THE CHALLENGES
Benefits administration has become increasingly complex over the years. With regulatory compliance requirements, security issues, technology disruption, and the day-to-day management of countless data and details, many organizations are asking the same question: Should we outsource the administration of our benefits?
Below is a sample of our ebook that outlines several key indicators that suggest when it may be time to outsource. To read the full version, click Download Ebook.
INDICATOR #1: INEFFICIENT SYSTEMS
Many organizations today are mired in legacy systems that still require paper-pushing and manual processes. For instance, tedious data entry is manually formatted, forms are emailed over systems that are less than secure, and the management of complicated premium billing and payments consume valuable time. Adding to this, many are managing enrollment, billing, reconciliation, and payments in multiple systems that aren't integrated. Given today’s competitive landscape, this kind of inefficiency is no longer sustainable.
INDICATOR #2: LIMITED RESOURCES
You may consider creating your own technology in-house. However, the personnel needed to create and maintain a robust administration system can is very costly. The national average salary for a single software engineer in 2021 was over $130,000. When you add network architects, programmers, project managers, and compliance experts, the costs can quickly spiral. Do you have the resources to properly invest in this major initiative? Most do not which is why 3 out of 4 organizations outsource some aspect of benefits administration
See how our Professional Services team can implement the right solutionINDICATOR #3: ERODING MARGINS
Software as a Service (SaaS) has been proven to reduce investments in infrastructure time. There is no software for your organization to install, maintain, and update. It is all done for you. In addition, the online management of benefits increases efficiency by drastically streamlining enrollment, billing, payments, data exchanges, and more. How much can this potentially save you? According to CFO.com, when an employee self-enrolls in benefits online it costs about $22. By comparison, it costs $110 when that same employee must be manually enrolled.
Learn how SIMON® can reduce workloads and save you moneyINDICATOR #4: UNHAPPY CUSTOMERS
Today’s employers and their employees expect a user-friendly, modern benefits enrollment and administration experience. They are no longer content with paper-driven processes, siloed systems, and complicated scenarios. Additionally, they expect more benefits and services at reduced costs. It’s a tall order. If your organization is not delivering in these critical areas, your customers may be looking for someone who will. By outsourcing benefits administration to the right technology partner, you can delight your customers.
See SIMON® in action by requesting a demo