What technology tools are there to help benefits brokers improve their services? These seven resources are great places to start!
Caring companies prioritize employee engagement, company culture, and benefits. This helps them offer their employees a positive work environment, stay competitive, and attract top talent. Companies with higher engagement are 21% more profitable, and a big contributing factor to engagement is how well employees are supported by their employers with wellness perks, inside and outside of work.
If you work in Human Resources (HR) and the benefits realm, you must ensure you’re doing everything you can to support companies in these efforts. Part of being a successful benefits broker or recordkeeper is keeping up with the latest technologies that make your job easier, but also are most appealing to clients and businesses.
Here are seven technology resources that offer seamless sourcing, optimization, and more for benefits brokers and recordkeepers.
1. Benefits administration software
There are many types of benefits administration software programs like Paylocity and ADP Workforce Now that help professionals manage each part of the process. They can help businesses manage everything in one place, and they help everyone involved stay organized, view options, and manage the insurance and financial plans offered. Packages can be adjusted online, employees can browse options during open enrollment, and self-service options provide members a lot more flexibility and visibility.
2. Billing and reporting tools
Cloud-based platforms like FreshBooks now provide brokers and clients with an easier way to bill for services and manage reporting responsibilities. Billing and reporting tools allow brokers to work with their clients collaboratively within the application to ensure reporting compliance. This allows everyone to stay on the same page with innovative tools and easier account access.
3. Gamification and rewards platforms
Brokers understand that sometimes employees need a little encouragement to sign up for plans or stay engaged. There are now online rewards and gamification programs where employers can offer incentives to workers for taking the right step toward their financial and physical wellness. The rewards delivery platform Tango Card is one example where employees receive digital rewards like gift cards for taking an important step forward.
Gamification involves setting goals and rewarding employees that meet them, encouraging teamwork, and helping the business remain productive and profitable. Persona Labs is an AI-powered talent assessment program that helps employers align new hires to the company culture and encourages workers to hit their targets.
4. Healthcare education systems and health data monitoring
Brokers can help their business clients get healthcare management and monitoring tools like ConnectHealth so employees can prioritize their health with employer support. Applications like these support health data analysis and chronic disease management with the help of AI tools, and users can access information from any device.
DirectPath is another technology that helps employees find answers to their healthcare questions, and the platform can be used to coordinate services with physicians and nurses. DirectPath also has broker tools to manage a summary of benefits and coverage, plan descriptions, and more.
5. Online enrollment tools
Different platforms can assist with open enrollment. Taking this process online means that workers can view all their options and pertinent information in one place from anywhere they have an Internet connection, and make their elections immediately. Some systems have a free mobile app, like PlanSource, which streamlines the enrollment process and gives clients lots of flexibility in the options they deliver to employees.
6. Payroll systems
Payroll administration is made easier with the right technology. Brokers can help clients get set up with a tool like Uzio that integrates with benefits administration tools and ensures tax compliance. Platforms can automatically generate payslips, incorporate direct deposit, calculate tax deductions, facilitate year-end reporting, and display information in a simple dashboard.
7. Wealth management solutions
Finally, another important technology for benefits brokers and recordkeepers is a wealth management tool. Employees have a lot to manage between their retirement savings, insurance, and monthly expenses, so making it easier for them to save is always a plus. Brokers should incorporate applications that allow workers to contribute automatically to accounts, receive financial educational support, and view their balances from their mobile device or computer.
The SecureSave difference
Whether you are a recordkeeper or benefits broker, you need the right technologies to support your clients with holistic offerings. An Emergency Savings Account (ESA) is one of the best ways that employers can help their workers prepare for the future.
Over half of Americans (51%) have less than three months’ worth of emergency savings, as a Bankrate survey recently found. Having an ESA that’s only for the unexpected, like losing a source of income or dealing with a major house repair, gives people peace of mind, and employers will be more competitive when they offer a plan where they also match contributions.
SecureSave is the solution you need as a broker. The savings app allows employees to build and monitor an ESA that will be there when they experience a crisis or hardship. They’ll have instant access to their funds and will own everything they save, even if they leave their current employer. Their goals can be customized and employers can match contributions.
SecureSave integrates with payroll and HR management software so it’s easier than ever to administer these benefits. With minimal setup time and paperwork required, deployment of this benefit takes less than 7 days.