How Consumers Can Take Advantage of Better Employee Benefits Experience
  • Tools & Best Practices

Waze for Employee Benefits: How Consumers Can Take Advantage of a Better Benefits Experience

Automation surrounds many areas of our personal lives. We automate coffee makers to start brewing before we even wake up, online payments for bills to avoid penalties and even our thermostats to auto-adjust throughout the day, night and weekends. These simplify little things in life so we can focus our attention on more important areas of our lives.

The set it and forget it approach may work for many aspects of our lives, but, unfortunately, it doesn’t work for everything. When it comes to benefits, it can mean missing out on opportunities, possibilities for savings or, even worse, potentially exposing you and your family to health and financial risks.

93% of employees choose the same benefits each year rather than making changes during open enrollment periods.* 

Instead of set it and forget it, we should think of our approach to benefits more like driving with a navigation system. Benefits selection and management then becomes more like a road trip using a navigation app such as Waze, a personal favorite of mine. Consider how easy it is to use an app like Waze to get where you want to go. I simply put in my destination and determine if I want the route using the shortest distance, the fastest time, or maybe even take the scenic route to avoid highways. Along the way, if there’s been an accident or some weather has popped up, it alerts me, recalibrates the route and provides a new recommendation. Ultimately, I get to my destination without strenuous effort on my part.

Now, imagine if you were able to have the same experience with benefits. Once you consider what you want your end destination to look like, you could have a benefits navigation system that takes into account your preferences and any potential recalibrations along the way. Here are a few examples of how that would work:

Example 1: Wealth adjustments

You’re considering how you want to protect your finances now and in the future. What if your benefits navigation system helped alert you to additional financial protection options?

You’ve already invested a lot, which is great. Let’s make sure you have a balance of pre-tax and post-tax dollars. Have you considered accident insurance? This type of plan pays direct cash benefits to help you cover unexpected out-of-pocket expenses in the event of an unplanned injury. 

Example 2: Health adjustments

You’re covered with core medical coverage, but your benefits navigation system could show you the fastest way to affordable, high-quality care with supplemental coverage.

Signing up for GoodRx for $5.99 a month would have saved you $XXX at your preferred pharmacy over the last eight months. Interested in learning more? Click here.

Example 3: Lifestyle adjustments

Our different values and lifestyles make us unique, and many employers are recognizing this with tailored benefit offerings. Although, oftentimes, we don’t understand the full value. What if your benefits navigation system could float those benefits to the top during the moments that matter?

Having active kids can make it pretty rough to get to the grocery store. Shipt can cross grocery shopping off your to-do list and give your feet a rest. We can sign you up for a 30-day trial. Get more information here.

As Benefitfocus evolves our platform and advances the next generation of our Superior Artificial Intelligence Guidance Engine, BenefitSAIGE, the idea of a benefits navigation system is a reality. It helps you navigate the moments that matter by gathering and synthesizing data to help you know what changes to consider, similar to getting product recommendations on Amazon or a new route suggested by your Waze app to avoid traffic. It looks at your situation and characteristics as well as billions of data points from others’ transactions and interactions on our platform. It’s constantly listening, learning, and then communicating valuable information to help you understand your options and be empowered in selecting benefits that are relevant to you during significant life moments.

Interested in other tools we have to help allow for adjustments and checks along the way to a better benefits experience? Check out what Benefitfocus President & CEO Ray August along with special guests revealed at One Place 2019

*2018 Aflac WorkForces Report