The Advantages of Integrated Employee Benefits Technology

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Everyone likes things that make life a little easier. Therein lies the appeal of integrated employee benefits (EB) technology.

As a testament to this, 96% of the 400+ HR professionals who participated in a recent study (commissioned by AXA and conducted by SourceMedia Research/Employee Benefit News) cite streamlining processes as a significant purchase decision factor when selecting integrated EB technology; 92% point to reducing errors/improving accuracy as significant (see Figure 1).

Figure 1: Benefits Technology Purchase Decision Factors
Level of significance of each factor when choosing an integrated solution

Streamlining processes

96%

Having a single source for employee information

96%

Reducing errors/improving accuracy

92%

Security of sensitive data

91%

Integration of specific benefits/HR functions

91%

Ease of integration

91%

Technical support

87%

Speed/efficiency

87%

Reducing costs

85%

Freeing up time for staff to work on more important tasks

85%

Easy to use interface

84%

Price

80%

Technical specifications

67%

Software license terms

49%

Source: SourceMedia Research/Employee Benefit News, March 2019

“The number one advantage of an integrated employee benefits system is being able to make a change or input information once. As such, HR professionals are able to spend less time on administrative tasks and more time on the strategic activities that can move their organizations forward,” says Tom Flavin, Head of Distribution, AXA.

Survey respondents agree that an integrated EB administration system can make their work lives easier. Reasons include:

  • There is “very little redundancy in terms of information needing to be changed, which also helps us keep accurate information. There are fewer instances of changing information in one place but then forgetting to in another place and having discrepancies.“
  • “There is no reason to replicate activities when there are all-in-one solutions. Integration is the future.“
  • When “fewer systems are required,” there is “less margin for errors.“
  • “My time is needed on high-level projects and business development,” and it is difficult to focus on these strategic tasks when administrative work is “unmanageable.“

With an integrated EB solution, it is possible to offer benefits programs from the best carriers to employees, and to allow them to access all of the programs via a single administrative platform. This enables employees to manage their benefits in a manner that helps them holistically meet their needs.

“When an employer presents benefit options to employees in a comprehensive, coordinated manner employees see the full value proposition of the benefits that are being offered. They can more easily determine what makes the most sense for them,” says Ron Hermann, Head of U.S. Life & Employee Benefits at AXA.

Broker Tip: Talk to your clients about their benefits technology to see if there are opportunities to streamline processes and save time and resources. Explain the value of having a single source for employee information, not only for their HR teams but individual employees.

For more information on integrated EB solutions, please visit:
https://us.axa.com/employeebenefits/marketing/powerfullysimple.html

Methodology

In February and March of 2019, SourceMedia Research/Employee Benefit News conducted an online survey of 401 HR professionals. The study, commissioned by AXA, had the following requirements for participants: manager level or above; benefits technology decision-making responsibility; organization size of 10 to 500 employees; organization 2018 gross receipts of $250,000; and organization usage of at least 1 software solution for HR functions.

"AXA" is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (AXA Equitable) (NY, NY); MONY Life Insurance Company of America (AZ stock company, admin. office: Jersey City, NJ) (MONY America); and AXA Distributors, LLC. All group insurance products are issued either by AXA Equitable or MONY America, which have sole responsibility for their insurance and claims-paying obligations. Some products are not available in all states.

GE-2698842 (8/19) (Exp. 8/21)

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