Empyrean’s Stephanie Haney Promoted to Post of VP Sales, Central Region

Empyrean’s Stephanie Haney Promoted to Post of VP Sales, Central Region

22 July, 2021

Houston, TX. [July 22, 2021] Leading employee benefits administration technology and service provider Empyrean Benefit Solutions, Inc. (www.goempyrean.com) has announced the promotion of Stephanie Haney to the post of VP Sales, Central Region. Haney previously served as Director, Business Development for the organization.

In this newly created role, Haney will lead an enterprise sales team to continue the development of Empyrean’s presence in the central U.S. This move comes at a time of explosive growth for the benefits administration platform, tied closely to the launch of the group’s Pilot+ claims-based decision support technology, as well as shifting trends in the HR and employee benefits space.

“I am thrilled to have Stephanie join the sales leadership team at such a critical time in our organization’s history,” said Empyrean’s Chief Strategy Office, Jim Priebe. “I am confident that her guidance, sales expertise, and extensive industry knowledge will be incredibly valuable as we continue to expand in the central region.”

“Stephanie is deeply committed to helping clients, brokers, and carriers harness solutions to improve their benefits engagement strategies and drive better outcomes,” Priebe added. “She has always delivered outstanding results for each channel she has served.”

With more than 20 years of industry experience, Haney previously held advancing sales roles at Assurant Employee Benefits, The Hartford, and BeneTrac before joining Empyrean in 2017.

“I am excited and honored to have the opportunity to lead Empyrean’s Central Region sales team,” said Haney. “While we continue to drive Empyrean’s growth by delivering innovative technology with a service-first approach to our clients, brokers, and carrier partners, our success is ultimately defined by our ability to connect employees to life-enriching benefits when they need them most.”

Haney earned a B.S. from the University of Florida, and resides with her family in Grand Rapids, MI.

About Empyrean
Empyrean manages employee health and welfare benefits programs, combining the industry’s most modern, client-adaptive, and configurable benefits technology platform with expert, responsive service. Empyrean provides market-leading enrollment, eligibility management, ACA reporting, and other plan administration services that empowers employers, insurance consultants, and healthcare exchanges to meet ever-evolving benefit challenges. Founded in 2006, Empyrean’s integrated platform services over 3 million annual participants across a wide spectrum of employee population sizes, industry, and complexities.

Headquartered in Houston, TX, Empyrean has additional office locations in Minneapolis, MN and Nashville, TN, as well as remote teams located throughout the U.S.

Empyrean is a subsidy of Securian Financial (www.securian.com).

MEDIA CONTACT:
Brienne Driscoll
Head of Content & Communications
Empyrean Benefit Solutions, Inc.
bdriscoll@goempyrean.com

 

Do Your Employees Understand Your Benefit Programs and Offerings?

Do Your Employees Understand Your Benefit Programs and Offerings?

10 June, 2021

Six Ways to Better Educate Employees About Their Benefit Enrollment Options

Each year, HR and benefit teams put Herculean efforts into designing and building benefit plans that best support their employee populations. And it’s no wonder why – robust health and wellness benefit programs are linked to better employee and attraction outcomes and overall company performance.

Despite these efforts and best intentions to deliver a high-performing employee benefits program, many employees are still unaware of the benefit offerings available to them. According to a 2021 Voya consumer survey, 35% of survey participants reported that they did not fully understand any of the employee benefits they enrolled in during their most recent open enrollment period, with 54% of millennial employees falling into that category. Employees are thirsting for better benefits education, as 66% of survey respondents said that they want their employer to help them better understand and navigate their benefit enrollments.

Unfortunately, a lack of benefits education and awareness can have dire consequences to both the employee and employer. Employees may opt for more expensive plans because they do not understand how a less costly option may better suit their coverage needs, and they may avoid some supplemental benefit offerings due to a lack of awareness of how these programs work or that they event exist.

On the employer side, failure to properly educate employees (and their dependents) on benefit offerings and usage can be both financially burdensome and a major miss when it comes to employer branding and employee experience. Employers who neglect to take the steps necessary to inform employees about their benefits demonstrate both a lack of employee support and an uncaring company culture, no matter how generous an employee benefit plan design may be.

So, how can employers educate their employees about their benefits? Empyrean’s recent research report, “Top 5 Benefit Trends for 2021,” highlights the growing shift towards closing these employee education and communication gaps through the use of decision support tools and other methodologies.

Here are six critical steps employers should consider to better help employees understand and identify the benefit options that will most effectively meet their health, wellness, and overall coverage needs while making the most of their enrollments on a year-round basis.

1. Create a Benchmark to Measure and Address Gaps in Employee Benefits Knowledge

In order to fix a broken benefits education system and measure future success, employers must first take stock to understand current knowledge levels and where gaps have traditionally occurred. Conducting periodic benefit satisfaction surveys and employee focus groups can provide critical data and insights surrounding your employees’ benefits knowledge and needs. By asking targeted questions, you can better understand employee knowledge levels, common misconceptions, overall frustrations, and where more education is needed.

Another way to gauge levels of employee benefits knowledge is to carefully monitor and audit benefit enrollments and usage. If the majority of employees select certain benefits options, rejecting those which may be a better fit, it may be due to a lack of understanding rather than a specific preference for one option over another.

Creating these initial benchmarks can not only help fuel an organization’s go-forward benefits education and communications strategy, but will enable the employer to measure and report on the success of new initiatives.

2. Communicate Benefits Information Through Diverse Channels

Employees differ in the ways they prefer to learn about and synthesize information, and benefits are no exception. While some employees prefer digesting benefits materials and updates during in-person interactions, others respond better to a fully digital experience where they can access benefit resources on an on-demand basis.

To support the many different learning and communication styles within your workforce, it is critical to communicate benefits information using a variety of media. Employers should consider utilizing a combination of the following methods:

  • In-person or virtual benefit workshops and enrollment meetings
  • Detailed benefits handbooks and plan summaries
  • Online technologies, including decision support tools
  • Customized online benefits microsites
  • Dedicated space on the company intranet
  • Individualized telephone support provided by an internal team or outsourced third-party

3. Simplify Complex Benefits Concepts and Terminologies

It may be difficult for employees to understand, navigate, and best utilize their benefit offerings if they lack foundational knowledge about core benefits concepts and terms. A UnitedHealthcare consumer survey found that only 9 percent of respondents understood the meaning of four basic insurance terms—health plan premium, deductible, coinsurance, and out-of-pocket maximum. If employees struggle with common benefits terminology, they may also have a harder time grasping how some insurance and savings plans work.

By educating employees about key benefit concepts and terms, employers can improve overall benefits literacy and make it easier for employees to select right-sized coverage options that work best for them and for their dependents. You can support employees in this area by considering the development and rollout of the following resources:

  • A glossary of benefit terms and concepts using simplified definitions and easy to understand examples
  • Videos and other digital resources that cover benefit terminologies in simplistic terms
  • In-person or virtual benefits workshops and education sessions that occur throughout the year

4. Implement an Active Annual Enrollment

Outside of a qualifying life event, annual enrollment periods are the only time employees can re-evaluate and enroll in employer-sponsored benefit programs. Due to these enrollment timing limitations, many employers utilize a passive open enrollment strategy to ensure there is no loss in coverage for employees who may miss the enrollment window. However, employers may be missing critical opportunities by employing a passive approach.

