Justin Peter, Co-Founder and Vice President of Marketing, 4myBenefitsJustin Peter, Co-Founder and Vice President of Marketing
Most employees approach benefits programs with a sense of apprehension. This is primarily due to a need for a better understanding of the benefits plan or the complex and time-intensive process involved in filing its associated paperwork. To help employees choose their ideal benefits, organizations must provide information and guidance, enabling them to assess and optimize their packages.

However, it can be challenging for an HR department to take on this added responsibility. As a part of their dayto-day, HR is responsible for appropriating deductions in payroll and monthly reconciliations, filling in the necessary forms, distributing notices, establishing and maintaining plan descriptions, facilitating enrollment, and ensuring compliance with ERISA, ACA, COBRA, and other state-required benefit continuation laws. They have little time to focus on employee benefits awareness. This prompts the need for benefits brokers who can support HR by streamlining the benefits process and integrating systems to ensure effective administration.

As a leading provider of benefits administration and communication services, 4myBenefits is working to clear away the complexity by providing benefits brokers with the tools they need—benefits websites, enrollment platforms, COBRA administration, and compliance solutions—to make benefits work for all the stakeholders, including employers, employees, and brokers.

“Utilizing our domain knowledge and expertise, we help clients engage employees to increase adoption of their benefits. We use our specialized solutions and platforms for benefits administration that integrate well with payroll and HCM solutions,” says Jason Peter, Co-Founder and Vice President of Technology, 4myBenefits.

Insurance brokers, benefit consultants, and other benefit intermediaries distribute 4myBenefits services to employers. The firm does not sell directly to employers. Instead, it works with the broker community to ensure effective enrollment and drive better results for the employee.

Benefits Simplified

As one of the earliest pioneers of broker-centric distribution, 4myBenefits helped create and shape today’s broker technology marketplace and has an in-depth understanding of evolving industry needs.

“We help brokers generate maximum value for their clients by assisting them in coordinating and offering the right supplemental health products, high-deductible plans, and other benefits,” says Justin Peter, Vice President of Marketing, 4myBenefits.

To that end, 4myBenefits has a dedicated service model for engaging employers, assigning a dedicated team member to assist each client. This helps 4myBenefits gain an in-depth understanding of the client’s business operations and goals. Teams stay up-to-date with clients’ annual renewals and the needs of new hires within growing organizations. Nuanced knowledge of each client enables the company to work in alignment with their goals to help them achieve their desired objectives.

The client engagement process at 4myBenefits begins with discussions between consultants and brokers to identify potential opportunities and an organization’s specific needs. The company then delivers multiple solutions and services with additional tools that can be layered around core administrative functions.

After obtaining a clear snapshot of clients’ ecosystems, 4myBenefits recommends solutions to fit their needs and budget. It also provides clients with demonstrations to showcase the intricacies of the product and helps employers understand how the solutions function. A rigorous discovery and testing process is launched to ensure that the deployed systems can achieve their goals. Solutions are customized, as needed. It fulfills all requirements related to eligibility rules, pricing, costs, and premiums.

We help brokers generate maximum value for their clients by assisting them in coordinating and offering the right supplemental health products, high-deductible plans, and other benefits

4myBenefits also ensures that the solutions are launched successfully, and clients effectively implement these solutions for new hires for a streamlined enrollment process.

Excellence in Action

4myBenefits has built long-term relationships with many clients by addressing their renewals and enrollment needs in a timely and effective manner. For example, it has been serving the City of Cincinnati for years. Before onboarding with 4myBenefits, the City was using different solutions for benefits that couldn’t meet their complete paperless-process need. The client enabled the management of all core benefits, including medical, life insurance, and supplemental health products, on a single platform.

4myBenefits integrated the solution with the client’s HCM platform and other existing tools, with a single sign-on for employees to easily access services. The mix of paper and digital was eliminated, and they became entirely paperless, which resulted in increased participation for high deductible plans and other benefits. In addition, their employees more often actively participated in A HRA. This increase in participation enabled the client to provide a better experience to employees and save a significant amount of money.

Similarly, 4myBenefits helps Cincinnati with its call center services. It supports enrollment over the phone for the client by helping employees better understand their benefits and make informed decisions. Working in collaboration with the client’s broker and carrier, 4myBenefits has driven excellent employee experience and administrative efficiency outcomes in terms of participation. It is working on the fifth open enrollment with the client.

4myBenefits partners with clients to make benefits work and listens to their changing needs, strategies, and goals. These stewardship discussions help them understand which technology is becoming commonplace. As a result, 4myBenefits can scale its tools and services to address evolving needs, ensuring the right solution for clients today, and in the future.

4myBenefits also partners with insurance carriers on the backend and leverages sophisticated capabilities through API integrations to help them take their group insurance products to the next level. As a result, it allows insurers to best represent their products and ensure that these are adopted properly.

On a Mission to Make Benefits Easily Accessible

By helping brokers and insurers serve employers in the best way possible, 4myBenefits remains true to its commitment and mission. A diverse and highly experienced workforce works consistently toward its mission of making benefits work. For example, their call center team helps clients educate and engage their workforce in different age groups, genders, and geographical locations by answering general benefit questions over the phone. This ultimately leads to enrollment.

4myBenefits’ highly-skilled development team continually works to provide clients with additional tools and capabilities to support benefits administration. They have developed an affordable care act platform that supports the filling of ACA 1095-C.
  • Utilizing our domain knowledge and expertise, we help clients engage employees to increase adoption of their benefits. We use our specialized solutions and platforms for benefits administration that integrate well with payroll and HCM solutions

The dedication and commitment of 4myBenefits are reflected in the growth of the firm itself, which has grown by 40 percent in the last two years. Going forward, 4myBenefits plans to grow with two core platforms—plan source and Employee Navigator. It is already among the top five resellers of Plansource, nationally, and aims to maintain its position.

4myBenefits anticipates continued double digit growth in the next few years. “Our goal is to become a leader in the industry from quality, consistency, and innovation perspectives,” says Jason Peter.

The company continually extends its platform’s capabilities through API connections or by utilizing the standards developed by LIMRA and other associations to make business more efficient. They look forward to delivering more personalized enrollment experiences embracing big data and applying these capabilities to the benefits world.

“We envision making benefits more accessible to individuals and ensuring they receive the coverage they need through personalization and leveraging the intelligence and capabilities that comes from our carrier and broker partners,” concludes Justin Peter.