Using Benchmarking to Drive Agency Growth

Tuesday, April 16, 2019
Written By
Eric Rentsch
Vice President of Product Management

In today’s tight labor market, employers must have a competitive benefits package in order to retain existing employees and attract top talent. How many of you have had your clients ask you to compare their total cost or plan designs to other employers to see how they stack up?

Getting your hands on all this data can be challenging, though, and it can be hard to know whether what you’re finding online is accurate and up to date. And once you find this information, it can be time-consuming to present this data in an easy-to-understand, digestible format that is tailored to meet your clients’ needs.

How to Provide Strategic Benchmarking

There’s an easier way. Benchmark Edge, one of the tools available through Zywave’s Code SixFour, can help you deliver the benchmarking data your clients need. By using this tool, you can offer your clients an unbiased view into their benefits offerings and help them identify gaps and opportunities for improvement so they can improve their benefits package and become an employer of choice.

You can use this tool to show plan and cost comparisons on:

  • Medical plan designs – Evaluate 22 unique plan characteristics and a class-based premium contribution comparison.
  • Premium contributions – Compare employee-employer premium contribution costs to other similar companies.
  • Total costs of benefits – Assess cost versus payroll, cost versus revenue, and total cost by employee and enrollee.
  • Competitive benefits comparisons – Determine what percentage of employers in your client’s industry are offering group coverages such as dental, vision, retirement, life, disability, wellness, FSA/HSA/HRA and flexible work schedules.
  • Voluntary benefits fit analysis – Predict enrollment and participation in seven supplemental coverage lines, including life, disability, critical illness, hospital indemnity, accident, long-term care and group legal.

What else can Benchmark Edge do?

BenchmarkEdge analyzes data from more than 10,000 contributing employer groups across the nation, and data is updated monthly throughout the year—ensuring you always have the most up-to-date information at your fingertips. Data can be broken down by industry, employee count, region and plan type.

You can then take this data and easily present it to your clients using a custom-branded web portal or by downloading a PowerPoint file that reviews medical plan designs, premium contribution strategies, total cost of benefits and more.

By offering comprehensive benchmarking information, you can give your clients a competitive advantage, boost customer satisfaction and build your reputation as a trusted advisor.

Want more information?

To learn more about Benchmark Edge and the other Code SixFour tools available to benefits brokers, click here.

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