Benefits: A Complex and Changing Landscape The Best Benefits Experience Customer Stories Unconventional Questions to Ask #PSwebinar
- 5. Complex benefits require a deep feature-set Prevalent benefits models are rapidly evolving Benefit integration requires domain-specific expertise Evolving regulations require continuous investment Why are benefits so complex? #PSwebinar
- 6. Technology is changing the way that benefits are bought, sold and managed. #PSwebinar
- 7. Brokers are bringing best-in-class benefits solutions to their clients, and will eventually bring HCM solutions to their clients. Carriers Are burdened with regulatory compliance and constrained by inflexible and outdated legacy systems. #PSwebinar
- 8. Brokers are bringing best-in-class benefits solutions to their clients, and will eventually bring HCM solutions to their clients. Carriers Need new ways to affordably reach today’s consumers and educate them on the value of their products. #PSwebinar
- 9. #PSwebinar
- 10. are concerned about controlling costs, increasing efficiency, ensuring legal compliance and improving workforce engagement. Employers #PSwebinar
- 11. Sources: U.S. Bureau of Labor Statistics, The International Foundation of Employee Benefits Plans Despite the investment, 30% of employees don’t perceive value in their benefits, and 50% don’t understand them. A Significant Investment for Employers Employee Salaries Benefits Cost 25-40% #PSwebinar
- 12. Employer Contribution 71% Employee Contribution 29% A Significant Investment for Families Source: Kaiser Family Foundation Cost of medical insurance $18K per year #PSwebinar
- 13. Top 4 Expenditure for Consumers Source: Bank of America Housing Transportation Child care Health care #PSwebinar
- 14. need to become more educated buyers as employers ask them to take on more responsibility for their health and well-being. Employees #PSwebinar
- 15. #PSwebinar
- 16. Expect an enjoyable retail shopping experience, and need great decision support and mobile access. Employees #PSwebinar
- 17. Benefits: A Complex and Changing Landscape The Best Benefits Experience Customer Stories Open Enrollment Best Practices #PSwebinar
- 18. WHY about the employee ALL care that people need TIMELY we do what we do
- 19. The Benefits Experience ACA Form 1095-C New Hires Employee Contact Center ACA Form 1094-C Dependent Eligibility Audit Total Compensation Statement Open Enrollment Life Event Billing Analytics January AprilOctober July ACA Measurement #PSwebinar
- 20. New Hires ACA Form 1095-C Employee Contact Center ACA Form 1094-C Dependent Eligibility Audit Total Compensation Statement ent Billing January April July ACA Measurement #PSwebinar
- 21. New Hires Employee Contact Center April ACA Measurement Custom New Hire Communications Automated New Hire Communications/ Templates Modern, Intuitive Benefits Shopping and Enrollment Guided Employee Enrollment Via the Contact Center #PSwebinar
- 22. Employee Contact Center New Hires ACA Form 1094-C Dependent Eligibility Audit Total Compensation Statement April July ACA Measurement #PSwebinar
- 23. Employee Contact Center Benefits Education and Guidance Technical Support (“How do I…”) Password and Login Assistance Phone-Based Enrollment #PSwebinar
- 24. Employee Contact Center Urgent Coverage Resolutions Claims and Billing Assistance and Triage Employee Advocacy Life Event/Lost Card Assistance
- 25. “Lori assisted me with my husband’s attempt to get a medical necessity exception through our insurance company…. Once I contacted Lori, I felt the weight of the world lift. She assured me that she was going to do everything she could to advocate for my husband and completely took over the process of coordinating everything with our doctor and insurance carrier. She kept me informed through the entire ordeal. She worked tirelessly to help us through the process and we eventually received notice that the request had been granted.” Rachel #PSwebinar
- 26. Open Enrollment ACA Form 1095-C D Total Comp Life Event Billing Analytics January O ctober #PSwebinar
- 27. Open Enrollment Life Ev Analytics O ctober HR oversight, reporting and reminders Complex eligibility requirements Custom open enrollment communications Mobile-friendly shopping and enrollment Contact center guidance and enrollment #PSwebinar
- 28. Billing ACA F New Hires Employee Contact Center ACA F De To Open Enrollment Life Event Analytics January A pril O ctober July ACA Me #PSwebinar
- 29. Billing Life Event July Software Creation of self-bills Reconciliation of carrier bills Services Reconcile carrier bills Pay multiple carrier bills + #PSwebinar
- 30. Life Event ACA Employee Co Open Enrollment Billing Analytics January October July #PSwebinar
- 31. ACA Form 1095-C ACA Form 1094-C ACA Measurement New Hires Employee Contact Center Dependent Eligibility Audit Total Compensation Statement January April July #PSwebinar
- 32. ACA Form 1095-C ACA Form 1094-C New Hires Employee Contact Center Dependent Eligibility Audit Total Compensation Statement January April July #PSwebinar
- 33. ACA Form 1095-C New Hires Employee Contact Center ACA Form 1094-C Dependent Eligibility Audit Total Compensation Statement Open Enrollment Life Event Billing Analytics January AprilOctober July ACA Measurement #PSwebinar
- 34. Dependent Eligibility Audit ACA Form 1095-C New Hires Employee Contact Center ACA Form 1094-C Total Compensation Statement January April ACA Measurement #PSwebinar
- 35. Dependent Eligibility Audit New Hires Contact Center ACA Form 1094-C Total Compensation Statement April ACA Measurement Reduce medical premiums and/or claims costs Eliminate stop-loss exposure and ERISA and SOX violations Improve compliance with your SPDs and HR policies #PSwebinar
- 36. Dependent Eligibility Audit New Hires Contact Center ACA Form 1094-C Total Compensation Statement April ACA Measurement 6% of covered dependents are typically deemed ineligible. #PSwebinar
- 37. Dependent Eligibility Audit New Hires Contact Center ACA Form 1094-C Total Compensation Statement April ACA Measurement Employees: 1,000 Employees Audited: 437 Dependents Audited: 975 % Deemed Ineligible: 7.5% Annual Savings: $450,000 #PSwebinar
- 38. Dependent Eligibility Audit New Hires Contact Center ACA Form 1094-C Total Compensation Statement April ACA Measurement Employees: 4,500 Employees Audited: 1,625 % Deemed Ineligible: 15% Annual Savings: ~$800,000 #PSwebinar
- 39. Dependent Eligibility Audit ACA Form 1095-C New Hires Employee Contact Center ACA Form 1094-C Total Compensation Statement Open Enrollment nt ling Analytics January April October July ACA Measurement #PSwebinar
- 40. #KRONOSWORKS © KRONOS INCORPORATED │ NOVEMBER 6, 2018 │ "40 Dependent Eligibility Audit ACA Form 1095-C New Hires Employee Contact Center ACA Form 1094-C Total Compensation Statement Open Enrollment t ing nalytics January April tober July ACA Measurement
- 41. #PSwebinar How Much Should the HR Team Do?
