How to Choose the Right Benefits Provider for your Company

Sponsored Content by First American Bank

Benefits are crucial to your company. They help you retain employees, improve team morale, and build a culture that supports your mission. So, of course, you want your benefits administration and Health Savings Accounts (HSAs) to be straightforward and personalized with a customer service team that supports your needs.

But not all benefits administration providers are created equal. To ensure you choose the best fit for your team, we created an outline of what to look for in a benefits administration provider and what sets our Health Account Services team apart.

Vendor reference check questions

To choose the right benefits provider for your company and team, it’s important to keep in mind to not only evaluate the representative you get paired up with, but the entire organization and their systems.

Whether you’re looking to replace your current benefits administration provider or seeking one out for the first time, it is a best practice to begin by conducting vendor reference checks. Here are ten questions to ask:

  1. How are you using this vendor/technology?
  2. Why did you select this provider over others?
  3. Did the vendor stay within the approved timeline/budget?
  4. What is your relationship like with the vendor? Do you consider them a partner in your success?
  5. Describe the implementation process and team.
  6. What tasks were you responsible for completing during implementation?
  7. How do they cooperate with other vendors? For example, integration partners?
  8. Do they maintain clear communications and engagement throughout project deadlines?
  9. Would you select this provider again, knowing what you know today?
  10. Is there anything else they can share that may help you decide?

 

Check for success stories

The more feedback you can gather, the better. Request the potential vendor to connect you with existing customers or request some testimonials and success stories from the vendor if you’re not able to speak with their clients directly. This will connect you to companies with similar situations, challenges, and goals, and allow you to see how the vendor will work for your company.

It’s important to keep in mind that the vendor reference check is not the be-all and end-all to your research. Remember to discuss all concerns with the benefits administration provider in question before making a final decision.

The specialized Health Account Services team at First American Bank works with you to answer all your questions until you feel secure in your decision. From the moment you get in touch with us, you’ll be paired up with one of our experts who will guide you every step of the way and continue to build the relationship long after implementation.

Narrowing down your options

Once you have your list of final potential vendors, it’s vital to consider the team you’ll be working with and whether they can meet your team’s needs.

One of the most common complaints we hear from small and mid-sized companies is that their current benefits provider does not provide the support they need. Larger clients seem to monopolize all of their attention. At First American Bank, we strive to fill that market gap. We have made it our mission to specialize in small and mid-sized companies so that you can receive the exact solutions you need to keep growing and evolving.

We have the technology needed to offer our benefit consumers a modern, user-friendly, seamless experience. But what truly sets us apart is our human factor. With us as your benefits administrator, you’ll be paired with a dedicated representative you can contact directly. Our team will be with you at every step, even beyond implementation. We strive to build a real working relationship with you and provide exemplary, personalized, customer service to address all concerns.

How to switch benefits administration partners

Once you’ve completed your vendor reference checks and found the provider that will meet your company’s needs, it’s time to make your case to the rest of your team. That means delivering a winning presentation.

  • Write your case: Explain why you want to make a change and how this change will be better for your company. Offer supporting information about the benefits administration service you recommend and be prepared to discuss budget considerations and your plan of action.
  • Make your case: An engaging visual presentation is more powerful than a simple document. Address the most pressing needs at the forefront of your conversation. Be prepared to answer questions about increasing annual enrollment participation or cost-cutting, and improved efficiencies.

First American Bank’s Health Account Services team can help benefit professionals prepare for this as well. We provide a resource library full of useful educational content, demos for employer and consumer portals and mobile app versions, as well as key differentiators that will separate our proposal from others.

How First American Bank Can Help

We offer customized solutions for each unique company we work with, keeping your goals in mind as we build a strategy made for you, with superior customer service and a dedicated team of experts.

Looking to grow in other areas of your business? Transferring your benefits account to First American Bank will also give you the unique opportunity and ease of having our other specialized business teams at your fingertips. As a full-service bank, we can help your business grow with customized business solutions, create retirement strategies for employers and employees, and guide you in your investments with our wealth advisory teams.

We’re the financial partner for all your financial needs, including HSAs, Flexible Spending Accounts, Health Reimbursement Arrangements, and Qualified Transportation Accounts.

READY TO MAXIMIZE YOUR BENEFITS?

TALK TO FIRST AMERICAN BANK

AUTHOR: First American Bank Health Account Services

SFBW Staff
sfbw@lmgfl.com
1 Comment

Post A Comment

#Follow us on Instagram