“We see that our clients who have implemented an active open enrollment see better results as it relates to the selection of cost-effective, right-sized coverage as well as the engagement with and utilization of those plans,” says Desta Millner, Strategic Accounts Advisor at Empyrean.

Millner also points out that employers with an active annual enrollment gain an opportunity to re-demonstrate the competitiveness and value of their benefits offering.

“Empyrean believes that benefits are the most tangible expression of a company’s culture and truly demonstrate the value an organization places on its people. Employers with a passive annual enrollment miss out on the chance to further bolster their employer brand and create that goodwill that drives positive employee experiences and loyalty.”

5. Utilize Decision Support Tools to Provide Employees with Right-Sized Benefits Recommendations

Decision support technology helps employees navigate employer-sponsored health and wellness benefit offerings through an individualized lens, enabling better education, selection, and utilization outcomes.

“Decision support technology takes a holistic approach to open enrollment,” says Jim Priebe, Chief Strategy Officer at Empyrean. “It educates your employees to see the bigger picture of how their benefits work together to meet their needs, and treats them as the whole people they are – not just a sum of parts.”

These recommendation engines, specifically those which integrate real-life claims data, can drive benefits engagement as the employee is now guided through the enrollment process and can see which plans and programs are right for them based on their individual needs, health and wellness outlook, and overall circumstance. Through predictive analytics, employees can better conceptualize which programs will be most impactful for them and their family from a financial and coverage standpoint.

Decision support technology can also help employees better understand the overall worth of their benefit plan by providing a transparent view of their employer’s financial contributions to these programs.

6. Make Employee Benefits a Year-Round Conversation Beyond Just Annual Enrollment Periods

A Unum poll of U.S. workers found that most employees spend 30 minutes or less reviewing their benefits prior to open enrollment. For many, those 30 minutes may be the only time of the year they interact with their benefits choices in a meaningful way.

To drive benefit education and engagement, employee benefits communication should occur year-round and not only be limited to the open enrollment period. By offering employees helpful resources at all times of the year, employers can further optimize benefits decision-making and improve overall benefits outcomes. Producing newsletters, lunch-and-learns, and providing AI-enabled decision-support technology are just a few ways you can help employees learn more about their benefits options before, during, and after open enrollment.

Empower Employees to Choose Benefits Wisely

Oftentimes, employees simply don’t know what they don’t know when it comes to benefits. However, by putting more relevant information into employee hands and offering tools and resources to help them navigate their options, you can help your employees make more informed and cost-effective benefits decisions throughout the year.

To learn more about trends in decision support and other employee benefit areas, download your copy of “The Top Five Benefit Trends for 2021”.

Mike Boyles Joins Empyrean Benefit Solutions, Inc. as Strategic Director of Business Development, Southeast Region

Mike Boyles Joins Empyrean Benefit Solutions, Inc. as Strategic Director of Business Development, Southeast Region

01 June, 2021

Houston, TX. [June 1, 2021] Empyrean Benefit Solutions, Inc. (www.goempyrean.com), a leading technology and service-focused employee benefits administration provider, has announced that Mike Boyles will join the organization as Strategic Director of Business Development. In this role, Boyles will focus on continuing to develop Empyrean’s presence in the southeastern U.S.

“Mike is an industry veteran who has already made an impact at Empyrean,” said Chris Rossi, Empyrean’s VP, Sales. “I am excited to have such a seasoned, industry veteran play such a critical role on our team.”

Boyles has spent the last decade as a sales leader in the employee benefits and benefits administration space, including time spent as a Regional Sales Director for BeneTrac as well as Web Benefits Design.

“I look forward to working with Empyrean’s proficient and experienced team, especially one that goes above and beyond to provide the best service and experience for our clients,” added Boyles. “I am thrilled to have the opportunity to introduce Empyrean’s excellent products and services to new clients and partners every day.”

The addition of Boyles is a strategic move for Empyrean as the organization continues to expand and roll out new benefits administration technology. This growth includes the launch of Pilot+, Empyrean’s newest claims-based decision support and personalized healthcare navigation product.

Boyles earned a B.S. in Mining and Mineral Engineering from Virginia Tech and resides in Jacksonville, FL.

About Empyrean
Empyrean manages employee health and welfare benefits programs, combining the industry’s most modern, client-adaptive, and configurable benefits technology platform with expert, responsive service. Empyrean provides market-leading enrollment, eligibility management, ACA reporting, and other plan administration services that empowers employers, insurance consultants, and healthcare exchanges to meet ever-evolving benefit challenges. Founded in 2006, Empyrean’s integrated platform services over 3 million annual participants across a wide spectrum of employee population sizes, industry, and complexities.

Headquartered in Houston, TX, Empyrean has additional office locations in Minneapolis, MN and Nashville, TN, as well as remote teams located throughout the U.S.

Empyrean is a subsidy of Securian Financial (www.securian.com).

MEDIA CONTACT:
Brienne Driscoll
Head of Content & Communications
Empyrean Benefit Solutions, Inc.
bdriscoll@goempyrean.com

 

Empyrean Announces Carrier Partnership with Pet Benefit Solutions

Empyrean Announces Carrier Partnership with Pet Benefit Solutions

24 May, 2021

The COVID-19 pandemic led to surge in new pet adoption and ownership across the U.S. According to a pulse survey conducted by the American Pet Products Association (APPA), as of October 2020, more than 11 million American households had brought home a new pet since the start of the pandemic.

The benefits of pet ownership are evident. The same APPA study found that 75 percent of pet owners surveyed say that spending time with their pet helps them to manage stress levels while increasing their sense of well-being.

With more than 68 percent of U.S. households owning pets, the majority of which pay more than $2,000 annually in pet care, many employers have started offering supplemental products to assist employees with pet care costs.

Empyrean has announced that it has added Pet Benefit Solutions to its carrier network, enabling Empyrean clients to add this supplemental offering to their benefit programs while enabling employee enrollment through the Empyrean platform.

Comprehensive coverage under Pet Benefit Solution’s Total Pet Program includes veterinary care, pet product savings, and pet care services. There are several key advantages for employers looking to offer this benefit through Empyrean’s partnership with Pet Benefit Solutions, including:

  • Easy setup and administration within the Empyrean platform.
  • Simple and informative employee enrollment.
  • Flat rate costs for family pet plans without the need for individual quotes.
  • Simple billing processes with no reconciliation needed.
  • Coverage for all pets with no pre-existing condition exclusions, waiting periods, or deductibles.
  • High employee participation and engagement rates (up to 25%).

For more information about this new partnership, please contact us at info@goempyrean.com.

