FEI was relying on paper processes for managing benefits enrollment. The benefits team was spending a lot of time manually entering data and searching for files, pushing through concerns of possible entry-error and lost information while doing their best to support an enrollment process that was tedious for employees. Analysis and reporting on the administrative end was also burdensome. Administrators had to search through reams of files to find the information they needed before spending more time translating that information into a legible report for executive review. They were swamped with work. They needed their time back. They needed to make the transition away from paper.
The company was attempting to support three different medical plans—an HMO, a PPO and an HDHP—but delivering effective communication was difficult. The high tech arena has many different levels of employees, so it was challenging to provide detailed benefits information that was engaging, easily understandable and consistent for all employees. Administrators were already buried in a heavy workload, and though they put up their best effort, they were worried that associates weren’t getting the information they really needed. FEI was looking for a better way to engage and educate employees to help them see the value of their benefits packages.
Ultimately, FEI wanted its employees to make the best enrollment choices for their unique situations.
FEI selected BENEFITFOCUS® Marketplace to streamline their benefits administration, simplify enrollment and power engaging communication throughout the year. The transition to the cloud-based platform eliminated tedious paper processes and provided both administrators and employees access to a host of time and cost-saving services that were previously unavailable to them.
“Benefitfocus helps us save a lot of time, especially with basic questions where people can print their summaries and get detailed reports—what they have, what we are offering, pricing. It just saves a lot of time—also with open enrollment, because we can process hundreds of employee changes during a sequence of three weeks” – Carrie Mantel, Senior Manager Global Compensation & Benefits.
Benefitfocus Marketplace automates the secure transfer of data between FEI and their insurance providers, resulting in saved time, lower costs and reduced errors. Additionally, the platform’s analytics and reporting features allow the benefits team to quickly pull a report detailing the company’s status and make informed benefits and budgeting decisions.
Administrators no longer have to make the trek to the file room and cross their fingers that they’ll find the information they’re looking for in file cabinets. Operating in the cloud, benefits administration is simply faster, easier and more reliable.
Engaging employees and educating them about their benefits is also easier, thanks to the sleekly designed and informative content built directly into the Benefitfocus Marketplace enrollment flow. FEI employees get to do what they love— research! The guided shopping experience, including videos and other educational tools, allows individuals to easily dive-down through various levels of plan information, helping them to quickly find out which plans best suit their needs. As a result, FEI has seen a significant movement from their PPO plan to their HDHP. Employees are engaged and actively pursuing their best benefits options!