Workplace Benefits Brokers Need a Better Technology Experience

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Data from the Wellfleet-EIS Workplace Benefits Broker Survey finds that brokers are not currently receiving the technology they desire.

Download the full 2021 Benefits Broker Survey today!

When looking at the workplace benefits broker experience, overall, technology plays a major role in their success. Technology fuels processes from quote to claim. Plus, it provides valuable data insights to enhance relationships, influence recommendations and drive persistency1.

Data points to a need for a ‘digital helping hand’

The survey data shows that technology enhancements are key drivers to improving the voluntary benefits experience for brokers and their clients. This becomes most apparent when reviewing what brokers reported as their five biggest pain points with their current carrier partners. Why? Because they are all directly related to technology! The top five pain points brokers noted are:

  1. Commission structure (52%)
  2. Billing errors (48%)
  3. Lack of real-time data insights for the broker and client (44%)
  4. Time to underwrite the group (43%)
  5. Slow data processing (42%)

At its most basic level, these pain points arise from a process and systems failure, which involves multiple people and systems collecting, manipulating and distributing data. Plus, there is a mix of manual and automated data entry, often with no defined source of truth. With so many systems and people in the mix, confusion on who and what is “right” is almost a guarantee.

“It’s not uncommon to be dealing with 20 different systems and up to 500 people overseeing them. Simply put, these systems aren’t integrated well and there’s rarely a source of truth. “This inevitable inaccuracy creates a ripple effect that impacts both carrier and employer satisfaction, resulting in thousands of hours per year lost to reconciliation,”

Alan Ingley

“Having worked with some of the largest carriers in the market over the last 30 years, I’ve seen first-hand how many systems are used across different functionalities,” stated Alan Ingley, Wellfleet Workplace VP of Sales Engineering & Client Success. “It could look like three systems for commissions, four or five for billing, three for policy administration systems.”

“It’s not uncommon to be dealing with 20 different systems and up to 500 people overseeing them. Simply put, these systems aren’t integrated well and there’s rarely a source of truth. “This inevitable inaccuracy creates a ripple effect that impacts both carrier and employer satisfaction, resulting in thousands of hours per year lost to reconciliation,” continued Ingley.

How Wellfleet leverages EIS to power Lighthouse and improve process

The main reason brokers and carrier partners experience these points of friction is due to legacy technology. Today, some carriers are working with systems that were developed more than 40 years ago!

That’s why Wellfleet partnered with EIS to develop Lighthouse. “EIS is leading and succeeding in the market with its introduction of a new-generation benefits platform that lights the way forward to a better benefits customer experience,“ said Samantha Chow, LAH Markets Lead at EIS. This unique, cloud-based platform helps simplify the workplace benefits experience from quote to claim. At its most basic level, this is done by leveraging clean data, streamlining processes and driving efficiencies via a singular system.

Lighthouse reduces the time to quote customized policies and is able to accommodate highly complex commission structures. It has also cut the time to onboard technology platforms, and increased the speed to issue and administer coverage. This means Wellfleet doesn’t run into the same technology-driven pain points as many other carriers.

When you think about some of the most tedious or time-consuming tasks that brokers and their clients face, Lighthouse helps solve for many of them. For instance, Lighthouse:

  1. Supports a single system of record – no patchworked, legacy systems – just one cloud-based system that seamlessly exchanges accurate data from quote to claim.
  2. Empowers the crafting of flexible & competitive benefit solutions that align with customers’ needs.
  3. Easily connects & exchanges data with the clients’ chosen HRIS technology platform and validates enrollment data in hours or days, not weeks!
  4. Generates precise bills with straight-forward processes & proactive support.
  5. Provides intuitive, events-based claims-handling-Wellfleet is able to quickly pay out on all the covered products and benefits customers carry, so they get the money they need, fast.

At its core, Lighthouse helps provide brokers, clients and their employees with an authentic, connected and personalized customer experience from end to end.

Providing a user-centric experience

In addition to core technical capabilities, brokers also noted the importance of a carrier’s ability to provide them and their clients with a robust digital experience. Overwhelmingly, 93 percent of brokers felt it was very to extremely important for carriers to provide features like portals, client analytics and educational materials. This sentiment further highlights how technology plays a critical role in long-term broker and client relationships.

In addition to powering core product, billing and claims technologies, Wellfleet provides brokers and their clients with customized marketing and reporting, which helps drive strategy and decision- making. Today, brokers and clients aren’t looking for your standard postcard or brochure. They want access to highly digital offerings, like microsites, email, video and social; ability to offer more tactile options for communication, such as flyers and posters, in certain instances.

“At the end of the day, we’re developing long-term relationships, said James Ocampo, Executive Vice President, Wellfleet Workplace.

James Ocampo

“At the end of the day, we’re developing long-term relationships, said James Ocampo, Executive Vice President, Wellfleet Workplace. “So, it’s important we provide exceptional value to every stakeholder we engage with. From brokers to employers, all the way to the employees who use our coverage, we strive to provide a genuine connection with every interaction we have with our customers.”

Wellfleet, a carrier with strong technological capabilities

To provide a level of service that meets the expectations of their clients and employees, brokers and employers need carriers who can provide digitally-forward, customer-centric experiences.

“As a technology-driven carrier, we recognize that technology and the needs of brokers, employers and employees; are not static. Our road map is continuously evolving in a manner that is in sync with client and customer needs, as well as technological advancements,” said Ocampo.

Ready to find out what it’s like to work with a carrier that is focused on pairing advanced technology with innovative products and exceptional value? Visit WellfleetWorkplace.com today!

Citations

1Vaswani, Neil. (2021, March 31). Sticky benefits: How voluntary options can double employee tenure. Accessed on August 4, 2021, from https://www.benefitspro.com/2021/03/31/sticky-benefits-how-voluntary-options-can-double-employee-tenure

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2021 Workplace Broker Survey

Our inaugural survey’s data highlights top brokers and client pain points, as well as what workplace benefits brokers want from their current carrier partners but are not receiving.

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