In a technological world that is constantly evolving, online access and easy-to-use benefit portals are being adopted by brokers and employers more rapidly than ever. Benefits and human resource administration processes are being taken online, for convenience, cost savings, and greater efficiency, stressing the importance of sound, secure, and user-friendly employee benefit portals. The current trends shaping the industry all point to the critical importance of online growth and management.
Voluntary Insurance
Voluntary insurance is paving the way as a permanent addition to the benefits landscape. LIMRA defines voluntary benefits as insurance products available at the workplace, which are 100% funded by the employees. The total U.S. voluntary market has grown 3% in 2018 alone. With an increase in new annualized premiums for voluntary insurance products, it is quickly becoming necessary for all business owners to explore these products.
According to LIMRA research, the percent of employers offering voluntary benefits as part of their overall employee benefits package has increased 11 percent since 2010. Voluntary benefits include dental, vision, life, disability insurance, and more. Businesses can offer these benefits for their employees at a cheaper rate than if the employee searched independently for the same coverage. While the company itself provides the opportunity to utilize these voluntary benefits, the employees pay most or all of the cost, resulting in little to no cost to the employer, and an increase in employee satisfaction. Our 1Team is well versed in each option available, and prepared to get the employee enrolled in the voluntary benefits of their choice.
Diverse Choices
Variety is the spice of life – and benefits plans. Until recently, employers had been promoting high-deductible health plans (HDHPs) that could be paired with a health savings account. This one-size-fits-all approach is no longer viable, as a result of current employee ages, plans, and health requirements. Employee feedback has driven the need for various options to fit more individual needs. Diverse choices allow employees to better select what will be ideal for their life. While this change adds perks for users, it also adds new knowledge requirements for benefit administration groups, increasing the need for strong support.
Support
The insurance industry and its subsequent benefits options can be confusing. A recent Accenture survey showed 52% of employees to be “healthcare illiterate”. Having an Agency Concierge Service with experts available is essential to offer support and engagement for employees and their benefits. Through GRA’s 1Team customer service hub, we address all back-office benefit support, membership changes, reporting, paper processing, claims, and quoting. Our employee benefit call center is prepared for all insurance benefit inquiries and healthcare eligibility queries. With a variety of services ranging from specialized to partial, to full service, we tailor our processes to meet your and your client’s exact needs, and making sense of the maze that can be the world of benefits.
Millennial Influence
It’s been said before, but gets truer every day: millennials are changing the way businesses do business. As technology-savvy and accessibility-demanding consumers, millennials expect enrollment platforms that are online. As the soon-to-be largest generation in the United States, they are a driving force for what the future holds. With expectations to access their information from a laptop or mobile device, at any time of day, online benefit portals are becoming not just requests, but requirements. Unlike some software with updates and maintenance, and a price tag that keeps it out of reach, our 1Enroll Online Benefit Administration provides full portal access as a cost-effective solution to managing benefit enrollment for your agency. The software helps you scale and simplify while providing the online aspect that everyone, not just millennials, will prefer.
Security
Cybersecurity is vital in all aspects of business, and even more so when handling confidential insurance benefits information. The cost of being careless with this data is astronomical, and a breach can cause damage beyond repair. Employers can’t afford to use unsecured processes to transfer data. Benefit portals are monitored, secure, and HIPAA-compliant. They also allow messaging, benefit assistance, and health and wellness information.
Efficiency
Ineffective systems are disappearing from the workforce. Paper, once used for filing and employee information, has all transitioned to online documentation. Time-consuming administrative tasks are becoming obsolete as superior, faster options are utilized. Benefits technology systems are replacing internal, outdated department processes. The reduction in time spent equals money saved. If you’re worried about the transition from your client’s paper-based process to a software-based solution, we understand! We analyze the process to create a streamlined alternative, and both build and test it to your approval. Our team has the expertise to create the right, and most efficient, tools that will become a cornerstone of your business.
Online benefit portals are serving to make benefit assistance and plan information available at any time, from anywhere. They streamline the administrative process with easy enrollment and updates, and offer security and support. At GRA Benefits Group, we appreciate the individual nature of your business, and will work with you to prepare a management strategy that’s exactly what you’re looking for. Our expertise in the benefits field, along with our unique processes and systems, provide the services you need to optimize your time and client list. With our small group ACA rating system 1Quote, our bill reconciliation consolidation 1Bill, and our cost-effective online benefits administration 1Enroll, our 1Team offers a full service, prepared, and polished personal benefit center. We provide cost-effective software solutions for managing the growing complexities of human resources and employee benefit systems, all designed to give you the time you need to keep and grow your client.
Have questions? We’re here for you! Contact GRA Benefits Group today.
