Keeping up with technology has become a necessary component of growth in any industry. The same applies to employee benefits technology. New tools, devices and online platforms make it much easier to administrate an employee benefits plan, compared to the recent past.
For the younger generations who are constantly online and using mobile devices, implementing digital technology to administrate your employee benefits plan is essential. Even a mature workforce can take advantage of the simplified claim process and reduced administration costs that innovative technology can provide. Regardless of the size of your workforce, implementing employee benefits technology will dramatically reduce administrative costs and improve the overall user experience.
Implementing Employee Benefits Technology
Engagement and education is the key when implementing new employee benefits technology. Helping your employees understand the benefits to implementing new technology will solve a lot of growing pains before they happen.
Members of your plan will be able to access detailed coverage information online, as well as real-time updates on the status of their payments and claims. Some other benefits of this technology include:
- Mobile app claim submissions
- Automated prescription delivery services
- Easily view claims history and benefit allowances
These of course are the benefits to the members of your workforce, the benefits to the administrator of a plan include:
- Real time administrative changes
- Online invoices and payment schedules
- Less paperwork
One of the best features of employee benefits technology is the analytics available to show what types of claims are being submitted over a period of time. Of course individual claims are private and confidential, but you can see trends over time that allow you to make changes to your plan. Tailoring your plan to match your employee’s claim history will improve employee retention and reduce overall costs by not spending money on unused coverage.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.