New Empyrean Research: 5 Benefits Trends to Watch in 2021

New Empyrean Research: 5 Benefits Trends to Watch in 2021

18 May, 2021

The pandemic has changed the workplace forever, creating seismic shifts in the way employees measure and interact with their benefit programs and offerings.

Employers have been forced to view benefits and their resulting employee impact through a new lens, requiring organizations to adopt new strategies and approaches to support their employees’ evolving physical, mental, and financial health needs. Benefits like remote work stipends, expanded mental health and financial wellness resources, and virtual decision support have become essential components of a comprehensive employee benefits program.

Empyrean’s latest research report, “The Top 5 Benefits Trends for 2021,” summarizes the results from our annual client survey and provides fresh insights to help your organization build a forward-thinking employee benefits strategy. We have outlined some of the key highlights below, but to view the full report, you can download your copy here.

1.   COVID-19 has made a clear and lasting impact on employee benefit expectations and offerings

Throughout the pandemic, employee benefits took center stage as one of the most critical and impactful ways to support what quickly became overtaxed and overstressed workforces. Results from our client survey reveal that once COVID-19 hit, employers quickly took action to provide enhanced benefits to support their employee populations. For many, this came in the form of special benefits enrollment periods or additional contributions to employee health savings accounts (HSAs).

As the pandemic continued, many employers have gone a step further, providing employees with additional resources and tools to support total wellness. Telehealth benefits have grown in popularity, and mental health counseling, doctor visits, and physical therapy conducted via video chat technology have become more commonplace, improving accessibility to providers and reducing the time needed to access this type of support.

As our report explains in further detail, virtual benefits are poised to become a more prominent fixture in plans moving forward, and employees are expected to continue to expect (and demand) these types of programs.

2.   Employers are leaning on voluntary benefits to support total employee wellness

While medical and retirement benefits provide a solid foundation for employees and their families, voluntary benefits address a broader range of physical, mental, and financial wellness needs.

Whether employees are looking for a better work-life balance, financial planning support, or new ways to cope with the stress of working from home, voluntary benefits can round out traditional benefit programs and support the whole employee. Some of the available voluntary benefits discussed in our report include:

  • Expanded mental health benefits, including employee assistance programs (EAPs)
  • Personalized tools to support financial planning and savings
  • Workplace programs designed to offer greater flexibility

Supplemental benefits can help ensure that the holistic needs of diverse employee populations can be met.

3.    Integrated benefits technology and predictive analytics will be relied upon to efficiently manage rising benefit costs

One of the perennial employee benefit challenges faced by HR, total rewards, and benefit leaders is balancing rising costs with the need to offer comprehensive and competitive benefits to not only support employees, but to attract and retain talent. By taking advantage of new advancements in benefits management technology and predictive analytics, employers can better understand benefit costs and anticipate future expenditures with greater accuracy.

As described in our report, benefits technology delivers dynamic reporting to support the budgeting process, as well as analytics to track key benefit metrics for your organization. As a result, you can take a more proactive approach to benefits spending, selection, and overall decision-making.

4.   Decision support tools will be more frequently used to educate, advise, and engage employees

In a 2021 Voya consumer survey, one-third of respondents reported that they did not fully understand any of the employee benefits they enrolled in during their most recent open enrollment period. Despite materials and support available during open enrollment and throughout the year, many employees lack a full understanding of their benefit coverage and how to make cost-effective selections that are sized appropriately for their unique needs.

In an effort to better educate employees about their benefit options, benefits decision support technology has grown in popularity. As explained in our report, decision support utilizes AI and data analysis to generate recommendations tailored to each unique employee, enabling employees to better select (and then utilize) right-sized coverage for both themselves and their families.

5.   Increased employer focus on continued benefits regulatory compliance developments

The past year has seen no shortage of new regulations affecting employer benefit programs and offerings. And while Empyrean’s experts say that compliance shifts are nothing new, the sheer number and complexity of new compliance changes and regulatory rollouts have employers paying attention.

The COVID-19 pandemic has been a major driver of new legislation in the employee benefits space, as most recently seen with the American Rescue Plan Act and the 100 percent paid COBRA subsidy provision.

The continued pandemic and the anticipated actions of a new White House administration are expected to result in more legislative change. As highlighted in our report, employers anticipate the need to lean on benefit administration partners to navigate the evolving regulatory compliance landscape of 2021 and beyond.

What else is in store for 2021?

This year’s research report highlights the indelible mark the pandemic has had on employee benefit offerings and go-forward strategies. With a stronger understanding of this year’s benefit trends, your organization can stay informed about the many options available to assist you in meeting your employees’ evolving needs and expectations.

For additional data and insights tied to this year’s benefit trends, download your copy of the 2021 Benefit Trends Report today.

2020 Annual Enrollment Prep Guide: Achieve Benefits Success in the Age of COVID-19, Part 2

2020 Annual Enrollment Prep Guide: Achieve Benefits Success in the Age of COVID-19, Part 2

07 October, 2020

This upcoming Annual Enrollment may be unique, but the right planning, partners, and proactive solutions will allow you to bring greater peace of mind to your employees – even during these uncertain times.

Read Part 1 of this post here.

The coronavirus pandemic has resulted in a workforce that is more scattered than ever before. This dynamic shift in the workplace has made leveraging the right technology a must for almost everything – from conference calls to online benefits enrollment.

As a benefits leader, it’s up to you to ensure that your employees have the tools and guidance they need to make smart decisions about their health, wealth, and benefits coverage, no matter where or how your employees may be working today.

Empyrean’s latest At-A-Glance Guide will help you navigate the AE planning process, so you can execute an open enrollment season that will reach your workforce – even during these difficult times. Download your free copy of the guide today!

The following tips will help you build a benefits communication strategy that resonates with your employees:

Acknowledge the situation around COVID-19
Between managing work responsibilities and family life, employees’ time and focus are at an all-time premium. Under normal circumstances, 56% of employees spend less than half an hour shopping for their benefits, and 14% do no research at all.1 Now, your employees may be tempted to spend even less time comparing plans – or worse, may simply select the same plans as last year. Be sure to acknowledge the difficulties presented by the pandemic in your OE communications, and encourage employees to leverage this enrollment to re-evaluate their needs, familiarize themselves with their all of their benefit options, and bring greater peace of mind to them and their families as the situation around COVID-19 continues to develop.

Transform in-office events into virtual experiences
With so many employees working from home, HR teams have to re-think the usual AE office mainstays, such as posters and benefit fairs. Regular reminders, educational materials, and events are all key to driving employee engagement – but now these options must be re-tooled to fit today’s remote workforce. Brainstorm ways to bring similar experiences directly to your employees through channels such as email, intranet and other online reminders, interactive webinars, and videos. Even if being held virtually, these events can still drive greater comprehension and value to your benefits package.

READ MORE: Explore ideas to help reach your employees while demonstrating care and compassion during these difficult times.

