Voluntary Benefit Vendors Selling Directly To Employers
While we were not able to provide an analysis of voluntary benefit vendors that sell directly to employers and the conditions under which these take place, we could find that the National Benefit Group of America (NBGA) is one example of vendors that sell voluntary benefits directly to employers including corporate, industrial, and government organizations. We have outlined our findings below.
EXAMPLE OF VENDORS THAT SELL DIRECTLY TO EMPLOYERS
THE NATIONAL BENEFITS GROUP OF AMERICA (NBGA)
- The company has been in the industry since 1991. They have been providing voluntary benefits directly to health insurance brokers, corporate, industrial and government organizations and their employees.
- They provide this service by helping employers save time and money. This is achieved by streamlining the details of their benefit programs. They also assist employers in making informed benefit decisions and selections by providing them detailed explanations of each benefit and the appropriate rates.
- The NBGA also offers to enrich the benefit programs of the employers through consultation and enrollment.
- The NBGA is accessible via consultation any time of the day through their website and consultation is free.
- Other service values NBGA offers to employers include:
— The provision of help in understanding the benefits completely.
— The use of comprehensive communication towards employers to provide assistance.
— The reduction of the cost of many voluntary and group plans.
— The setting up of human resources and the reduction of the duration in the administration of enrollment processes.
— The promotion of employee morale and retention.
— The provision of accurate and responsive enrollments.
— The reduction of the need for paperwork.
— The provision of accurate HRIS information and reporting.
— The elimination of high-pressure sales tactics by hiring non-commissioned licensed benefits counselors.
- NBGA will help employers to add value to the benefits programs in the following ways:
— Communicate the details of new and existing benefits to employees.
— Provide updated demographic data about employees.
— Provide additional resources for HR departments through its benefit counselors.
— Submit electronic data to employer and insurance carriers.
— Reduce the paper application process through its electronic enrollment option.
— Help employees understand the value of employer-provided benefits utilizing the “hidden paycheck” concept.
— Increase employee participation in FSA/HSA and voluntary benefits.
We were unable to find any information about the general analysis of voluntary benefit vendors that directly sells to employers and under what conditions they take place.
To find the information about the general analysis of voluntary benefit vendors that directly sells to employers and under what conditions these take place, we searched for research studies from credible industry sources. Since the study focuses on the benefits vendors, we searched for data that focus on the competitive advantage of the voluntary benefit vendors within the target market. We thought we could find information around where vendors sell their services or a competitive platform why voluntary benefit vendors are successful in directly selling their services to employers. We searched through the Employee Benefit Research Institute. However, we only found information around topical issues concerning voluntary benefits like the anatomy of the voluntary benefits, who use them, why it is important during retirement, and the total compensation an employee will receive when they have this voluntary benefits. No results were about the target market nor the competitive advantage of the voluntary benefit vendors.
Next, we sort to triangulate the requested information by analyzing trends and insights of experts in the employee benefits industry. We looked whether there had been any mention of vendors selling directly to employers as a trend, and under what conditions they take place. We looked into industry sources like Benefit News. With this approach, we mostly found data about what type of benefits that employees want and what employers do not want to adapt when it comes to voluntary benefits. We were unable to find trends/insights on how and where voluntary benefits vendors sell their services or any mention of vendors selling directly to employers as a trend, and under what conditions they take place.
We also tried searching for public information/statements made by firms/companies selling voluntary benefits directly to employers. We looked at corporate websites, press statements, interviews from key personnel, etc. We wanted to find public statements where we could locate a general information/analysis about voluntary benefit vendors focused on whether they directly sell to employers and under what conditions they take place. Unfortunately, we were not able to find many data on this regard. We only found one voluntary benefit vendor that directly sells to employers — NBGA. While we did not find the information about the general analysis of voluntary benefit vendors that directly sells to employers and under what conditions they take place, we provided one example of vendors that sell directly to employers. Equally, we provided the information we gathered on the National Benefits Group Association.