trends in benefits web technology: 2006 research among benefits plan sponsors
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Trends in Benefits Web Technology: 2006 Research Among Benefits Plan Sponsors. Introduction. Research Objectives. To determine through market studies:. The availability of group life and disability web tools for use by benefits plan administrators and plan participants. - PowerPoint PPT PresentationTRANSCRIPT
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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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:
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Study of Employee Benefits: 2006 & Beyond
Region
# Employees
Industry
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
2006 Plan Sponsor Web Benchmarking Study
Group Life Web Technology Group Disability Web Technology
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Frequency of Using Benefits Web Tools Among Plan Administrators
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Functionality Used Most Frequently by Plan Administrators
% Doing Each Activity Online Daily or Weekly Net Daily/Weekly
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Usage of Benefits Web Technology by Company Size
12% 16%36%
45% 41%
38%
43% 43%26%
100-999 Employees 1,000-9,999Employees
10,000 + Employees
Daily Weekly Monthly
Frequency of Use
25% 27%45%
30% 28%
26%
45% 45%29%
100-999 Employees 1,000-9,999Employees
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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Plan Sponsors Making Benefits Web Tools Available to Employees
% of Companies Providing Employees Access to These Tools
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Plan Sponsors Making Benefits Web Tools Available to Employees—By Company Size
68%
59%
48%
10,000+Employees
1,000-9,999Employees
100-999Employees
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Theme I
Removing Barriers to Promote Usage
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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 basis: 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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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 findwhat you are looking for)
Completeness (Contains allthe 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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
Plan Sponsors Expect Greater Efficiency from Use of Benefits Web Tools
Extent to Which Benefits Web Technology Makes Job Easier
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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
-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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
The Future Looks Bright—Coming Soon
+21 +16 +16 +16 +30 +28 +25 +24 +21
Areas of Greatest Future Growth for Web Benefits Tools
Point Change
Plan Sponsors Employees
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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 FOREFRONTof technology
SOMEWHAT AHEADof 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 LEGACYtechnologies
All Employers Heavy Industry Manufacturing Sales/Trade Finance/Ins/Real Estate Services
Plan Sponsor Willingness to Adopt New Technology—By Industry
% of Total Sample
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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
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The Prudential Insurance Company of America; Newark, NJ
IFS-A134559 Ed. 6.2007
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Questions & Answers