Transcript The Prudential Advantage A view into Prudential’s family

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
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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.
 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.
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Study of Employee Benefits: 2006 & Beyond
# Employees
1,000-10,000
500-999
19%
10,000+
12%
7%
Region
100-499
17%
Midwest
21%
South
31%
Retail
Financial 11%
14%
50-99
45%
Northeast
16%
Manufacturing
18%
West
32%
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Wholesale
9%
Construction
7%
Other
15%
Services
26%
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Industry
2006 Plan Sponsor Web Benchmarking Study
Group Life Web Technology
10,000+
31%
Group Disability Web Technology
10,000+
32%
100-999
37%
1,000-9,999
32%
1,000-9,999
34%
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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100-999
34%
Frequency of Using Benefits Web Tools
Among Plan Administrators
Monthly
39%
Daily
20%
Weekly
41%
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Functionality Used Most Frequently
by Plan Administrators
% Doing Each Activity Online Daily or Weekly
Adding/Deleting Employees Outisde of Enrollment (Reoster-Billed)
Net Daily/
Weekly
56%
Claims Submission
48%
Recordkeeping
48%
Claims Payment Status Inquiry
44%
Billing Modifcation/Editing (Self-Billed)
44%
Open Enrollment
44%
Billing Enrollment
44%
Claims/Payment Reporting
42%
Documents/Forms Library
42%
Statement of Health Status Inquiry
42%
Benchmarking Reports (Employer Data vs. Industry Norm)
40%
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Usage of Benefits Web Technology
by Company Size
Frequency of Use
43%
Number of Functions Used*
26%
43%
45%
45%
26%
38%
45%
30%
41%
16%
100-999 Employees
1,000-9,999
Employees
Daily
Weekly
28%
45%
36%
12%
29%
10,000 + Employees
Monthly
25%
27%
100-999 Employees
1,000-9,999
Employees
High
Medium
10,000 + Employees
Low
*Low = 2 functions or less; Medium = 3 to 9 functions; High = 10 or more functions
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Plan Sponsors Making Benefits Web Tools
Available to Employees
% of Companies Providing Employees Access to These Tools
Use Employee
Web Tools
58%
Do Not Use
Employee
Web Tools
42%
View Coverage
94%
Document Forms/Library
90%
Statement of Health Submission
87%
Open Enrollment
86%
Statement of Health Inquiry
85%
Change Personal Information
84%
Web-Based Training to Use Website
82%
Change Beneficiary
81%
Needs Assesment Calculator
81%
Rate Calculator
79%
Changing Coverage
78%
Will Preparation
65%
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Plan Sponsors Making Benefits Web Tools
Available to Employees—By Company Size
68%
59%
48%
100-999
Employees
1,000-9,999
Employees
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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10,000+
Employees
Theme I
Removing Barriers to Promote Usage
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
Removing Barriers
Overall Satisfaction of Web Benefits Technology—
By Usage and Number of Functions Used
Online Tool Usage
6%
Number of Functions Used*
6%
3%
2%
48%
56%
71%
73%
49%
42%
23%
Weekly/Monthly
Very Satisfied
21%
Daily
Medium/Low
Satisfied
High
Dissatisfied
*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
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Ease of Navigation is Key to a Positive User
Experience and to Increasing Utilization
Benefits Website Attributes: Plan Sponsor Satisfaction vs. Importance
-12 Gap
-2 Gap
+26
+21
+34
44%
32%
34%
37%
35%
32%
31%
11%
10%
1%
Navigation (Easy to find
what you are looking for)
Completeness (Contains all
the data/reports)
Accuracy (up-to-date)
Importance Weight
% Very Satisfied
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Technical Support
(assistance when
encountering a problem)
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Availability (outages,
technical issues)