 Maintain a two-way dialogue with employees
When working remotely, it’s easy to rely on “one-way” modes of communication (such as email). After all, employees can no longer simply pop into your office or stop you in the hallway to ask a quick question. However, relying on just one form of communication can lead to a backlog of questions in your inbox and leave participants feeling isolated and overlooked when they don’t receive a timely enough response. Instead, encourage employees to start a dialogue via phone calls or online chat conversations (such as Skype). This will help keep lines of communication open, allow employees to get their questions answered faster, and re-emphasize the human element of HR – even at a distance. Better yet, leverage an client-dedicated Service Center to provide live, one-on-one assistance to employees without adding additional burden to your workload.

Help your employees help themselves
Selecting the wrong benefits coverage can lead to increased financial risks, more stress, and greater dissatisfaction for employees. The stakes of your benefits strategy may be higher than ever – but making the enrollment process as quick, easy, and effective as possible will lead to happier employees and more positive outcomes for your overall business. Emphasize employees’ self-service solutions from the very start of your AE communications. Your benefits administration technology platform should offer convenient mobile solutions for benefits selection, enrollment, and utilization that provide employees with the exact tools they need, right when they need them. With the right support at their fingertips, employees can make smarter decisions and save time and money in the process.

RELATED: Gain critical insights into the trends shaping employee benefits and discover how COVID-19 will impact employers’ strategies moving forward.

With the right planning and proactive solutions, you can help your employees experience greater peace of mind – even during these uncertain times. For more tips and ideas, download Empyrean’s new At-A-Glance Guide, “2020 Annual Enrollment Prep Guide: Achieve Benefits Success in the Age of COVID-19.”

While this upcoming open enrollment period may present new challenges, your benefits administration technology partner should more reliable than ever. The COVID-19 pandemic has changed much about the way we work, but it does not have to derail your employee benefits strategy or compromise the service quality of your partnerships.

Download your free guide today and discover how the proper steps – supported by the right partner – can make all the difference to your benefits program and overall success.

References

  1. Aflac Workforces Report: 2019-2020 Workplace Benefits Trends.” Aflac, Inc. Columbus, GA. November 2019.
2020 Benefit Trends Report: Stay Prepared for the Unexpected

2020 Benefit Trends Report: Stay Prepared for the Unexpected

13 July, 2020

This year’s Benefit Trends Report from Empyrean offers key insights into the structure of employee benefit programs moving into the coronavirus pandemic, as well as indications of how benefits may evolve in a post-COVID-19 world.

Today, Human Resource professionals are facing the most challenging moments of their careers, juggling the unique impacts of the pandemic on their employees, businesses, and families. Like nearly every aspect of daily life in 2020, the business of employee benefits has been monumentally impacted by the novel coronavirus, COVID-19. Health and wealth benefits are critical factors in determining an employees’ overall wellbeing, and especially so during this unprecedented period.

There is no doubt that the emergence of COVID-19 will have a profound and lasting impact on the care and coverage of employees moving forward. One key theme that has resonated throughout all of this change has been the need to prepare for the unexpected.

While the data highlighted in this year’s Benefit Trends Report was collected prior to the global emergence of COVID-19, the insights offered in this new report offer an important look at employers’ benefit programs prior to the pandemic – as well as critical insights into how COVID-19 will impact benefits moving forward.

Below is a preview of just a few of this year’s findings. For more, click here to download your copy of the 2020 Benefit Trends Report from Empyrean. 

  • Preferred Provider Organizations (PPOs) and High Deductible Health Plans (HDHPs) remain the most popular medical plans: 95% of employers surveyed offer at least one of these two types of plans, and 64% of employers offer both an HDHP and PPO. This year’s data has signaled that the popularity of these plans has stabilized among employers.
  • Of the 76% of employers that offer HDHPs, only 8% of employers utilize a full-replacement (HDHP-only) strategy, a figure that has remained the same over the past year. While some employers have made the move to HDHP-only benefits packages, most organizations have appeared hesitant to make a similar strategic leap.
  • The manufacturing industry remains a leading adopter of the full-replacement strategy. This year’s data also highlights the popularity of HDHP-only offerings among companies in the energy/utilities sector.

RELATED: Explore the challenges facing HSA utilization and how technology can help alleviate these burdens and position you for long-term success

Analysis: Is Full-Replacement the Benefits Strategy of the Future?

While 76% of employers currently offer an HDHP as part of their health benefits packages, only 8% of those employers utilize a full-replacement strategy – where HDHPs are the only health plan option offered to employees.

Full replacement strategies are especially common among employers in industries hit hardest by the COVID-19 pandemic – including the manufacturing/industrial and services industries. Given the financial impacts seen across nearly all industries, however, full-replacement strategies may become even more prevalent as employers try to balance employees’ health insurance needs with managing lost business.

As a result of the unique situation surrounding COVID-19, many employers and plan providers have opened up special enrollment periods to those employees that waived health care coverage during their prior Annual Enrollment.

Some employers have offered limited plan choices during these special enrollment periods, including employers that have only offered HDHP plans to participants. This may be a possible indicator for increased interest in the full-replacement strategy among employers in the future.

Prior to the pandemic, low unemployment and high competition over top talent made enacting a full-replacement strategy a potentially controversial move – especially among employees who were accustomed to more traditional plan choices like preferred provider organizations (PPOs) and health maintenance organizations (HMOs). Now employers may be more focused on keeping their businesses afloat. As a result, cost-sharing plans and full-replacement strategies could see more momentum as the lasting impacts of the COVID-19 pandemic continue to surface.

  • Nearly two-fifths of organizations now have decision support tools available to their employees.
  • The recommendation engine has increased in availability by 38% since last year, and is now utilized at 89% of eligible employers surveyed – making this the most popular decision support tool today.

READ MORE: Learn how properly applying the latest advancements in smart technology can boost your benefits strategy, engage employees, and reduce costs for all

  • More than three-fourths of employers offer voluntary benefits, including accident and critical illness coverage, legal insurance, and pet insurance.
  • Wellness programs are increasing in popularity: Half of all employers surveyed now offering a wellness program as part of their benefits packages. Nearly three-fourths of these employers include biometric screenings and other health assessments as part of their wellness program strategy. 81% offer an associated incentive to encourage continued wellness program participation, such as financial rewards or reduced medical premiums.

MORE: Discover the financial challenges facing today’s workforce and discover practical solutions that will help you care for employees’ wallets and wellbeing

This year’s report highlights that commitment, dedication, and flexibility are more important now than ever. Ensuring employees have access to the right benefits, guidance, and services is crucial to keeping families safe throughout the current crisis.

Likewise, employers must be able to rely on their benefit administration partners and technology providers to tackle a growing number of process changes, compliance updates, and other evolving needs.

For more data and insights, download your copy of the 2020 Empyrean Benefit Trends Report today. As you read, we’d love to hear your thoughts, questions, and comments. Feel free to contact us anytime at info@goempyrean.com.

COVID-19 Update: Empyrean Response to the Novel Coronavirus

COVID-19 Update: Empyrean Response to the Novel Coronavirus

16 March, 2020

Empyrean is committed to ensuring the health and safety of our customers, participants, and colleagues as officials and organizations work together to contain the novel coronavirus, COVID-19. Here are the latest details you need to know.

