Employers take into account several factors when selecting their benefit providers. The most important, according to a recent Eastbridge study, is online access to claim forms/status and coverage information for employees. Other important considerations are the price of the products offered, the carrier’s financial rating and the administrative support provided. Most employers also prefer integrated enrollments (all benefits enrolled on a single platform) even if the products are from different carriers. Additionally, they want to build around the investments they’ve already made in technology by using their current benefits administration system for enrollment rather than having two separate systems.
In terms of enrollment-related factors, nearly three-quarters of the employers surveyed felt strongly about the ability to have personalized enrollment communications based on employee’s age, gender or life-stage. This not only points to a provider’s need for the development of messaging based on these criteria, but perhaps their ability to individually deliver it to employees. Providers that can meet the desired technology and administrative needs of employers, along with customized employee communications, will have an advantage in the market.
Market Vision™ The Employer Viewpoint is a valuable resource for insight on the current market attitudes and views held by employers.
Market Vision™ The Employer Viewpoint, a Spotlight™ Report
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Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.