- 42. Rise of Benefits Outsourcing The cost and complexity of modern human capital management and benefits administration have sharply increased the demand for outsourcing services. #PSwebinar Over 80% of organizations outsource at least one benefits administration activity, a 41% increase in the last 3 years* Access to industry expertise Risk ReductionCost control Top Three Reasons to Outsource (SHRM) *Source: Employee Benefits News | Guardian Workplace Benefits Study, 5th Edition
- 43. Benefits: A Complex and Changing Landscape The Best Benefits Experience Customer Stories Unconventional Questions to Ask #PSwebinar
- 44. #PSwebinar
- 45. 20,000+ employees 900+ schools with capacity to serve 130,000 children Operating in 36 states and internationally Headquartered in Novi, Michigan PlanSource customer since 2010 #PSwebinar
- 46. Lean HR team for a company with 20,000+ employees Learning Care Group Workforce Workforce distributed across 900+ locations 1,000 new hires per month (50%+ employee turnover) Most staff don’t have work email addresses or computers Workforce is 98% female and 70% are Millennials (average age of 35) #PSwebinar
- 47. Learning Care Group Challenges The ERP system didn’t handle benefits well Taking calls in- house and using paper forms With high growth and acquisitions, they needed scalability Needed a streamlined, more efficient process #PSwebinar
- 48. Learning Care Group decided to outsource their entire benefits program, so they could spend less time on administration, and more time on strategic initiatives. #PSwebinar
- 49. What Did They Outsource? All ben admin tasks and approvals Dependent verification Employee contact center COBRA administration services Custom employee communications #PSwebinar
- 50. What Were the Benefits of Outsourcing? Focused on helping employees become health care consumers! HR is more strategic; less focused on administrative work Enhanced communications strategy, with more options for employees #PSwebinar
- 51. Employee Communications Objective: Provide information to employees however they want to receive it Benefits website Educational videos Call center Text messaging Print and other custom materials Facebook group #PSwebinar
- 52. Employee focus group revealed that Facebook would be a great option for benefits Q&A New for OE this year, we’ve launched a closed Facebook group for their employees Facebook Group #PSwebinar
- 53. 3,000 employees 50 locations Headquartered in Illinois Growth through acquisition #PSwebinar
- 54. Tecta America Workforce Multi-cultural, decentralized workforce Most employees don’t have computers or email They have high turnover #PSwebinar
- 55. Where They Started Snail mail Payroll stuffers Posters In-person meetings Foreman as communicators #PSwebinar
- 56. Introducing Technology + Call Center Option #PSwebinar
- 57. So, what next for Tecta? Dependent eligibility audit (19% not eligible) Promote self-service benefits shopping and enrollment Start using text messaging communications #PSwebinar
- 58. Benefits: A Complex and Changing Landscape The Best Benefits Experience Customer Stories Unconventional Questions to Ask #PSwebinar
- 59. Playing well with others has never been more important. #PSwebinar
- 60. m How many years of experience do you have integrating with carrier and HCM systems? Do you have an API for real-time integration? Can HR teams see the status of files and other integrations? #PSwebinar
- 61. m It’s more important than ever to ensure that your partner is SSAE 18 SOC 2 Type 2 audited. Ask to see the roadmap for security and infrastructure. #PSwebinar
- 62. What was your system uptime % and performance during Q4 of last year? #PSwebinar
- 63. How much – and how often – is the company investing in its technology? #PSwebinar
- 64. What types of partnerships do you have with insurance carriers?
- 65. How do you measure Customer Satisfaction Customer Love? #PSwebinar
- 66. How often do you measure it? What do you do with the information? #PSwebinar
- 68. How engaged are your employees? What is the tenure of your staff and voluntary turnover rate? #PSwebinar
- 69. Tip: Check the Glassdoor Reviews #PSwebinar
- 70. Happy, engaged employees are a must-have for creating the best benefits experience for HR teams and their employees. #PSwebinar
- 71. Q&A HRCI: 369258 SHRM: Activity 18-5Z5Q9