COVID-19 has prompted an unprecedented time for companies, employees, and their families nationwide. With many questions surrounding this fast-moving health concern, participants need access to reliable and accurate benefits information now more than ever.

As always, the Empyrean Team is dedicated to connecting employees to their benefits every day – whenever and wherever they need it – especially as the situation around COVID-19 continues to evolve.

 

Empyrean Business Continuity Plans

Empyrean is fully equipped to continue serving our clients and their participants during any major event or natural disaster, including the current coronavirus pandemic. Our technology infrastructure and business continuity plans have been thoroughly tested, proven, and maintained to ensure your service will continue without interruption during this critical time.

Empyrean client service teams are providing regular updates to our clients and working with our employees and partners as this situation develops. Should you have any questions or concerns, please reach out to your Client Service Manager for assistance.

Protecting our employees and their families remains a central priority for our entire team. As part of Empyrean’s robust continuity preparedness, we continuously maintain the technological and operational flexibility to enable secure and remote service across our entire workforce.

 

2020 Empyrean Client Conference – Webinar Series

Out of an abundance of caution, the 2020 Empyrean Client Conference will move from a traditional conference format into a weekly webinar series. The webinar series is scheduled to begin in April, with dates to be announced soon. This formatting change was made to protect our attendees and staff and aid in social distancing efforts, while continuing to bring thought-provoking speakers and actionable insights to our community.

We look forward to delivering valuable information during these webinars, and to hosting a safe and successful live conference next year.

 

Empyrean is doing our part to prevent the spread of the virus, and we are committed to supporting the health and wellbeing of our participants, clients and partners, and community during this difficult time. Our team continues to closely monitor the situation and is ready to respond appropriately as new information becomes available.

Engage on the Go: Mastering Benefits Connectivity to Support Your Mobile Workforce

Engage on the Go: Mastering Benefits Connectivity to Support Your Mobile Workforce

02 March, 2020

As working away from the office becomes the new normal, how can you reach employees that work outside of the office, on their feet, or without email – without adding to your workload?

Modern technology is allowing people to connect across distances, channels, and even workspaces like never before. Today’s workforce is more mobile than ever: Approximately 69% of American employers now offer flexible work policies.1

Remote work and flexible working arrangements are becoming key requirements to attract and retain top talent – but the mobile workforce isn’t simply limited to those employees that telecommute. A wide variety of employees work outside of a typical 8-to-5 office or are frequently on-the-go.

Empyrean’s latest At-A-Glance Guide offers practical steps to engage your mobile employees with their benefits – and keep them engaged – to foster better outcomes for your workers, their families, and your business. Download your free copy of the guide today!

While the concept of mobile remote work has been around for decades, the number of employees enjoying flexible workspaces has skyrocketed in recent years. In fact, there has been a 91% increase in remote work since 2009, and a 44% increase over the past five years alone.2

While the prevalence of mobile work can provide plenty of perks, it also brings with it some major challenges for HR teams to solve.

Remember that mobile workers aren’t limited to those that work from home: These workers also include on-site and traveling employees, shift workers, retail associates, frequent travelers (including salespeople and team managers) and more.

It can be tough enough to get in-office workers to break from their busy schedules and engage with their benefits and resources. With mobile employees, this challenge becomes even more difficult, as these employees often face additional obstacles that can hinder meaningful benefits engagement and optimization.

Unlike your typical office worker, many mobile employees (such as retail, service, and construction workers) are never assigned a personal work email address. Additionally, many workplaces lack a central computer station for employees to check for work-related email in the first place.

And remote employees working from home or elsewhere can miss out on your in-office efforts (such as posters and programs) that their more traditional counterparts enjoy.

This can put a huge dent in employers’ benefits communication strategies – but a mobile-based strategy can boost the benefits of employee engagement for both your mobile and non-mobile participants alike.

Delivering continuous and personalized support to employees, 24/7/365, is a tall order for even the largest benefit teams. This is precisely where modern, mobile-ready benefits administration technology is poised to make a major impact on the success of your benefits strategy. Today’s mobile technology brings robust consumer tools – plus much-needed quality and cost transparency – to everyday benefits utilization.

One example of this technology is Empyrean Pilot+. Pilot+ uses an employee’s claims and benefits data to deliver personalized, holistic, and clear guidance when employees need it most.

By leveraging claims data, artificial intelligence (AI), and behavioral analytics, participants automatically receive the plan-specific and claims-specific guidance they need, right when they need it. Data is aggregated across an employee’s elected health insurance plans and additional benefits, care and prescription needs, and relevant savings accounts to deliver recommendations that encourage smarter plan utilization year-round.

This kind of guidance helps employees navigate and utilize their entire benefits package, plus offers personalized cost estimates and assists filing claims. Employees even receive consistent feedback on their benefits plan efficiency – informed by their own claims data – which leads to better benefits comprehension and smarter plan recommendations during their next open enrollment opportunity.

Best of all, employees receive anytime guidance through the Empyrean Pilot+ mobile app, to reach members of your workforce directly on their mobile devices, wherever they may be.

By offering access to powerful support via one easy app, your participants no longer have to remember multiple benefit sites, logins, or passwords. And with 81% of Americans now owning a smartphone,3 providing benefits resources via a mobile app, push notifications, and other mobile-friendly methods is the convenient way to keep your mobile workforce highly engaged with their benefits while on-the-go.

Self-service benefits enrollment and engagement solutions are an integral part of making your benefits more accessible and consumer-friendly for your participants. While the demand for digital tools increases, however, don’t lose sight of the importance of live one-on-one service – especially as it pertains to your mobile workforce.

For mobile employees that do not have immediate access to a computer, need additional support during enrollment, or have specific questions throughout the plan year, a dedicated service center provides the knowledgeable and personal support necessary to build greater benefits confidence.

And despite common misconceptions, live customer service doesn’t simply cater to older employees: Nearly 90% of Millennials and Gen Z trust live service representatives – while just over 10% trust chatbots.4

Service center support lets your employees call upon expert professionals to assist with benefits-related questions, contact and follow up with carriers regarding concerns, and more. Live customer service can be a valuable boost to your employees’ benefits experience and overall satisfaction.

With so many generations in the workplace today, combining powerful technology and live service will also help prevent accessibility gaps for mobile employees across all age groups and technology skill levels.

As the mobile workforce continues to expand across industries, benefit teams must be ready to optimize their strategies to support participants working outside of the office. HR leaders are at the forefront of a major shift in how employees connect with every aspect of their work – including their workspaces, remote teams, company culture, and (of course) their benefits.

Looking for more ways to engage your mobile workforce? Download Empyrean’s newest At-A-Glance Guide today!

If you’re ready to modernize your approach to benefits engagement, connect with Empyrean for a consultative conversation with our experts to discuss your unique benefits administration needs. Our client-adaptive technology and award-winning service will deliver the comprehensive solutions and continuous support to keep your mobile workforce moving in the right direction.

Have thoughts, questions, or comments about this topic? We’d love to hear from you. Feel free to contact us anytime at info@goempyrean.com.

