How to Pick a Benefits Administration Partner
With 2019 on the horizon, you may be ramping up to, or in the middle of business planning. Perhaps you've decided to add a new, or enhance an existing benefits enrollment technology strategy. A quick Google search confirms that there are a lot of options out there. So where do you begin? What qualities are important in the evaluation process, and how do you know when a benefits administration vendor is the right fit for your business?
Don't worry – we'll make this easy for you. Use our 23-point checklist as a guide for evaluating potential benefits administration partners and how to pick a benefits administration partner.
1) Business Model
When evaluating a potential benefits administration vendor for your company, you should start with uncovering specific information about their business model, such as:
☑ How many years have they been in business?
☑ What does the company ownership structure look like?
☑ What is their market reputation?
☑ What type of pricing models do they use?
☑ Are they SaaS only? Full-service benefits administration? Both?
☑ What are their capabilities, scope, and reach?
☑ What type of carrier relationships do they have?
☑ What type of HCM / payroll software relationships do they have?
2) Software Features
Next, it's time to dive in deeper and begin to evaluate if their benefits enrollment technology platform is right for you. The features below can provide a great place for you to start your evaluations.
☑ Who owns the software?
☑ Who stores and/or transmits the data?
☑ What is the software infrastructure and Q4 up-time?
☑ How is the overall user experience?
☑ Do they integrate with your carriers, HCM, and payroll systems?
☑ Is the platform a customized or standard configuration? Or, both?
☑ Do they have specific features important to your business?
☑ Can they provide proof of security audit, or HITRUST certifications?
3) Operating Model
Lastly, you'll want to ask specific questions that address the operating model of your potential benefits administration vendor. For example, you'll want to know who your go-to people involved in the implementation process will be, and make sure you have a firm understanding of their service level agreements. Last, but certainly not least, you will want to be sure the software you choose can provide first-in-class cyber security support.
☑ How many employees (technical vs. client-facing) do they have?
☑How many clients and associated lives are on their platform?
☑ What is the implementation process (roles/responsibilities)?
☑ What is their client-support model?
☑ Do they measure client satisfaction metrics? If so, how?
☑ Can they provide you a transparent service level agreement?
☑ Do they have technology EO / cyber security insurance coverage?
Ready to select a benefits administration partner? Consider benefitexpress.