When the processes that keep your business running get easier, your whole business gets a boost.
Benefits are one of the best tools companies have for maintaining employee happiness, but at many companies benefits management often feels like an uphill battle. Fortunately, strategic benefits administration support can empower HR professionals by cutting down rote labor and giving them time back for initiatives that make an impact.
We have years of experience supporting HR departments at companies of various sizes all over the country. Our actuaries, legal teams, well-being experts and analysts can provide the backup you need to support a thriving benefits ecosystem that works for your demographics.
Data Analytics Support
Numbers will never tell the whole story, but they can get pretty close. Our in-house actuaries and analytics specialists support your work by aggregating, analyzing and benchmarking your benefits data. The result can be used to create a clear picture of your current benefits landscape, including trends and risks.
After our work to gather and interpret your data, we’re poised to offer evidence-based recommendations, and you have the information you need to make strategic choices.
We also put our underwriting, data warehousing and medical claims expertise to work to offer:
- Rate equivalent development
- Incurred But Not Reported (IBNR) reserve analysis
- Plan design modeling
- Claims analysis (financial and clinical)
- Rx testing
- Financial forecasting/budgeting
- Employee contribution analysis (e.g., by tier and wellness offering)
- Internal underwriting and pre-renewal calculations
- Budget analysis and projection development
- M&A due diligence financial implication reporting
- ACA valuation
- Alternative funding analysis (e.g., self-funding, fully insured and combination)
- Stop-loss simulation and alternative analysis
We partner with clients by meeting regularly to go over claims experiences, exposure changes and administrative matters. On a monthly, quarterly and yearly schedule, we deep dive into plan performance reports.
Benefits Administration Technology
Analysis, recordkeeping, research and review take time and resources. We’ve been in the game for a long time, and we can help.
In benefits administration conversations, it’s hard to get away from HR technology, and for good reason: the right systems, customized to your needs, can marry easy reporting and analytics with convenient employee access and communication tools.
That said, we’ve seen many capable HR professionals frustrated as they look for HR technology and solutions that actually make their lives easier. Research alone is a big time sink. Learning enough about the options to make an informed decision distracts from more pressing responsibilities.
Outside support can help. Our solution review process is designed to be vendor-agnostic so you get a clear view of the technologies available.
- Benefits experience hard to find elsewhere
- A preferred-providers network with well-vetted vendors that lead the way in expertise, technology and support
- A proprietary decision support tool that makes it easier than ever to pinpoint your ideal provider
Open enrollment can be the worst time of year for HR. The NFP Benefits Call center can partner with you to pick up the extra burden of logistical questions during this time.
We prioritize achieving personalized support that greets your employees on a first name basis. Our thorough documentation practices and regular reports keep you in the loop, and allow you to easily pick up where we left off after your busy season.
Health and Well-Being Programs
Poor health and financial stress can negatively impact employee productivity and, indirectly, your company’s finances. To equip your workforce with tools and support, we can connect you to leading vendors and assist as needed with strategic development.
Learn more about our well-being support capabilities on the Health and Well-Being page.
Benefits Compliance Resources
On top of the day-to-day work of maintaining benefits, ongoing compliance considerations can be a burden. Whether you’re a small family business or a company with multiple offices across state lines, compliance can get complex quickly. As companies evolve and laws change, it pays to have a partner dedicated to maintaining legal compliance.
Keeping pace with change isn’t optional, so we make it as easy as possible by offering proactive compliance resources:
- A top compliance team: A dedicated team of compliance professionals follows, aggregates and disseminates the information you don’t want to be without.
- Compliance Corner: This compliance-focused newsletter arrives in your inbox whenever new legislation passes at the state or federal level.
- Web portal: Our industry-leading, web-based compliance portal helps you adhere to numerous federal health and welfare plan rules, and provides model notices you need to send out.
- Research team: These industry experts prepare annual industry reports, white papers, benchmarking studies, newsletters and other materials that will help you stay compliant and competitive.
- Seminars and webinars: Complex compliance topics made understandable. Need one-on-one compliance training? We offer that, too.
Visit our Benefits Compliance page for a fuller picture of our compliance resources and capabilities.
Building a benefits program tailored to your workforce is only helpful if your employees know how to take advantage of it.
Professionals with experience facilitating engaging informational meetings and delivering concise, clear communications will support your efforts by ensuring that every employee understands the valuable benefits you’re offering them. This in turn boosts employee loyalty. Our experts have helped employees at countless companies to understand and utilize their benefits, and we can help you, too.
Focus on What’s Important
A partner in research and analysis, navigating current trends and managing the intricacies of compliance can improve outcomes for your company over time. You’re capable of juggling all the minutiae of benefits administration, but you don’t need to do it the hard way.