References

  1. “The Annual IWG Global Workspace Survey.” International Workplace Group. Zug, Switzerland. March 2019.
  2. Reynolds, Brie Weiler. “159% Increase in Remote Work Since 2005: FlexJobs & Global Workplace Analytics Report.” FlexJobs Corporation. Boulder, CO. July 2019.
  3. “Mobile Fact Sheet.” Pew Research Center. Washington, DC. June 2019.
  4. “The Digital Lives of Millennials and Gen Z.” LivePerson, Inc. New York, NY. October 2017.
Key Ingredients for a Successful Benefits Administration Technology Partner

Key Ingredients for a Successful Benefits Administration Technology Partner

23 January, 2020

Avoid common compromises – and reduce your risk of poor choice and project failure – by understanding what sets successful benefits administration solutions apart.

Employers offer benefits to stay competitive in a tight talent market and maintain happy employees. However, your employee benefits experience is not dictated solely by the health insurance, retirement benefits, life insurance, disability insurance, or fringe benefits you offer. Your benefits technology platform can make a huge difference in the way employees feel about your offering, as well as how productive your benefits team can be over outdated manual processes.

The benefits of employee engagement and smarter productivity can’t be overstated. As an HR leader, however, you put a lot on the line when selecting the technology provider you’ll entrust with your benefits enrollment, administration, and engagement. The right benefits solution will help you gain higher productivity and increase relevance, improve cost predictability, and mitigate risk through accurate compliance and coverage – but how can you identify the best partner?

Empyrean’s new At-A-Glance Guide covers 10 benefits administration must-haves to help you select a strong benefits administration partner with confidence.  Here we take a quick look at a few of these key “ingredients.” For more,  download the free guide today.

High Client Retention

A lot of time and investment goes into finding the right technology partner – but improperly vetted solutions are bound to fail, even after go-live. Ask for your potential partner’s client retention rate. This indicative figure will show if clients are satisfied and sticking with their solution.

To help find a viable partner to meet your current needs, look for a benefits technology firm that fully delves into and understands your company’s many unique factors, such as industry and culture. Your potential vendor should have proven and positive past experiences with clients of similar size and complexity to your own.

Adaptive and Scalable Solutions

Whether currently insourcing or outsourcing, you likely have existing processes based on your benefits strategy. The technology powering your benefits administration platform should adapt to and enable your strategy – you shouldn’t have to compromise your strategy to fit a vendor’s shortcomings. To increase data accuracy and efficiency, your partner should tailor to your unique formats, culture, employee groups, and strategy, while applying best practices where appropriate.

Your business is ever-changing, and benefits are a large part of that dynamic. Select a proactive benefits administration solution that can keep up with predictable and unpredictable changes in your company, market, and applicable regulations – otherwise you could face unexpected issues down the line. Your partner should have a history of maintaining smooth service throughout clients’ major organizational and strategic changes, to prevent the need for a new vendor search soon after your next big business announcement.

Strong Year-Round Benefits Engagement and Employee Experience

Your benefits technology investment shouldn’t be limited to a single experience during Annual Enrollment, or you could face the risks of disengaged employees. Instead, expect your platform to put artificial intelligence (AI) to work for your employees, saving real dollars and time with better benefits package recommendations, convenient health care providers, cost comparisons and options for prescriptions and treatments, and streamlined processes when filing paperwork and making a claim. Year-round support will make sure employees are engaged and leveraging the benefits you offer to the best of their ability.

Proactive benefits administration technology delivers value that goes beyond basic enrollment and administration – to reach employees at the right point of need. How robust and relevant is your current benefits solution? You need an experience that makes benefits matter to your employees every day – not just once or twice a year.

Data You Can Trust

One of the most common reasons companies seek out a new benefits technology provider is because their current system produces bad data. The problem is then compounded when their vendor fails to properly clean and continually audit their data. When evaluating a solution, look beyond just an attractive and functional user experience, and dive deep into your potential partners’ data handling capabilities. Can the firm manage your data and provide the expertise to understand the whys behind your data and reporting?

Airtight Security Procedures

Managing employee benefits also means handling and protecting your employees’ most sensitive information. Millions of people have already fallen victim to security breaches, as cyber criminals use increasingly sophisticated methods to infiltrate information systems. Security must be more than a “check-the-box” priority for your benefits administration partner.

Your chosen technology provider should employ robust security protocols such as at-rest data encryption, annual security audits, thorough employee background checks, HIPAA training and certification for all employees, and restricted and monitored data access.

Each company’s benefits, workforce, and strategy are different, but selecting your next benefits technology vendor doesn’t have to be risky or nerve-wracking. With support from the right partner you’ll eliminate compromises, lower costs, and enrich lives to increase employee satisfaction and make benefits matter every day.

For the complete checklist of all 10 must-have ingredients – and to see how your benefits technology stacks up – download Empyrean’s newest At-A-Glance Guide.  As you read, we’d love to hear your thoughts. Feel free to contact us with questions or comments at info@goempyrean.com.

5 Tips for Year-Round Employee Benefits Engagement

5 Tips for Year-Round Employee Benefits Engagement

09 December, 2019

Annual Enrollment (AE) season is here for many employers, but how well prepared are you to engage employees once Open Enrollment season is all wrapped up?

For some employees, AE (or OE) can be the only time of year when they are engaged with their benefits – and disengaged employees can take a serious toll on the success of your benefits strategy.

As a Human resources leader, how can you cut through the noise to ensure your employees are actively engaging with your benefits every day – and making smarter decisions for themselves in the process?

Empyrean’s latest At-A-Glance Guide takes you through five crucial tips to foster year-round employee benefits engagement. These tips will help you gain more from your benefits strategy after enrollment is over – and your employees will get more from their benefits, too.

1 | Aim to Excite, Not Overwhelm

67% of employees are uncomfortable when reading about their benefits, and 75% of employees don’t fully understand how their benefits work to begin with.1 This means employees need regular nudges throughout the year to gain the confidence to fully absorb (and get excited about) the information you provide.

However, employees can feel overwhelmed when presented with too much information all at once. And if participants are tuned out, the effectiveness of your engagement efforts will be diminished.

Try distilling your benefits-related messages down into bite-sized bits of information. Instead of sending out one long email highlighting all of your benefit plans and programs, break messages up benefit-by-benefit.

2 | Plan Out Your Communications Calendar

You’re likely sending out the bulk of your benefits-related communications around Annual Enrollment – but it shouldn’t be concentrated in just that one month. What is your communication strategy during the other eleven months of the year?

Make your engagement goals easier to achieve by creating a dedicated benefits content and communications calendar. Make sure you include all pertinent offerings, programs, and tools and technology platforms, so employees stay aware of everything available to them throughout the year. If you miss out on a benefit, chances are employees will too.

A communications calendar will help you stay consistent, keep your messaging fresh and varied, and strengthen the connection between your benefits and events that are already on employees’ minds throughout the year. Download the full guide now for an example content calendar with ideas you can use year-round.

