When it comes to cutting costs in benefits administration, the right tools and technology are your best friends. With the right setup, you can streamline processes, reduce human error, and get a real handle on your benefits program — without sacrificing quality or value. So, what tools are out there to help you save without skimping? Let’s break it down.
Automation: Your Secret Weapon Against Admin Overhead
Manual processes are costly, and one of the biggest pain points for most employers is the manual exchange of data between third parties like payroll providers, insurance carriers, and other vendors. Each time someone manually inputs data or files forms, you’re not just wasting time — you’re also increasing the risk of errors. The ability to understand what matters most to employees, and seamlessly integrate your benefits administration platform with these third parties — in some cases exchange data in real time — is essential for streamlining day-to-day operations like employee enrollment and benefits updates.
Automation ensures that data flows smoothly between systems, drastically reducing errors and freeing up your team for higher-level tasks. When it comes to compliance, automation is just as crucial. Automated tools handle time-consuming processes like ACA reporting with precision, helping you avoid compliance violations and costly penalties.
Analytics: Making Data-Driven Decisions
You don’t have to guess where your money is going in benefits administration — analytics can help you understand where you’re hitting the mark and where you can save. With the right technology, you can analyze employee benefits usage, see which plans are underutilized, and make data-driven decisions to optimize your offerings. For example, you might discover that employees are flocking to one health plan option, while another is barely used. Armed with that info, you can adjust your offerings, possibly eliminating the underutilized plan and saving big bucks.
How Selerix Helps
Selerix BenSelect integrates robust analytics into its platform, giving you real-time insights into benefits usage and helping you make smart decisions to optimize your offerings and costs.
Communications: Reach Employees More Effectively
Traditional, generic email messaging isn’t cutting it anymore. Today’s workforce is mobile, and they expect communication to be quick, clear, and convenient — and pertinent to each employee’s individual experience. Enter multi-channel communications. Having this functionality as part of your benadmin platform allows you to engage with employees through text messages, push notifications, and emails— so they actually see and engage with their benefits all year long. Better communication leads to higher participation in benefits programs and helps employees make better choices, which in turn reduces costs related to underutilized or misused benefits.
How Selerix Helps
With Selerix Engage, you can reach your employees where they are, with customizable multi-channel communication that goes beyond one-size-fits-all messaging — delivering targeted, impactful benefits information through SMS, email and push notifications.
