Choosing a Benefits Administration Partner
May 27, 2021
When a company decides to outsource benefits administration, the key is to find the right partner. With countless options in the marketplace, it can be challenging to know what to look for and how to choose the best option.
Because not all benefits administration companies are created equal, you can use the following four criteria to help you rate companies and choose the one that best suits your needs. Above all, look for companies that both focus on what the client gains and offer proven solutions to client’s problems. As Peter Drucker said, “Quality in a service or product is not what you put into it. It is what the customer gets out of it.”
- Customer Service
As you search for a benefits administration partner, seek out those who emphasize and value good customer service. Harvey MacKay’s words perfectly capture the importance of taking care of customers: “There is a place in the world for any business that takes care of its customers – after the sale.” Unfortunately, customer service is an area that is commonly undervalued. Because HR staff spend more time handling benefits administration than other departments, they feel the cost of poor customer service on a regular basis. The difference between waiting in a queue to speak with someone who does not understand your business or your needs and having a direct line to experts who have built your system and maintain it on a daily basis is vast. Exceptional customer service is essential, and it will free up HR staff to focus on other important tasks. In the end, providing an excellent customer service experience for your clients will save you time and money.
- Intuitive Technology
Finding a benefits administration system that addresses the complexities of your business can feel overwhelming. Not only do you need an intuitive platform for your employees to use during onboarding, open enrollment, and life events, but the system you use needs to connect seamlessly with payroll, HRIS, time-keeping systems, and insurance carriers. Bottomline, full in-house EDI or API integration helps provide the best user experience for you.
- Ability to Handle Complex Rules and Gather Accurate Data
Data errors are not only financially costly, but they also consume your time – two resources that could be better spent on other initiatives. To achieve 100% compliance, which should be the goal of every company, the technology you employ must be capable of processing large volumes of complex data quickly and with precision.
- Customizable for Your Workforce
A variable hour workforce means constant changes in eligibility and requirements. With workers coming on and off coverage, companies need solutions that can accurately manage eligibility requirements, enrollment, and removing employees from coverage. Many systems are not built to handle a complex workforce. Keep in mind that the enrollment platform you utilize must be able to intuit and offer options tailored specifically for your employees.
When evaluating a benefits administration partner, it is recommended to score each potential company on a scale of 1 (low) – 10 (high) in these four criteria. The higher the number, the more likely the prospective company will be in meeting the needs of your company and being a valuable long-term partner.
Want to see how we measure up? Check out these resources:
- See the BenefitElect Advantage
- Check out our brochure
- Download the Top 10 Questions to Evaluate a Potential Partner
