Trends in Benefits Web Technology: 2006 Research Among Benefits Plan Sponsors

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Nov 5, 2013 (4 years and 1 month ago)

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The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

Trends in Benefits Web Technology:

2006 Research Among Benefits Plan Sponsors



The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

Introduction

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

3

Research Objectives


The availability of group life and disability web tools for use

by benefits plan administrators and plan participants.


The frequency of use of group life and disability web tools by plan
administrators.


The satisfaction of plan sponsors with the performance of group

life and disability web tools, in terms of functionality, navigation,
content, and accessibility

for plan administrators and participants.


The primary objectives of plan sponsors who have implemented
benefits web tools and how well those objectives have been met.

To determine through market studies:

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

4

Study of Employee Benefits: 2006 & Beyond

West
32%
Northeast
16%
Midwest
21%
South
31%
Region

100-499
17%
50-99
45%
500-999
12%
1,000-10,000
19%
10,000+
7%
# Employees

Industry

Manufacturing
18%
Financial
14%
Retail
11%
Services
26%
Wholesale
9%
Construction
7%
Other
15%
The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

5

2006 Plan Sponsor Web Benchmarking Study

Group Life Web Technology

1,000-9,999
34%
100-999
34%
10,000+
32%
Group Disability Web Technology

1,000-9,999
32%
100-999
37%
10,000+
31%
The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

6

Frequency of Using Benefits Web Tools

Among Plan Administrators

Weekly
41%
Daily
20%
Monthly
39%
The Prudential Insurance Company of America; Newark, NJ

IFS
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A134559

Ed. 6.2007

7

Functionality Used Most Frequently

by Plan Administrators

40%
42%
42%
42%
44%
44%
56%
44%
44%
48%
48%
Adding/Deleting Employees Outisde of Enrollment (Reoster-Billed)
Claims Submission
Recordkeeping
Claims Payment Status Inquiry
Billing Modifcation/Editing (Self-Billed)
Open Enrollment
Billing Enrollment
Claims/Payment Reporting
Documents/Forms Library
Statement of Health Status Inquiry
Benchmarking Reports (Employer Data vs. Industry Norm)
% Doing Each Activity Online Daily or Weekly

Net Daily/

Weekly

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

8

Usage of Benefits Web Technology

by Company Size

12%
16%
36%
45%
41%
38%
43%
43%
26%
100-999 Employees
1,000-9,999
Employees
10,000 + Employees
Daily
Weekly
Monthly
Frequency of Use

25%
27%
45%
30%
28%
26%
45%
45%
29%
100-999 Employees
1,000-9,999
Employees
10,000 + Employees
High
Medium
Low
Number of Functions Used*

*Low = 2 functions or less; Medium = 3 to 9 functions; High = 10 or more functions

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

9

Plan Sponsors Making Benefits Web Tools
Available to Employees

65%
78%
79%
81%
81%
82%
84%
94%
85%
86%
87%
90%
View Coverage
Document Forms/Library
Statement of Health Submission
Open Enrollment
Statement of Health Inquiry
Change Personal Information
Web-Based Training to Use Website
Change Beneficiary
Needs Assesment Calculator
Rate Calculator
Changing Coverage
Will Preparation
% of Companies Providing Employees Access to These Tools

Do Not Use
Employee
Web Tools
42%
Use Employee
Web Tools
58%
The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

10

Plan Sponsors Making Benefits Web Tools
Available to Employees

By Company Size

68%

59%

48%

10,000+

Employees

1,000
-
9,999

Employees

100
-
999

Employees

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

Theme I

Removing Barriers to Promote Usage

The Prudential Insurance Company of America; Newark, NJ

IFS
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A134559

Ed. 6.2007

12

Removing Barriers

23%
49%
21%
42%
71%
48%
73%
56%
6%
3%
6%
2%
Weekly/Monthly
Daily
Medium/Low
High
Very Satisfied
Satisfied
Dissatisfied
Number of Functions Used*

*For number of functions used, the categories were created by counting the number of functions used on a daily or weekly basi
s:


Low = 1 function or less; Medium = 2 to 9 functions; High = 10 to 12 functions

Online Tool Usage

Overall Satisfaction of Web Benefits Technology


By Usage and Number of Functions Used

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

13

Ease of Navigation is Key to a Positive User
Experience and to Increasing Utilization

44%
34%
11%
10%
1%
35%
31%
37%
32%
32%
Navigation (Easy to find
what you are looking for)
Completeness (Contains all
the data/reports)
Accuracy (up-to-date)
Technical Support
(assistance when
encountering a problem)
Availability (outages,
technical issues)
Importance Weight
% Very Satisfied
Benefits Website Attributes: Plan Sponsor Satisfaction vs. Importance

