4 Ways Technology Can Improve the Benefits Renewal Process

The annual benefits renewal is a cumbersome, frustrating process for employers. The traditional process of presenting plans with spreadsheets turns the essential employee benefits decision into a complex maze of numbers to navigate. Plus, the process typically stretches into multiple meetings as brokers update their spreadsheets based on employer requests.

How to Fix the Renewal Process

Fortunately for employers, there is an alternative to the spreadsheet approach to benefits renewals. Forward-thinking brokers have revolutionized their renewal process, taking advantage of technology to visually present plan options.

Here are 4 benefits of using this modern approach to renewals:

1. Visual presentation for quick snapshots
   The difference between cumbersome spreadsheets and a visual presentation is night and day. When plan options are presented visually, employers can quickly see their options side-by-side, with the ability to drill down into details if desired. This eliminates the data from being overwhelming, helping the employer quickly understand even complex plan alternatives.

2. Fewer meetings to reach a consensus
   The best visual plan design software allows for real-time updates. When employers have a question or want to tweak a plan design, the broker can make those changes in real time to show the impact immediately. Employers can explore countless plan options and alternatives in one meeting, shortening the time dedicated to the process.

3. Easy-to-see budget and employee impact
   When plan options are presented visually, it’s much easier to see the impact on the bottom line, as well as how employees are affected. Using this process, brokers and employers can experiment with different contribution strategies to discover the best option to balance the overall cost with the employee impact.

4. Peace of mind for employers
   Spreadsheets are incredibly limiting for employers, whereas visual tools allow for countless plan design tweaks and alternatives. The ability to explore options in real time and immediately see the impact of a change gives employers peace of mind that they’ve chosen the best plan design for their company.

The traditional spreadsheet approach to benefits renewals has been around for decades, and it can be difficult for producers and account managers to change an ingrained, comfortable process.

However, visual, software-based benefits renewals are the future of the industry, and top brokers are already embracing this approach. When considering how much employers love the visual approach (and hate spreadsheets), adopting a technology solution is a no-brainer for agencies that want to serve clients at the highest level.

For more insights on benefits renewals, download the Why Employers Hate Their Annual Benefits Renewal eBook.

Digital Transformation, 2019, Benefits