Benefits administration technology is evolving at a rapid pace. According to Gartner, 89% of human resources leaders plan to maintain or increase their HR technology budgets this year.1
While there’s no magic button for assessing your HR technologies and benefits offerings, there are some general best practices that brokers and HR professionals should consider before sending out a request for proposal (RFP) to carriers.
The Do’s and Don’ts of HR Technology
HR technology is a huge and potentially intimidating investment. Brokers have a big responsibility to help their clients choose the right carrier that will support their HR technology needs.
“Companies are investing more than ever into their HR technology and benefit offerings, and they want to see a return on this investment,” says Alyssa Hill, a technology relationship executive for Group Benefits at The Hartford. “Insurance products must work in concert with technology processes to give HR teams a lighter load and employees a better benefits experience.”
We’ve compiled several tips to consider when helping your client choose the right technologies for their organization.
1. Communicate Clearly About the Technology Currently in Place
Brokers can’t confidently recommend a new carrier’s product without knowing exactly which technology is currently in place to support it. Knowing which human capital management (HCM) or benefit administration platform a client uses is helpful, but these systems can be broad and may have several different iterations and sub-platforms. Understanding the specific uses of a client’s HR platform reveals how integral the system is to their daily operations. Are they using it for payroll, leave management, benefits administration or other HR functions? What automations do they have in place? Answering these questions will help you identify areas where your client might need more support or better integration.
It’s also important to assess how well the team understands the technology they are using. Are they often requesting external support for the technology they have in place? Brokers can build a great foundation for creating a strong RFP by understanding the technology tools and platforms their clients have and how comfortable they are with them.
2. Know What Problems You’re Trying To Solve
As technology advances, it might seem like there’s a solution for every potential benefits administration issue. In reality, organizations should be picky about what pain points they want to alleviate based on their workforce, HR capacity and size. Prioritizing solutions will help lead to a more efficient, effective and streamlined workflow with the right tech investments.
For each pain point, brokers should consider every angle. Let’s say, for example, a client needs help with administering evidence of insurability. That, on its own, is a pain point, but an experienced consultant can help you go deeper. Evidence of insurability is complex, and some carriers can support more automation than others. Knowing how this process can vary and what the client’s specific needs are can go a long way toward providing the best, tailored solution.
3. Don’t Go It Alone
The Hartford can help brokers assess their clients’ products and processes related to our insurance products so they can make a confident recommendation. Having the right people in your corner can make all the difference. We can provide a consultative approach, serve as a trusted resource before a sale is made and support you through implementation, enrollment and more.
4. Don’t Wait Until the Last Minute
Given the complexity of HR tech and carrier integrations, it’s important to engage a sales contact or technology relationship executive as early in the sales cycle as possible. The earlier a consultant is engaged during the RFP process, the more value they could potentially provide for your client.
“If the sales contact or broker engages us early to discuss client goals and pain points, we can strategize on new data exchange methods that will support a better experience. We can also discuss opportunities to minimize the burden of a carrier change, such as offering build support,” says Hill.
A bit of thoughtful pre-planning can go a long way in the realm of HR technology. It doesn’t have to be so complicated when you partner with a trusted carrier.
If you have questions about Tecnología HR or need help to create a strategy that’s tailored to your needs, contact a representative at The Hartford today!
