Technology is improving the way employee benefits are marketed and sold
by brokers, and managed and delivered by employers. According to Tapping
the Potential of Technology, the fourth in a series of research
briefs stemming from The Prudential Insurance Company of America’s
(Prudential’s) Seventh Annual Study of Employee Benefits: Today
& Beyond, three-fifths of employers – primarily those with more
than 500 employees – report using an administrative platform to manage
their benefits programs. Of those, 62% rate the use of their platforms
effective with another 37% rating it highly effective.
Fifty-three percent of those using an administrative platform say it is
integrated for all employer-paid and voluntary benefits, 21% have only
employer-paid benefits on the platform. “Platform integration is seen as
beneficial by many Benefits Managers as the key to enhancing
capabilities and driving results,” notes Joseph M. Hayes, vice
president, Information Systems, Prudential Group Insurance. “About half
of all those who do not have an integrated platform for all benefits say
an integrated platform would make benefits management easier.”
The use of an enrollment platform is also seen as a useful tool.
Fifty-two percent of employers have an enrollment platform and more than
half (59%) are integrated for all employer-paid and voluntary products.
Integration is most common among companies with more than 10,000
employees at 73%. Of those employees whose companies don’t have an
integrated platform, 52% report that it would be easier to have all of
their benefits on the same platform.
“We’ve also seen some innovation in the ways brokers are using
technology, from accessing leads and marketing and sales material, to
claim processing and a variety of reporting systems,” Hayes noted.
“We’ve learned that 44% are either currently submitting or wish they
could submit Requests for Proposals (RFPs) through a tablet or smart
phone.”
Nearly 30% of brokers report using tablets to access benefits marketing
material and plan information, while 30% wish they had access to the
technology. Another 20% are using mobile phones to access the material
and 20% to 25% wish they had access to such resources.
Tapping the Potential of Technology is the fourth in a series of
five research briefs that highlight the major findings from Prudential’s Seventh
Annual Study of Employee Benefits: Today & Beyond. The
research was conducted via the Internet during July 2012, and consisted
of three distinct surveys of plan sponsors, plan participants, and
broker/consultant audiences.
Prudential Group Insurance manufactures and distributes a full range of
group life, long-term and short-term disability and corporate and
trust-owned life insurance in the U.S. to institutional clients
primarily for use in connection with employee and membership benefits
plans. The business also sells critical illness insurance, accidental
death and dismemberment and other ancillary coverages and provides plan
administrative services in connection with its insurance coverages.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has
operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth
through a variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood for
strength, stability, expertise and innovation for more than a century.
For more information, please visit http://www.news.prudential.com/.
Prudential, the Prudential logo and the Rock symbol are service marks
of Prudential Financial, Inc. and its related entities, registered in
many jurisdictions worldwide.
Group coverages issued by The Prudential Insurance Company of
America, 751 Broad Street, Newark, NJ 07102.
0246670-00001-00
Copyright Business Wire 2013