Technology: Creating Efficiency in Employee Benefits
Technology is moving faster than ever. It is difficult to keep up! As it relates to technology and change, Insurance Companies tend to move at a slower rate than the rest of the world. That doesn’t mean we have to wait around. The largest and most successful companies in the world aren’t waiting; they are blazing the trail. The most successful employers use and experiment with the newest technologies. So, let’s take a look and see what they have been up to!
Cell Phone Applications (Apps): Large employers are using cell phone applications (or “Apps”) for employees who are Android and i-Phone users. It seems as though there is an app for everything. Now, there is an app for employee benefits too! Employers can provide an application to employees to look up employee benefits information.
Virtual Doctor’s Visits: Now employees can have 24/7 access to a doctor! Many insurance plans offer access to a Toll-Free Nurse Line. This is different. This benefit allows an employee to access a Doctor online and/or over the phone.
This technology has tremendous cost savings potential for any self-funded or partially self-funded plan (such as an HRA). Each time the member opts to use the Virtual Doctor Visit in lieu of a traditional office visit, this will save the group health plan approximately (on average) $51 per visit. Moreover, each time the member opts to use the Virtual Doctor Visit in lieu of an Emergency Room it will save the group health plan approximately (on average) $543 per visit.
Reverse Auction for Employee Benefits: What is a reverse auction? It is the opposite of a standard or traditional auction. In a traditional auction consumers bid up the price of a product to outbid each other. In a traditional auction, the highest bid wins. In a reverse auction it is the opposite; the lowest bid wins in a reverse auction. A consumer is (figuratively speaking) put on the auction block and the vendors are in the audience bidding the price down to win the business. Each insurance carrier can see all the bids on the table and will only place a bid if it is lower than the previous bid. The end result is, the insurance carriers will bid each other down and the lowest bid wins!
We have taken a look at the newest technologies available in the world of employee benefits. Each technology listed above focuses on one or more of the following areas: reducing costs, increasing functionality, and/or streamlining processes. The largest and most successful companies in the world have used the above three technologies in the past few years to manage costs, increase functionality and to be more efficient. To learn more, contact Melissa DeWeese at Beneflex Insurance Services, Inc. at 805.684.5100 x 104 or learn more about Beneflex by visiting www.beneflexsb.com.
2. What we will cover in this session:
Technology creating efficiency
Defining Technology
Resistance to Technology/Change
Technology and Employee Benefits
Common Technologies in EE Benefits
i-Phone Application
Virtual Doctor’s Visit
Reverse Auction
The Bene Flex Difference
&Philosophy
3. Technology
tech·nol·o·gy
Noun:
1.The application of scientific knowledge for
practical purposes, esp. in industry: "computer
technology"; "recycling technologies".
2.Machinery and equipment developed from
such scientific knowledge.
Why is technology important?
• Technology creates efficiencies
• Technology saves time
• Saving time = saving money
5. Technology…
People are Resistant to Change
“I think there is a world market for
maybe five computers.” --Thomas
Watson, Chairman, IBM, 1943.
“The telephone has too many
shortcomings to be seriously
considered as a means of
communication. The device is
inherently of no value to us,” –
Western Union internal memo,
1879.
6. Technology…
People are Resistant to Change
“There is no reason why anyone would want a
computer in their home.” –Ken Olsen, Founder, Digital
Equipment Corp., 1977
7. Technology and Employee Benefits
•Technology is moving faster than ever
•Insurance industry tends to move slower than the
rest of the world as it relates to technology
•Largest Employers see the newest technology first
8. Common Employee Benefit
Technologies:
• Human Resources Online Resources
• Online Enrollment Portal
• Employee Benefits Portal: Benefit Summaries, EOC’s, etc.
• Email Alerts
• Total Compensation Statements or Employee Benefit Statements
• Employee Online Surveys, such as Survey Monkey
• Employee Benefit’s Center
• Wellness information online
10. Cell Phone App / i-Phone App…
Find your doctor or other provider and get
maps, directions, and contact info to the
one’s nearest you
11. Cell Phone App / i-Phone App…
Look up documents such as benefit
summaries, summaries of benefits and
coverage, employee handbooks, etc.
12. Cell Phone App / i-Phone App…
Know your plan and look up benefit
coverage like copays, deductible,
contacts, networks, etc.
13. What’s New?
Virtual Doctor’s Visits…
•24/7 Access to a Doctor
•Skype Capabilities
•Ability to prescript Rx over the phone
•Most ER visits are not necessary
•Employer can customize their copays
•Seeing Reduction in copays for Virtual Visits vs. Face-to-Face
•Reducing Claims Costs
•Lowering absenteeism
•Most programs guarantee timelines (i.e. guaranteeing doctor to
call back within 3 hours)
•Scheduling appointments online
•Storing electronic medical records
16. What’s New?
Reverse Auction for Employee Benefits…
• Insurance providers compete for an employer’s business
• Online technology where Employer’s data is entered, insurance
companies view this data and bid for the business
• Employers save on average 25%
• Sometimes employer keeps their existing coverage for less;
often times the employer changes insurance carriers
19. The Beneflex Difference….
• Creativity
• Technology
• Cost Control
• Personal Touch
• Employee
Advocacy
• Out of the box
thinking!
20. The Beneflex Difference...
Creativity
Alternative Funding Candidates…
•Partial self-funding or self-funding
•HRA or Health Reimbursement Account also known as “wrapping”
•HSA or Health Savings Account
•HIA or Health Incentive Account, usually integrated with Wellness.
21. The Beneflex Difference…
Technology
Who we are ...
Our reporting capabilities surpass
our competitors. We have client
focused systems that produce
reports that are meaningful to our
clients.
We also have top of the line
benchmark data. UBA members
obtained plan data for a total of
16,421 plans from 10,744
employers.
22. The Beneflex Difference…
Cost Control
Who we are ...
Beneflex objectively looks at
cost and focuses on the
health of your bottom line.
We use creative, out of the
box solutions.
Most broker-advisors ignore
more creative solutions
perhaps because they are
too complex or aren't as
lucrative as traditional plans.
23. The Beneflex Difference...
Personal Touch
Who we are…
BenAssist is a service and assistance direct to
employees
• Clarification of benefits/rates
• Claims issues
• Finding a doctor
• Prescriptions
• Benefit change support
• Medical referrals
• Copies of plan information
• HSA Questions
• Tenacious Advocates for your
employees
Let us help you!
24. Next Steps
Choose Beneflex Insurance Services, Inc. as your
broker/consultant and strategic partner.
Beneflex will provide a Strategic Plan aligned with
YOUR core values, goals & objectives as well as
on-going services and maintenance.
