Benefits technology platform providers broaden their capabilities to meet demands of employers and brokers finds Eastbridge Consulting Group
AVON, CONNECTICUT, USA (August 4, 2020)
As use of technology platforms for benefits enrollment and administration increases amongst employers of all sizes, platforms continue to expand their capabilities and services to meet employer needs and to differentiate in a competitive marketplace with an increasing number of providers. As a result of this change, many carriers are required to partner with these external providers that can deliver a variety of online capabilities and self-service enrollment, educational tools and content, as well as human-based client support.
Eastbridge’s recently released report, Marketplace Review of Enrollment and Benefit Administration Platform Providers, looks in detail at the platforms of leading benefits technology providers and presents side-by-side comparative data on key benefit enrollment and administrative capabilities and processes for those providers. Following are a few findings from the report:
- Participating providers support the enrollment and administration of a wide range of benefit categories including medical, employer-funded group, voluntary, non-traditional products like ID theft and legal plans, and other benefits such as HRA/HSAs, FSAs, COBRA and retirement plans. They also offer flexible support in pricing models, with only a few surveyed providers unable to support both issue-age and attained age pricing.
- Most of the participating providers support face-to-face and call center enrollments in addition to their primary self-service online platform offering. Most also offer human-based educational support for employees, most commonly through call centers as well as decision support tools, though the range of functionality varies greatly by provider.
- All participating providers offer a wide range of services for employers including HIPAA, communication materials, core, voluntary, open, and ongoing enrollments, employee self-service capabilities and reporting, but less providers offer services for brokers.
Marketplace Review of Enrollment and Benefit Administration Platform Providers, a Spotlight™ Report
The report is currently available for $2,500. To purchase, call (860) 676-9633 or email us at [email protected]
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.