Impress CFOs with Enhanced Data Modeling

We’ve made some big changes to Benelinx, our agency management solution, to help you deliver value to your clients through more accurate projections and final enrollment reporting. While we’ve made improvements throughout the platform, there’s one update we believe is especially critical for brokers—enhanced data modeling.

You can now assign plans and policies at the individual member level and leverage this data using horizontal market proposal templates within the Benelinx platform. This release equips agencies of all sizes with tools to create a multi-year strategy that includes predictive modeling on employee election behavior, a contribution strategy methodology and justification for a multiplan benefit program.

The C-Suite Now Controls Employee Benefits

Health insurance has always been complicated for employer groups to navigate. According to a 2020 survey by Willis Towers Watson, CFOs have taken an increasingly active role in managing the design and cost of employer-sponsored health coverage. Not only has this led to a diminished role for HR in this key benefit area, but it also has expanded the use of outside experts as resources for crafting the plan.

BenefitsPro reports that CFOs will likely turn to benefits consultants for guidance. This transition is expected to lead to restructured health plans. 55% of CFOs expect significant plan design revisions to take place over the next three years. That compares to the 32% that reported making changes in the past three years.

What Does This Shift Mean for Brokers?

Given that desire for change, a majority of CFOs in the survey said they will likely engage in serious strategic design and cost discussions with brokers who offer innovative solutions that will guarantee a strong benefits package while meeting the employer’s fiscal goals.

Brokers must be prepared to go head to head with C-Suite decisionmakers to provide sophisticated analytics on market proposal recommendations. This means that proposals based on top-level or estimated numbers won’t make the cut. 

To maintain a competitive edge, brokers will need to create proposals using accurate data at the individual member level, and create projections based on multiple scenarios. Brokers who can take this a step further by creating and editing multivariate data models in real time (like during a client meeting) are sure to stand out from the crowd. 

While conducting this type of in-depth analysis the old-school way i.e. Excel spreadsheets and manual data entry is possible, it is immensely time-consuming and creates big potential for error. One misplaced formula can skew the entire proposal and leave you fielding an angry phone call down the road when employer costs are higher than projected. Luckily, there’s an alternative to all that hassle. 

What can Benelinx offer?

Our newest release provides the tools and resources you need to create a multi-year strategy that’s ready for the C-Suite. Plus, you can easily edit data in real time to provide your clients with the most accurate, up-to-date numbers. Key features include:

Assign Plans – Assign specific proposed plans at the individual member level, comparing current plans to a mapped plan and up to 12 alternate multiplan models per employee.

Assign Policies – Designate final enrollment elections for each employee. This includes a new reporting tool to export active employee policy details and tiered coverage elections for medical, dental and vision. The report also includes member specific premiums, employer and employee contribution values and employee payroll deduction information.

Horizontal Proposal Templates – Available in age-banded and composite layouts, new templates offer a comprehensive analysis of current, renewal and alternative market recommendations. 

Expanded Benefits Booklets – Access new templates for age-banded and composite medical policies.

Buy-Up Contribution – Enhanced contribution modeling. Designate base plans for contribution calculations for medical, dental and vision policy types.

Enhanced Table Rates – View employer contribution, employee contribution and payroll calculations in table rate format within age-banded proposals.

Commission Tracking Enhancements – Assign broker/producer commissions by deal to customize commissions unique for a specific proposal. Automatically updates commissions at the policy level.

For a complete list of our new features, access our release notes.