Employee benefits technology platforms have revolutionised the flexible benefits industry. It is now much more cost and time effective to set up and run even the most complex schemes than ever before. Flex is now available to the masses and at a fraction of the cost.
With the prevalence of salary sacrifice schemes, in particular ones that focus primarily on the pension contributions, significant savings can be made, and in many instances the overall cost of implementing and running a Flex scheme in conjunction with salary sacrifice can be cost neutral or better.
Successful Advisers recognise that the market is changing
Having worked for a variety of regulated businesses I can see why some are more successful than others at winning new business. The most successful in my opinion are the ones that understand what is important to the client and communicates with them in their language. They also recognise that there has been a shift in demand from the number of employers who used to be happy to pay significant fees for feasibility studies, consultant sponsored beauty parades, and 200 page reports; to a new breed of employer that recognises the fact that they don’t need to pay consultants to tell them what they already know! They are quite happy to buy the proven solution that works for other companies.
Consultants are being dropped in favour of a solution led approach
More and more employers are happy to go direct to benefit providers and advisers, because it gives them the ability to buy a proven solution and in doing so shortens the entire tender process.
Technology platforms can give you that competitive edge
In the current economic climate employers want real value for money, and it is imperative that if an organisation wants to be the supplier of choice they must ensure that they are innovative enough to come up with solutions that respond to the changing requirements of the market. Many advisers now are aware that technology platforms can help them win new business, mostly within the TRS and Flex arena. The clever few are now partnering with platform providers to offer an overall Bundled Service. Cut costs, increase revenues, it’s a win, win Situation
This One-Stop-Shop approach provides real value to the employer and also allows the adviser to pick up some or all of the benefits work available, hence generating more revenue for them.
Many employers recognise that having a single supplier for all their pensions, risk, healthcare and voluntary benefits means that they can get better value for money. Cutting costs through the bundling of services, after all makes sense. It’s a win, win situation for all concerned.
It’s also a great way to demonstrate that you are Treating Customers Fairly by making them aware of how they can make cost savings through the better bundling of their overall Employee Benefits Spend.