How Technology Is Revolutionizing Employee Benefits

Written by: AEIS

two women are looking at a tablet together in a hallway exploring employee health benefits

Benefits of Technology for Employers

For employers, employee benefits technology brings with it a myriad of different advantages that simply cannot be ignored. Chief among these is a newfound sense of efficiency.

The integration of technology in benefits administration provides employers with powerful tools to simply organize data that may be needed to help maintain compliance or for cost/benefit analysis and comparison. Unlike the manual processes of the past, benefits administration technology streamlines these tasks, making it remarkably simple to generate and pull reports, as well as censuses. This efficiency not only saves time and resources for employers but also ensures accuracy and compliance with regulatory requirements.

Any administrative or human resources professional can tell you just how time-consuming employee benefits management can be. Even once the package itself has been put together, you have to spend countless hours fielding questions, addressing problems, and more.

With modern technology, this changes dramatically. Employees are now in the driver's seat of their own healthcare and larger benefits experiences. Not only is this more efficient, but it also frees up valuable time for admin and HR professionals to focus on more important parts of their day like finding top-tier talent, employee retention, and more.

This integration of technology typically is seen in an employee benefits platform, which is a centralized digital solution designed to streamline and manage various employee benefits offered by an organization. This tool serves as a hub where employees can access, understand, and make choices related to their workplace benefits. The platform typically encompasses a wide range of benefits, including health insurance, dental and vision coverage, life insurance, and other perks.

Most businesses can also take advantage of the fact that modern technology makes it dramatically easier to maintain compliance in terms of benefits. These days, if an employee goes through a “qualifying life event” and needs to secure access to employee benefits, they can largely do so on their own. They input all relevant information into the benefits system, at which point the employer is notified. Additionally, in many Employee Benefits Platforms, you can make “Required Annual Notices” required readings so employees must review them before making their elections. Maintaining compliance and being "Audit-Ready" becomes more manageable when relying on data provided by employees. This approach assists in addressing potential issues, such as a lapse in coverage.

Benefits of Technology for Your Employees

By far, the number one benefit that technology brings to employees is the remarkable increase in efficiency it affords to employers' administration efforts.

Even as recently as a decade ago, healthcare was a confusing and frustrating experience for workers. Typically, once a year, staff would all be called into a meeting and essentially told what limited options were available to them, with little to no actual discussion to follow.

a man is sitting at a desk in an office using a laptop computer looking at his employee health benefit options

Now, they have access to many new options in terms of benefits, which allows them to be more proactive about the health of themselves and their loved ones. With the advent of advanced benefits administration technology, it has become significantly easier for employees to access their coverage and benefits details at enrollment and throughout the year, empowering them to make informed decisions about their well-being. This accessibility not only fosters a sense of autonomy but also encourages a proactive approach to healthcare management.

Employees appreciate having the option to choose — many of them for the first time. Online employee benefits portals distill everything down into one simple, easy-to-use platform. It acts as a “single source of truth” for their healthcare. They can see what their current plans do and do not cover, any perks that may be available to them, access to their different types of plans (medical, dental, vision, ancillary), and more.

Furthermore, they're far more likely to take a proactive approach to all of this, as opposed to keeping it all at arm's length as they did in the past.

When someone is confused and frustrated by healthcare, they're less likely to pay close attention to it until it's too late. When they're engaged and invested, they're more willing to go to the doctor early to address small problems before they have a chance to become much bigger ones. Employees who are engaged with their healthcare are proven to find their benefits richer and more substantial than those not engaged. This keeps them happier and more productive overall.

Now, thanks to the ease and convenience of modern employee benefits technology, creating personalized experiences is easier than ever. It helps make important decisions easier and less overwhelming. People can get a better sense of what they're paying for, about important plan details like deductibles and co-pays, easily see premium rates for different plans or dependents, and more. They're more aware of their circumstances and are more engaged with the program, thus increasing participation at the same time.

Ways Technology is Changing Employee Benefits

a group of people are sitting around a table shaking hands after meeting to discuss how technology is changing the employee benefits landscape

With just a few quick clicks of a mouse, employers can now analyze real-time and historical data regarding what benefits they're offering, how those benefits are being selected, and more.

Thanks to technology, business owners no longer have to rely solely on guesswork when it comes to understanding their employees' needs. While seeking employee feedback remains a crucial part of the process, technology-enabled surveys and data analysis streamline this aspect.

The technology itself provides insights into employee preferences and requirements, allowing employers to make more informed choices about the types of plans they offer. This not only saves time but also ensures that businesses stay competitive in a crowded market by aligning their benefits with actual employee preferences.

Let AEIS Help You Find The Best Technology

At AEIS, we've always believed that comprehensive benefits advisory experience is a requirement, not a recommendation. This means that our team will always work with you to create the customized group benefits package you need. We want to help improve things for your employees so that they in turn can help improve things for your business, exactly as it should be.

If you'd like to find out more information about how technology is revolutionizing employee benefits, or if you have any additional questions you'd like to go over in a bit more detail, please contact the team at AEIS today.