Prudential Financial

 
Executive Summary
Research Snapshot
The Trends in Benefits Web Technology report provides a synopsis of key themes in employee benefits web technology culled from two Prudential market studies. The key themes identified in this report provide valuable insight into the evolving landscape of benefits servicing and administration. This research is designed to assist plan sponsors, brokers/consultants, third-party administrators, and other key stakeholders in developing their business plans with an eye toward the future.

Key Areas of Interest
The Trends in Benefits Web Technology study provides specific insight into these critical themes:

  1. Benefits Web Technology Has Arrived
    Many plan sponsors use web tools on a daily or weekly basis in managing their benefits programs, including group life and disability. The most common functionalities available today are "brochureware," claims, and statement of health status inquiry and reporting. For many plan sponsors, web technology is a critical component of their larger business and employee benefits strategies.


  2. Fulfill the Promise—Benefits Web Technology Performs Well, but Falls Short of Plan Sponsor Objectives and Expectations
    Plan sponsors expect web technology to help them manage benefits plans more efficiently and effectively almost immediately upon implementation. Thus far, most employers still believe that the Internet is an essential service channel going forward, but that web tools are not fully delivering on their corporate objectives for cost savings, improved quality, and efficiency.


  3. Go Back to Basics—Ease of Navigation and Basic Functionality Drive User Experience
    Making benefits web tools as intuitive and easy to navigate as possible can help ease the transition and mitigate plan sponsors' and participants' natural reluctance to use new web technology. Also, offering functionality that performs at least as well as—and preferably better than—off-line alternatives is key to driving utilization and user satisfaction.


  4. Demonstrate the Value—Removing Hurdles to Increased Utilization of Benefits May Lead to Higher Plan Sponsor Satisfaction
    Plan sponsors who are the most frequent users and who use the broadest range of online functionality are the most satisfied with the performance of web tools. These "power users" have integrated the online systems into their daily routine. Therefore, navigation and ease of use are non-issues for them. Providing plan sponsors with the necessary initial training and ongoing tech support to facilitate increased utilization will result in improved comfort and satisfaction.


  5. The Future Looks Bright—Use of Benefits Web Technology Will Continue to Grow Over the Next Five Years
    Use of web tools to support plan sponsors and for employee self-service is expected to increase through 2010, primarily for transactional functionality such as billing, enrollment, and claims submission. This trend is true among companies of all size categories, but particularly for smaller and mid-size firms, where adoption of web technology has lagged behind that of larger firms in the past decade.


Recommendations
Use this report to:
  • Develop your business plan with an eye toward the future;
  • Compare how other companies and industries are responding to the top technology issues on the horizon; and
  • Balance costs using technology in response to changing workforce needs and business priorities.
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In The Spotlight

Did you know?
Prudential is the second largest carrier of group life insurance and a leading group disability carrier.


Source: LIMRA, U.S. Group Life Sales & In Force 2007 Annual Results Report
Group coverages are issued by The Prudential Insurance Company of America, a New Jersey Company, 751 Broad Street, Newark, NJ 07102.

California COA# 1179 NAIC Code 68241

104256-1007
IFS-A138223 Ed. 04/2009