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2018 benefits administration software trends

2018 benefits administration software trends

 

What's in store?

The online benefits administration industry has seen massive growth over the past decade. With the expansion of technology into benefits administration, brokers need to stay up to date on the most recent benefits administration software trends in order to stay competitive in the market.

Here's what you need to know to stay up to date:

Demand for Digital

Trend: As the millennial presence in the workforce increases, so does the demand for online benefits administration software. While decision-makers in previous generations expected paperwork, this new demographic expects online access to services such as benefits administration. This cultural shift places pressure on brokers to find and adopt software in order to stay relevant the market.

Broker benefit: By implementing online benefits administration, brokers can offer more benefit options to clients without the administrative cost. Through the expansion of benefit options, the broker not only pleases the client, but also gains the ability to boost ancillary commission.

 

Cybersecurity

Trend: Since the announcement of the massive equifax security breach in September 2017, cybersecurity has moved to the forefront of software discussion. Consumers express more reluctance in trusting software providers with personal information.

Broker benefit: Here at BerniePortal, we take data security very seriously and make sure that we go above and beyond industry security standards. We have integrations with multiple banks and carriers who have put us through rigorous security tests to ensure compliance.

 

Mobile benefits enrollment

Trend: It's hard to deny that the world of technology has taken a shift to mobile. In fact, according to Statista Digital Market Outlook, "the average user in 2016 spent close to 5 hours per day surfing - more than twice as long as in 2012." Mobile benefits enrollment is no different; increasingly, online benefit administration platforms are providing mobile options for enrollment.

Broker benefit: By partnering with a benefits administration platform such as BerniePortal, brokers can use mobile benefits enrollment in order to increase the accessiblity and of benefit administration and, as a result, increase employee participation.

 

Single point of data entry

Trend: Single point of data entry is the storage of pieces of data that can be used to populate repeating fields. Essentially, once a certain piece of information has been entered, it never needs to be entered again. 

Example: An employer starts the onboarding process for a new employee, Kelly. The employer enters Kelly’s birthday as 11/11/1999 into BerniePortal. Now, BerniePortal will remember Kelly’s birthday and place 11/11/1999 in every field labeled ‘birthdate’ on Kelly’s account moving forward. Kelly’s birthday will never need to be entered again.

Broker benefit: This ability to store information for further use greatly reduces the time required of employers and employees in the benefits enrollment process. As a result, the broker offering software that supports single point of data entry becomes more attractive to prospects.

BerniePortal provides single point of data entry capabilities to agencies, brokers, employers and employees

 

 Book a Demo Now!

 

 

Learn More:

How benefit technology is transforming the employee benefit industry

Top benefits trends to watch in 2018

Top 5 most attractive employee benefits

 

 

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