How Benefits Administration Technology Can Improve Your Brokerage Business
May 9, 2023
Written by – Rashika Thaurani, SEB Marketing team
You worked hard to build your group benefits brokerage business, and it’s time to leverage the latest technology to take it to the next level. As a group benefits broker, you are probably juggling many responsibilities when it comes to managing your clients’ benefits plans. Employers rely on you to help manage their end-to-end benefits process to include: selecting the right benefits programs for their employees, negotiating with insurance carriers, managing the enrolment process, and the off-boarding process.
Small and medium size employers are competing with large-sized employers to attract strong candidates and rely on their benefits offering and the overall benefits experience to help attract and retain talent.
Many brokerages are investing in benefits administration technology, to provide their clients not only with a superior digital experience but also to improve their efficiency, enable the scaling of their business and ensure they are keeping up with technology advancements.
Embracing technology could be the best step you can take today to protect and improve your business. Below are some areas where advanced benefits administration technology can help improve your brokerage business:
Improved Efficiency
Advanced benefits administration systems use automation and digital tools to streamline administrative tasks, reducing the need for manual entry and paper-based processes. This can save time and money by eliminating the need for data entry, filing, and other administrative tasks, and can reduce errors and risk. As a result, there is more time to focus on the core responsibilities, such as client relationship management and business development.
Better Data Analytics
Visibility to your client’s data and real-time analytics and reporting allows the ability to better manage your client base. It enables you to identify trends, track employee engagement, and measure the effectiveness of benefits programs. With this information, you can better advise your clients on how to optimize their benefits packages, improve employee satisfaction, and reduce costs.
Enhanced Client & Member Experience
These advanced systems offer a more personalized and user-friendly experience for clients and their employees. Features such as allowing you to combine multiple products from multiple carriers or specialty providers for plan design flexibility can improve the member’s benefits experience.
Another feature is member self-serve access, to view benefits information, make changes, and easily enrol in new plans. This improves the member experience by making it easier for them to manage their benefits and reduces the burden on both your administrators and your clients.
Cost Savings
Integration of a benefits administration system into your business can help you cut costs in several ways. Automating administrative tasks, reducing errors, and increasing efficiency, can help you to reduce your overhead costs. Additionally, with better data analytics brokers can identify cost-saving opportunities for their clients, such as switching to more cost-effective benefits plans or negotiating better rates from providers.
By leveraging technology and automation, your brokerage businesses can improve the end-to-end benefits experience for small and medium sized employers and help you to gain efficiencies in your business. There are many solutions out there, and you want to be sure it is the right solution.
FlexPlus ENTERPRISE, is a platform that was designed by leading Benefits Administration technology experts at SEB. It’s equipped with rules and intelligence, so that you don’t have to hire benefits experts to mind the shop while you scale your business.
We can see the value that business automation can add to a brokerage business. Digitization is imminent, so why not get ahead of the curve and embrace benefits technology today and help your business progress faster?