Is your benefits provider truly tech-savvy?

Having great technology is only half the story in the benefits world. Ease of purchase, superior terms and conditions, research into customer needs, focused marketing, engagement with distributors, and dedicated employee communications are also needed.

But to me, these factors can be wrapped into three core elements that need be considered from the outset.

These elements don’t just apply to the end-technology an employee engages with. In fact, their impact is felt at every stage of the benefits chain.

A benefits or insurance provider needs to have these in hand in order to convince an adviser that their online platform is truly harnessing the benefits of technology.

Strong marketing communications and social media

Let’s begin with the first pillar of successful benefits technology - strong marketing. A powerful multi-channel communications campaign is not only a revenue driver for benefits providers, but is also a sign to the buyer that the provider truly has connectivity at its heart.

A platform bringing together or plugging into different vendors will allow the adviser and employer to mix and match according to employees’ preferences

For example, if your benefits provider claims to have a revolutionary tech platform, does this company have a video demo showing its distributing advisers just how straightforward the system is to use?

Does the vendor provide supporting literature on the features and benefits of the product, which the adviser can share with their clients? And more importantly, does this provider claiming to be tech-savvy actually have a social media presence?

Actions speak louder than words and a tech-focused company that doesn’t have relevant social media channels can speak volumes about its technical skills and resources.

User-friendly interface for the modern customer and use of mobile

The platform needs to be easy to navigate for the end user. Millennials in particular expect a slick interface offering content that’s easy to digest.

It needs to be intuitive and without jargon. If this is not already part of a provider’s philosophy, their next upgrade needs to take into consideration the modern employee’s preference for simpler, cleaner interfaces.

More and more people are accessing the internet from their phones or tablets, so having a platform that is easily accessible through these devices will further determine a provider’s rank in the chasing pack.

Personalisation

Finally, choice and the ability to easily select benefits depending on lifestyle or preference are key. Millennials are likely to live longer lives, inevitably leading to more health problems.

The current unaffordable state of the housing market means they’re also likely to buy their first home later in life. This is normally a common prompt to purchase life insurance and it raises questions about how and when we communicate the need for certain benefits.

A growing preference to travel and switch jobs also shows millennials will be choosing benefits packages that are unique and different from their predecessors.

A platform bringing together or plugging into different vendors will allow the adviser and employer to mix and match according to employees’ preferences.

The sector can’t just rely on the system to do all the work – everything needs to be as easy as possible. Simplicity is essential. One thing is for sure – even with the best technology, you can only grow a market it’s as easy for your distributors to sell, as the platform is to administer.

Paul Avis is marketing director at Canada Life