Industry
Employee benefits
Health Insurance
Company Size
100 Employees
About Client
Business Challenges
- Rising Premium Costs: The broker was continually showing the plans with high premium to its SAP solution provider-client company. The lack of a modern benefits technology solution was limiting the broker’s capability to figure out plans with lower employee premium contributions. The brokerage firm was suggesting plans based on the advice of its consultants who are too old to compete with the current industry standards and market solutions. The inability to assemble a robust, attractive benefits package was decreasing the employer clients’ trust in broker services.
- Complex System: Later on, when the company implemented a cloud-based HR platform, it was not user-friendly at all. The clunky interface and complex workflows made it difficult for HR teams to train people how to use it for managing their organizational profiles.
- Poor Compliance: Because the benefits broker was not having a robust technology solution, the plans it was recommending to clients were getting challenged by the changing state-wise compliance regulations. Adhering to different benefits compliance requirements was becoming time-consuming and hectic for the broker because of manual and paper-based processes.
- Product Portfolio: The broker client was unable to offer a unique and attractive benefits package for its large employer because of the high premium of its existing plans. The employer client of the broker was expecting unique benefits plan recommendations for the Dental, Vision, Life, Commuter, and Disability category. But, the broker was unable to maintain a diversified product mix because of its existing cost worries.
- Self-Service HR Portal: The broker was also failing to offer a quality self-service HR platform for its business clients. It was also among the key reasons for increasing client dissatisfaction towards its brokerage services. The clients of the broker firm were unable to view, evaluate and compare their benefits offerings through a self-service portal.
Our Solution
Loved by employee benefits brokers, Kenz uniquely understands the challenges faced by today’s benefits advisors & consultants and works as a strategic partner for them. Kenz has multiple partner programs for benefits brokers depending upon their business needs. In the current case, Kenz enhanced the value proposition for the broker by helping it streamline the HR, payroll and benefits processes for its employer clients.
On Kenz , the broker client said,
“ With Kenz benefits administration technology, we’re now able to analyze the health and benefits packages of our clients deeply and recommend better options with lower premiums.”
The broker was able to deliver a world-class benefits experience to its clients with minimal paperwork and automated processes. In the case of SAP solution provider company, the broker identified the gaps in its benefits, payroll and HR administrative processes. The company was outsourcing most of these functions and was occasionally using in-house tools with little integrations.
After implementing the Kenz intuitive HCM platform solution, the broker was able to manage its employer clients HR, payroll and benefits from one place. The AI-driven HCM tools inside the system allowed the broker to evaluate, compare and select from thousands of benefits plans provided by more than 150+ top state and national carriers for its employer group by applying appropriate filters like minimum copay, etc.
Cost saving plan options resulted in lower premiums and lower employee contributions. Besides, Kenz benefits advisors along with the broker recorded a series of webex meetings, webinars and step-by-step explanation videos for payroll, benefits and HR. All of these recordings were uploaded to the HR portal and were super helpful in educating client employers about their coverage options, as well as, speeding up the onboarding process.
Highlights
Here are some powerful features of Kenz that improved the business profit margins of Broker Client
ACA Compliance Tools
The Broker was able to reduce the risk of company liability with health insurance compliance for its employer groups after implementing the Kenz HCM platform. Kenz assisted the broker in generating, reviewing and furnishing 1094/95 forms, W2 forms and assessing full-time employee eligibility for its clients. Comprehensive ACA audits and regular reporting through Kenz helped the benefits broker eliminate the compliance issues from its services.
Intuitive Dashboard
Kenz offers an intuitive, self-service dashboard to all its broker clients so they can have a consolidated view of their employer groups in one place. Administering the HR, payroll and benefits for multiple groups become much simpler for brokers with the easy-to-use self-service tools in Kenz . Brokers can view group-wise summary of HR and benefits, update & delete employer groups/members, onboard new groups, manage carriers and much more easily.Here are Numbers That Speaks Volumes
About Our Quality Results
19%
reduction in health insurance premium experienced by brokers’ employer group.
31%
reduction in out-of-pocket expenses experienced by employees of SAP solution provider company working with the broker.
36%
improvement in HR team productivity after three months of implementation.
2x
improvement in employee onboarding times and engagement levels at broker’s client company.
“Kenz Helps us Present an Attractive Benefits Package to Clients in Minutes ”
Considering Kenz ?
Here’s What Our Client Has To say
“Without any doubt, we can say that Kenz has been built with benefits brokers in mind. Kenz has offered us new ways to grow our business and acquire new clients faster. It helps us stay apart from other brokerage agencies thanks to its futuristic benefits technology that helps us deliver a modern benefits experience to clients. Be it offering plan comparisons, creating custom plan quotes or providing informative resources to employers for open enrollments - Kenz assist us at every step of the way. It is becoming a true extension of our benefits brokerage firm as it automates almost every aspect of our business, from carrier management, group communication to compliance reporting and so on.
This US-based benefits broker is one of the 1000+ businesses that prefer Kenz for streamlining HR, payroll, and benefits for their clients.
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The client is a leading employee benefits broker in California, US offering consulting services to mid and large-scale businesses. It is also listed in the top 100 benefits broker consultancies in California. Founded in 2007, the client and its team members provide property insurance and employee benefits services. The broker client has been successful in recommending the best medical and health insurance plans to its employers in the past. However, recently, the broker was struggling to control the rising medical plan premiums for its employers.
One of its crucial employer clients was a 7-year old company offering SAP security and compliance solutions to other businesses. The company was unhappy with receiving double-digit health insurance increases with no relief from the broker. Some of the other challenges faced by the broker with this particular employer client are as follows