3 | Think Outside the Inbox

While emails are certainly a valid way to get your benefit communications out to employees, be sure to consider alternate channels as well. To better understand the type of communications certain employees might best respond to, take a moment to consider the various benefits-eligible populations within your overall workforce.

While emails will reach the typical desk-job employee, they might miss others that work elsewhere. Mobile-based communications, like text messages, may be better suited for employees that primarily work away from a computer (such as shift workers, retail workers, and those who are frequently on a job site).

4 | Leverage Your Resources

Take advantage of the resources and tools available to you through your partners, vendors, and carriers to help enrich the employee experience and boost your communication efforts. In addition, explore if your benefits administration technology partner offers solutions to make daily engagement much easier to achieve and maintain.

For example, Empyrean Pilot+ leverages real-time claims data, consumer behavior, and artificial intelligence (AI) to provide employees with personalized and plan-specific guidance. Recommendations span providers, prescriptions, spending accounts, voluntary benefits, and more. Participants also get financial updates and cost predictions that add transparency to health care planning and financial wellness, and can also receive alerts for claims filing and appealing charges.

Taking advantage of the resources available to your workforce, including data-driven digital engagement tools, will supercharge your engagement efforts while enabling employees to make smarter care and cost decisions all year round.

5 | Avoid Surprises

With 92% of employees choosing the same benefits year after year,2 any change to your benefits offering might come as a shock to unsuspecting employees down the road. A strong communication strategy will help your workforce avoid unwelcome surprises, support a better understanding of your benefits program, and increase employee satisfaction.

Getting your employees to engage with their benefits (and stay engaged) is not an impossible task – it is just one that requires a strong framework and the right resources to accomplish.

Download Empyrean’s newest At-A-Glance Guide and learn how to engage your workforce and gain more from your benefits strategy all year long. 

As you read, we’d love to hear your thoughts. Feel free to contact us with questions or comments at info@goempyrean.com.

References

  1. “2017 Alfac WorkForces Report: Employee Overview.” Aflac, Inc. Columbus, GA. February 2017.
  2. “2017 Aflac WorkForces Report Reveals Employees are Uninspired about Researching Benefits.” Aflac, Inc. Columbus, GA. July 2017.
3 Essentials for Best-in-Class Benefits Administration

3 Essentials for Best-in-Class Benefits Administration

01 November, 2019

Few employers can afford the financial and compliance risks of a subpar benefits administration technology provider, but many may not realize when their vendor causes them to compromise. These three essentials will help you avoid unnecessary compromises and find the best partner for your business.

Bringing true value to your organization requires relevant experience, insightful thinking, and the right tools and technology to keep pace with evolving demands.  Empyrean’s new At-A-Glance Guide takes a close look at the three essential aspects of a best-in-class benefits administration partner,  to help you identify the solution that will elevate HR’s impact and make your employee benefits matter every day. Read on for a quick primer on these three essentials.

Essential #1 | Trusted Data Management

Data management processes are the foundation of your technology, and are critical in determining your benefits administration success. Without correct and accurate data, your benefits solution will become unreliable and prone to failure—regardless of how well-designed the front-end experience may seem.

Your technology platform should “just work,” properly handling your intricate data and continually checking for accuracy and logic conflicts to keep errors at bay. However, since data management takes place entirely on the back-end of your system, it can be tough to identify and initially understand good management processes from bad.

Deficient data management processes can cause eligibility rules and gatekeeping measures to fail, which can lead to long-term enrollment and coverage headaches that take an enormous effort to unravel and properly resolve. Plus, benefit errors can erode employees’ confidence, and damage your credibility with executives and other stakeholders that rely on accurate reporting.

Given how prominent benefits are to your organization’s success, your benefits administration outsourcing partner must be able to properly manage your data at all times. Each platform manages data differently, but these differences may not be immediately apparent. How a potential system will manage and maintain your data will be a (if not the) key component of your entire solution’s success.

A worthwhile technology partner will dedicate investments and resources to tackle your toughest benefit challenges, solve your current needs, and flex to fit your future strategies.

Essential #2 | Solution Scalability

To remain viable over time, your benefits administration technology must scale with your business as it shifts and evolves. Your business is not static, and your solution must keep up with both small and large changes to your company’s size, population complexity, organizational structure, and industry changes.

Technology solutions must be purpose-built for scalability, or programming limitations can cause your platform to crash or cause errors. Developing a scalable solution relies on a complete understanding of benefits complexity, the rapid pace of potential changes, and the back-end workings of the system itself.

For example, large legacy providers often offer a wide variety of technology services in addition to benefits administration — such as payroll or human resources information systems (HRIS). At first glance, it can seem like a smart move to place multiple HR needs under one vendor, especially if “bundling” these services offers an initially lower price point.

However, many large providers’ product portfolios often grow due to acquisitions, instead of in-house development. The result is a variety of solutions and data storage processes stitched across highly compartmentalized systems that happen to be listed under the same company name.

From a programming perspective, these systems are highly inflexible, unstable, and often comprised of less-than-optimally secure technology. Even small changes (such as data configurations, tax rules amendments, or state and federal compliance updates) can demand time-consuming and expensive manual labor to resolve, or significantly impact the operational capacity of these systems, causing the entire solution to fail.

Scalability (or the lack thereof) is ingrained in your solution’s architecture—and without the right attention to this trait, your team could suffer down the line.

Essential #3 | Insight-Driven User Experience

Your solution’s user interface should be intuitively designed – however, it’s important to keep in mind that a high-gloss interface design does not necessarily denote the most reliable back-end processes or supportive capabilities.

For example, no matter how inviting a retail store may be, your overall experience will be soured if the product you purchase does not work when you get home. Similarly, no matter how well-designed your platform’s user interface may seem, it will prove worthless if its data is inaccurate, your solution proves unstable, and your employee is not covered adequately (or at all) by their benefits selection.

When evaluating a potential partner’s user experience, look for the following:

  • An easily tailored portal experience that can be designed around each of your unique employee populations.
  • The ability to add targeted communications, educational content, provider links, and coverage documents within the employee experience.
  • Fully integrated decision-support that guides employees during their open enrollment period as well as throughout the plan year, with no need to switch between multiple sites or portals.
  • Convenient access from nearly any internet-connected device, including a mobile application experience that offers push notifications and alerts.

Your technology solution should be intuitive for both employees and administrators to use, and smartly designed to allow employees across all generations to take greater control of their benefit choices.

A best-in-class benefits platform will bring solutions that go beyond benefits enrollment and administration, leveraging artificial intelligence (AI) and machine learning to analyze your benefits data and deliver employee-specific recommendations.

A best-in-class benefits administration partner will give your team the efficiency they need to gain back valuable time throughout their day, as well as heighten employees’ benefit experiences to improve outcomes. Download Empyrean’s newest At-A-Glance Guide to learn more on how to identify and evaluate these three essentials within your current vendor or potential partner. 

With the right solution, you’ll have more opportunities to focus on what really matters to you, your employees, and the bottom line of your business.

As you read, we’d love to hear your thoughts. Feel free to contact us with questions or comments at info@goempyrean.com.

