The 21st Century Employer—
Redefining the Benefits Business
Today's benefit managers juggle an array
of medical benefit options as well as traditional core benefits,
voluntary benefits, and retirement plans. At the same time, they're
aggressively searching for ways to manage the cost of all these
benefits. And the growing complexity of both has increased the
need for employers to provide meaningful, personalized advice
to their employees.
In the near future, employers will begin demanding that carriers
change their business practices to offer greater convenience
and better service. Employers will demand that the various systems
combine and become more efficient-both in time and money—and
that carriers offer greater support and assistance.
As employers make their new demands, carriers will have no
choice but to comply. They will need to develop new products,
more efficient processes, and better advice models. The objective
of Eastbridge's latest study, The 21st Century Employer — Redefining
the Benefits Business, is to help carriers anticipate and
plan for these changes. Specifically, the study looks at:
-
How employers enroll core benefits, how often and at what
cost
-
The
specific components of enrollment (advice, education, Q&A,
etc.)
-
How
401(k) and voluntary benefit enrollments are handled
-
The
employer's satisfaction with each enrollment including
ways to improve the process
-
How
the three enrollment types are similar/different (e.g.:
do they use different people, at different times and are
the enrollers from the same or separate organization as
the broker)
-
Whether
employers use the same or different brokers
-
The
characteristics of an "ideal" employer experience
-
The
cost control methods employers have implemented in the
last 12 months or plan to implement in the next 12 months
-
Ways
carriers can help employers with benefits administration
-
The
value of benefit communications, benefit statements, combining
enrollments, etc.
-
The
likelihood of employers to add more voluntary product
Order Info: The 21st Century Employer—Redefining
the Benefits Business is available for purchase for just $2,500.
To purchase a copy, you can email Eastbridge at info@eastbridge.com or
call (860) 676-9633. Published 2004.
Table of Contents
1. Executive Summary
A. Key Study Findings
B. Other Findings
C. Eastbridge Observations and
Recommendations
D. Methodology
2.
General Benefit Findings
A. Benefits Offered
1. Variations by Employer Size
B. Funding for Benefits
1. Employer-Paid Benefits
2. Employer and Employee
Share Benefits
3. Employee-Pay-All (Voluntary) Benefits
C. Benefit
Issues
1. Increasing Costs of Medical Insurance
2. Changes
to Other Benefits
D. Non-Insurance Benefit Programs
E. Competitiveness
of Benefits
F. Biggest Benefit Headaches
G. Improvement to Benefits
H. Working with Carriers
I. Working with Brokers
J. Providing Choice in Benefits
K. Disability Benefits
3. Enrollment Findings
A. Educational and Communication
Tools
1. Current Tools
2. Value of Benefit Statements
B. Enrollment Methods
C. Enrollment Timing and Staff
D. Handling New Hires
and Benefit Changes
E. Preference for a Single Enrollment
F. The "Ideal"
Enrollment
1. For the Employer
2. For the Employee
G. Improving Enrollments
H. Enrollment Costs
I. Professional Enrollers
4. Administration Findings
A. How Benefits are Administered
B. Time Spent Administering
Benefits
C. Improving Administration
D. Web-based Administration
Systems
5. Demographics
A. Quantitative Survey
1. Size of Business
2. Industry
B. Qualitative Survey
1. Size of Business
2. Industry
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