Technology Companies

Organizations in this space are concerned with scaling efficiently, controlling costs, automation, compliance, and controlling their costs while offering robust benefits. Our agency tools enable your company to thrive. Best-in-class technology added to Fortune 500-level benefits results in an efficient, transparent, and well-managed program.

Technology company characteristics

If a blueprint existed for high-growth technology companies, it could be modeled by the below criteria:

  • Predominantly young, millennial, workforce.

  • Tech-savvy employees that embrace new benefits trends.

  • Seasoned management team, focused on controlling costs, analyzing margins, and efficiency.

  • Relatively healthy, as an assumption of average age, team member population.

  • Appreciates automation, scalability, technology, and high quality of work.

Our specific approach is tailored around each client to achieve optimal efficiency, pricing, scalability, and also to remain compliant with the complex regulations of our benefits industry.

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Eliminating Paper, Increasing automation

There are a lot of portals out there, and you should be able to choose what works best for your organization. Prosperity Benefits has extensive experience in administration software in having invested as an agency in a single solution in the past. We have found that each client’s needs are unique and can help consult with you to choose the best system. Furthermore, we can work with you to obtain software subsidies for your given solution by your insurance carriers, if available. Your product may integrate with your payroll provider, depending upon the solution. Here are some general facts:

  • LIVE Carrier Integrations

    • If your organization has under 100 employees and has a few changes per month in personnel or less, then you may find a live integration with a carrier not to be worth the set-up cost or ongoing upkeep. When an integration is present, discrepancies in data sources can be extremely taxing to fix for a company. Live integrations can work beautifully, or they can become a client nightmare. Choose wisely!

  • Fortune 500-Level Benefits

    • You compete for employees. It is a competitive market for millennials, so you have a considerable advantage by being able to offer large company benefits even if you have 10 employees or less. Be a hero to your employees by offering voluntary benefits to them. You risk nothing, but help each employee by providing them a wealth of options.

    • Offering products through your enrollment platform may assist in reducing the costs of the software while offering your staff more. By incorporating a technology platform to your plan, the resulting health and welfare program expands in attractiveness to your staff and mirrors a larger company’s offerings.

 
 

Health and Welfare Expertise

What's in a name? Health and Welfare Consulting is our primary and only focus, and it is important to consider this distinction when it comes to evaluating the 2nd highest employee-related expense item: benefits. There are so many companies that have attempted to become brokerages only after mimicking a software solution that they saw another company create. Prosperity Benefits has a fundamental understanding of Health and Welfare programs and knows that it is of utmost importance to understand how to structure programs so that they remain cost-opimized and transparent. Have you ever seen your claims experience, analyzed the risk of your group, or viewed where your benefits dollars are being allocated within your medical program? Most small companies have not, but we provide you the tools to correct this dated standard. The only way to mitigate increases in the long run is to control the risk of your group, simply put, but without the right Consultant, you may find yourself looking at increases every 12 months and wondering how to get unstuck.

Managing your benefits risk

“We can not solve our problems with the same level of thinking that created them”
― Albert Einstein

Can any quote be more pertinent to the health and welfare industry? "Old world" thinking is to quote every 12 months and hope for the best. This is a flawed approach and sheds light on the fact that a majority of brokerages are still putting their client in 'react' mode when their renewal comes. We take steps together to bend the cost curve in your favor. By proactively analyzing your claims data, risk profile, pharmacy spend, communication efforts, and more, we can help you stay ahead of unexpected and large increases. Many of our clients are level or self-funded, which means claims matter tremendously in calculating the renewal. Clients with over 50 eligible employees are still underwritten and subject to claims experience, so it is critically important for those groups also to manage their benefits risk. We have the tools and wherewithal to help bring you a level of transparency and benefits risk management that is very difficult to find in our industry. Tired of not knowing where your dollars are going and how to mitigate renewals? Let's talk.