Site Navigation Needs to be More Intuitive
for the Less Frequent Users
Plan Sponsor Satisfaction With Navigation of Benefits Websites—
By Frequency of Use
3%
4%
7%
48%
70%
73%
49%
High Usage/Daily
Very Satisfied
26%
20%
Moderate Usage/Weekly
Low Usage/Monthly
Satisfied
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Dissatisfied
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
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Theme II
Making Plan Administration Easier
to Realize Cost Savings
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
MuchEasier
28%
Somewhat
Easier
50%
By Company Size
Somewhat/
Much More
Difficult
1%
1%
1%
2%
21%
19%
22%
53%
41%
57%
No Change
21%
21%
27%
100-999 Employees
1,000-9,999 Employees
Much Easier
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IFS-A134559
Ed. 6.2007
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Somewhat Easier
No Change
35%
10,000+ Employees
More Difficult
But Time and Cost Savings Have Yet to Be
Fully Realized
Benefits Website Attributes: Plan Sponsor Satisfaction vs. Importance
-39 Gap
-32 Gap
63%
-29 Gap
-29 Gap
63%
62%
55%
36%
34%
33%
26%
21%
Enable HR to
Focus on
Strategic
Initiatives
Improve Quality Reduce Errors
of Information for
Employees
Importance Weight
Personalized
Employee
Information
More Up-to-Date
Information
% Very Satisfied
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
-22 Gap
52%
33%
Reduce Costs
-24 Gap
60%
53%
24%
-26 Gap
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Access 24/7
Making Plan Administration Easier
to Realize Cost Savings
ONLINE / IVR  For Employers—reduces involvement
ENROLLMENT  For Employees—simplifies process
EOI CONNECT  For Employers—reduces involvement
EOI SELF-CONNECT  For Employees—simplifies process
CLAIM SUBMISSION  Minimizes time requirements
MANAGEMENT
 Reports that help with decision-making
INFORMATION
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Theme III
The Future Looks Bright—Coming Soon
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
The Future Looks Bright—Coming Soon
Areas of Greatest Future Growth for Web Benefits Tools
Plan Sponsors
Point
Change
+21
+16
Employees
+16
+16
+30
+28
+25
+24
65%
56%
56%
62%
60%
59%
+21
64%
60%
52%
40%
44%
43%
41%
35%
34%
43%
35%
22%
Submit
Claims
Pay Bills
Updates on
Eligibility
Processing
Billing
Access PTO
Information Information
Doing in 2006
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Enrollment
Submit
Claims
Plan to do in 2010
Ed. 6.2007
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Update
Beneficiary
Update
Personal
Information
Increased Adoption of Benefits Web
Technology will Continue in Many Industries
Plan Sponsor Willingness to Adopt New Technology—By Industry
% of Total
Sample
13%
16%
30%
34%
31%
30%
19%
17%
13%
9%
20%20% 20%
16%
14%
28%
39%
34%
32%
29%
28% 26%
13%
26%
23%
20%
16%
13% 13%12%
9%
8%
6%
3% 4%
AT THE FOREFRONT
of technology
All Employers
SOMEWHAT AHEAD
of the market
in adopting
new technologies
Heavy Industry
KEEP PACE
with the market
in adapting
new technologies
Manufacturing
Sales/Trade
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
TEND TO FOLLOW
the market and
only adopt
proven technologies
Ed. 6.2007
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RELY ON LEGACY
technologies
Finance/Ins/Real Estate
Services
The Future Looks Bright
ENHANCED EMPLOYER AND  Design
EMPLOYEE SITES  Navigation
EXPANDED SINGLE SIGN ON  Enrollment
CAPABILITIES  Employee Self Service
 Life
COMBINED ONLINE SCREENING
 Disability
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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Questions & Answers
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
Questions & Answers
Thank you for your participation. If you would
like more details about today’s presentation or
our web capabilities, please contact your
account manager or local Prudential
sales representative.
The Prudential Insurance Company of America; Newark, NJ
IFS-A134559
Ed. 6.2007
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