Empyrean Named One of 30 Great Companies to Explore ASAP

Empyrean Named One of 30 Great Companies to Explore ASAP

11 October, 2019

Empyrean has been named one of 30 exceptional companies for job seekers.

The list of employers was curated by The Muse, a leading website for job opportunities and professional advice. Empyrean was the only benefits administration company to make the nationwide list, which includes other top organizations such as Dropbox and TripAdvisor. Companies were selected based on their positive company culture, work policies, and employee feedback.

Empyrean helps Human Resources teams drive their employee benefit programs and make benefits matter every day. As a best-in-class provider of benefits administration technology, benefits enrollment solutions, and related services, Empyrean is committed to fostering a strong culture, unique workplace, and work-life balance for our employees.

Empyrean team members are benefit professionals who are motivated to succeed at every stage of their career. Benefits include competitive compensation, medical insurance, dental and vision coverage, retirement benefits, paid time off, in-office perks, and more.

Learn more about what a career at Empyrean can offer you. To see the full list of companies, visit The Muse here.

Benefits Administration Outsourcing: How to Find the Right Path for Your Business

Benefits Administration Outsourcing: How to Find the Right Path for Your Business

26 September, 2019

Is benefits administration outsourcing right for you? Whether you are considering outsourcing for the first time, or are a seasoned outsourcer searching for a better-fitting solution, make sure you know what points to consider before making your next move.

As health care and employee benefit programs become increasingly more complex, time consuming, and subject to regulatory compliance requirements, employers must accurately assess their team’s capacity when managing this important aspect of their success.  Empyrean’s new At-A-Glance Guide takes you through common considerations and best practices to find the right path for your business and help you make benefits matter every day.   Download the guide now and discover what outsourcing can mean for HR, your strategy, and your workforce.

Here’s a quick primer of the three approaches companies apply to their benefits administration , and a just a few reasons why more organizations are choosing to partner with a best-in-class outsourcing provider to meet their needs.

Insourcing

Often, Human Resource teams insource their benefits administration because they do not feel comfortable relying on a third-party to manage and automate such crucial functions. This discomfort is understandable: Employee benefits – especially health benefits – remain high-visibility stakes all year round, and any errors in your benefits data and execution can spell disaster for employees and quickly diminish confidence in your HR team.

Given this perspective, it’s no surprise that currently insourced organizations include those that have never-before outsourced their benefits administration, as well as those that suffered with a previous outsourcing experience due to a subpar solution or ill-fitting technology platform and vendor.

However, insourcing presents its own costs, risks, and inefficiencies that may not be immediately apparent – while the right outsourcing partner will minimize risks, eliminate inefficiencies, enhance the employee experience, and provide solutions that drive high returns on your investment.

In fact, one report found that HR teams spend 25% less and utilize 30% less labor than their peers when aided by the right processes and technology.1

Co-Sourcing

Co-sourcing is a collaborative approach to benefits administration, where select processes remain in-house (most commonly, call center services), while the remaining responsibilities are outsourced to a trusted provider.

This approach enables organizations to minimize the impact of burdensome administrative tasks – such as enrollment and regulatory compliance  – while maintaining control over more employee-facing services. Co-sourced clients may have reservations about how outsourcing might affect employees’ perceptions of their company culture and their HR department’s effectiveness.

While protecting your company culture is a valid concern, you should know that outsourcing does not have to mean relinquishing control of your culture or lowering your service standards. In fact, a proven outsourcing partner will actually enrich the way employees view their benefits and your company’s commitment to their wellbeing.

While you may have the resources to manage certain aspects of your benefits administration in-house, ask yourself if those resources would be put to more meaningful use if directed towards other priorities? Don’t let common misconceptions about outsourcing limit the impact you can have on your workforce and business.

Outsourcing

As health care and employee benefits continue to become more complex, and employee expectations of benefits value and diversity continues to rise; as such, more businesses are choosing to fully outsource their benefits administration. In fact, 80% of today’s employers utilize outsourcing to manage at least one benefits-related task, and 38% consider outsourcing to be a critical part of their benefits strategy (a 41% increase since 2014).2

Full-service outsourcing lets HR leaders tackle the minutiae of benefits administration and enrollment, and take control of their strategy, without worrying that something has been left behind.

Today the movement towards benefits administration outsourcing remains prevalent, with 40% of employers now utilizing HR technology to manage their benefits administration. 78% of employers use third-party benefits administration technology, and over half of those employers choose to fully outsource their administration.2

The right partner will provide more than a benefits administration system: You’ll also gain the expertise of a knowledgeable and dedicated team, which can provide invaluable insights and best practice recommendations that measurably improve outcomes and drive greater ROI. In some cases, an outsourcing service team will gain the most complete understanding of their client’s benefit offering (even when compared to the client’s own HR team).

HR and benefits executives across every company size and industry are realizing the advantages that outsourcing brings to their businesses. Leveraging a modern benefits administration vendor can provide the technology and expertise to help you eliminate compromises, mitigate risks, and stay prepared for future changes.

So, how can you decide if outsourcing your benefits administration is right for your organization?

A good place to start is by asking your internal staff and business partners the following questions:

  • Do we have the appropriate resources and infrastructure to handle all aspects of our benefits administration in-house?
  • Do we have the financial support to develop and maintain the skill sets and technology needed to most effectively manage our benefits administration?
  • Do we have the in-house expertise to understand and keep up with complex regulatory compliance requirements?
  • Can we continue to support the strategic initiatives necessary for our company’s growth while also internally managing all of our daily administrative functions?
  • Are we providing the personalized support employees need to make smarter benefit choices, efficiently utilize their benefits, and live healthier, happier lives?

If you answered “no” to any of these questions, now may be a smart time to discuss how a best-in-class benefits administration outsourcing partner can positively impact your company.

Whether outsourcing your benefits administration for the first time or making the move to a new vendor, the ultimate goal is to make the most of your investment and ensure long-term success. When you consider the benefits, outsourcing can be a cost-effective solution that greatly increase your team’s productivity, increase employee engagement and retention, and lower costly errors and risks. However, the benefits administration partner you choose must be capable of tailoring to your unique strategy and goals, and adapt and scale to changes within your organization and industry over time.

Download Empyrean’s latest guide to learn more, and discover if outsourcing is the right solution to tackle your company’s complex challenges.

As you read, we’d love to hear your thoughts. Feel free to contact us with questions or comments at info@goempyrean.com.

References

  1. “Raising the World-Class Bar in HR Through Digital Transformation.” The Hackett Group, Inc. Miami, Florida. June 2017.
  2. “Game Changer: The Digitalization of Employee Benefits Delivery.” The Guardian Life Insurance Company of America. New York, New York. May 2018.
3 Strategies to Prepare for Annual Enrollment

3 Strategies to Prepare for Annual Enrollment

03 September, 2019

Annual enrollment (AE) might be your busiest time of the year, but it doesn’t have to mean long nights and looming headaches. With the right planning and support, this AE can be your easiest and most effective yet.

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