Use data to benchmark your employee benefit plans with RiskMatch for Benefits
By Mike Alwais, Director Product Marketing
The one question your benefits clients ask every year
Every benefits broker knows the one question you’re certain to get from your clients each year: “How do our employer-sponsored plans stack up?” With employers spending an average of around 30% of payroll on health and other employee benefits, controlling costs is a constant struggle. Your customers want to make sure they’re providing competitive benefits to attract and retain talent, but they don’t want to be tracking so far above the market that they’re incurring unnecessarily high costs.
Ergo, benchmarking. If only it were that simple. Benchmarking employer-sponsored plans requires a few things: a comprehensive data set that covers many plans, analysis tools to show where plans lie within the aggregate data, and presentation tools to show this analysis to clients. Effective benchmarking leads to satisfied clients who see the value of your expertise and advice. It’s clearly important, but it’s also a process that takes away valuable time you’d rather be spending on benefit strategies.
A simple solution for benchmarking employee benefit plans
RiskMatch for Benefits is a 3-in-1 solution to get you to your goal: effective benchmark presentations. It provides access to one of the largest data sets with over one million employer plans (and growing). Drawing from this aggregate data set, RiskMatch provides analysis of your customers’ plans and allows multi-category benchmarking for criteria that matter to them like state, employer size and industry.
RiskMatch for Benefits also offers flexible filtering that allows you to compare your customers’ plans against those with similar attributes, like high-deductibles, and filter out irrelevant comparisons for the quickest results. When you’re ready to pull it all together, RiskMatch brings you a modern looking client-facing presentation that you can even deliver on a tablet or laptop.
Modern, powerful, and comprehensive benchmarking to increase sales
Benchmarking doesn’t have to be a dirty word anymore! Using RiskMatch, you’ll be able to compare your clients’ employee benefits to the market and advise them accordingly. And this tool won’t just come in handy at renewal time – you’ll be able to compete for new business armed with the information you need to present benefits strategy recommendations that take the whole picture into account. All of this is faster, easier, and better looking than ever before.