-
12 Gap

-
2 Gap

+26

+21

+34

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

14

Site Navigation Needs to be More Intuitive

for the Less Frequent Users

49%
26%
20%
48%
70%
73%
7%
4%
3%
High Usage/Daily
Moderate Usage/Weekly
Low Usage/Monthly
Very Satisfied
Satisfied
Dissatisfied
Plan Sponsor Satisfaction With Navigation of Benefits Websites



By Frequency of Use

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

15

Removing Barriers to Promote Usage

SIGN ON


Employer Portal access 24x7x365 with single sign on


Employee Portal access 24x7x365

TRAINING


Multi
-
channel approach

NAVIGATION


Consistent across sites

plus site instruction

COST


Online services at no additional cost

ACCESSIBILITY


Employee websites for visually
-
impaired users

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

Theme II

Making Plan Administration Easier

to Realize Cost Savings

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

17

Plan Sponsors Expect Greater Efficiency from
Use of Benefits Web Tools

Extent to Which Benefits Web Technology Makes Job Easier

Somewhat
Easier
50%
No Change
21%
Somewhat/
Much More
Difficult
1%
MuchEasier
28%
Ease for Plan Administrators

21%
27%
35%
57%
53%
41%
21%
19%
22%
1%
1%
2%
100-999 Employees
1,000-9,999 Employees
10,000+ Employees
Much Easier
Somewhat Easier
No Change
More Difficult
By Company Size

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

18

-
32 Gap

-
29 Gap

-
29 Gap

-
26 Gap

-
24 Gap

-
22 Gap

But Time and Cost Savings Have Yet to Be
Fully Realized

Benefits Website Attributes: Plan Sponsor Satisfaction vs. Importance

-
39 Gap

55%
33%
52%
60%
63%
62%
53%
63%
24%
21%
33%
34%
26%
36%
Reduce Costs
Enable HR to
Focus on
Strategic
Initiatives
Improve Quality
of Information for
Employees
Reduce Errors
Personalized
Employee
Information
More Up-to-Date
Information
Access 24/7
Importance Weight
% Very Satisfied
The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

19

Making Plan Administration Easier

to Realize Cost Savings

ONLINE / IVR
ENROLLMENT


For Employers

reduces involvement


For Employees

simplifies process

EOI CONNECT

EOI SELF
-
CONNECT


For Employers

reduces involvement


For Employees

simplifies process

CLAIM SUBMISSION


Minimizes time requirements

MANAGEMENT
INFORMATION


Reports that help with decision
-
making

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

Theme III

The Future Looks Bright

Coming Soon

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

21

The Future Looks Bright

Coming Soon

+21

35%
41%
43%
60%
65%
64%
35%
40%
43%
44%
34%
22%
62%
52%
60%
59%
56%
56%
Submit
Claims
Pay Bills
Updates on
Eligibility
Processing
Billing
Information
Access PTO
Information
Enrollment
Submit
Claims
Update
Beneficiary
Update
Personal
Information
Doing in 2006
Plan to do in 2010
+16

+16

+16

+30

+28

+25

+24

+21

Areas of Greatest Future Growth for Web Benefits Tools

Point
Change

Plan Sponsors

Employees

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

22

13%

16%

30%

28%

13%

Increased Adoption of Benefits Web
Technology will Continue in Many Industries

32%

13%

16%

30%

28%

13%

3%

20%

31%

29%

13%

4%

20%

34%

26%

12%

19%

20%

34%

20%

6%

17%

14%

26%

9%

23%

39%

16%

8%

9%

AT THE FOREFRONT

of technology

SOMEWHAT AHEAD

of the market

in adopting

new technologies

KEEP PACE

with the market

in adapting

new technologies

TEND TO FOLLOW


the market and

only adopt

proven technologies

RELY ON LEGACY

technologies

All Employers

Heavy Industry

Manufacturing

Sales/Trade

Finance/Ins/Real Estate

Services

Plan Sponsor Willingness to Adopt New Technology

By Industry

% of Total
Sample

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

23

The Future Looks Bright

ENHANCED EMPLOYER AND
EMPLOYEE SITES


Design


Navigation

EXPANDED SINGLE SIGN ON
CAPABILITIES


Enrollment


Employee Self Service

COMBINED ONLINE SCREENING


Life


Disability

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

Questions & Answers

The Prudential Insurance Company of America; Newark, NJ

IFS
-
A134559

Ed. 6.2007

25

Thank you for your participation. If you would
like more details about today’s presentation or
our web capabilities, please contact your
account manager or local Prudential
sales representative.

Questions & Answers