Improve Your Operations with Our new Employee Benefits Communication tools
Are you spending hours downloading data from benefits admin systems, scrubbing that data in Excel, and segmenting people for email sends? Perhaps you’re using outdated platform tools to engage with your database. Or, you might be using an expensive platform that’s not integrated with your benefits admin system. Many TPAs face these challenges, and there hasn’t been a great solution until now. With TPA Stream’s employee benefits communication tools, you can quickly segment your lists and send relevant emails to your database.
But, why is this important? Email is a marketing channel that provides enormous value to your company. Studies show that you earn $36 for every $1 spent on email marketing, after all. By sending relevant resources to your database, you stay top of mind and nurture trust, which is a huge win for your business.
How it Works
Our employee benefits communication tools allow you to take data within TPA Stream and connect it to systems already integrated with the program. It’s never been easier to match invoicing and account data with benefit administration data, for example.
With this powerful connection, you can build segments and automatically send emails without much user intervention. There’s no limit on what benefits administration data you can use for segmentation. And, with our merge tags, you can add dynamic fields that are up-to-date for each email recipient. Imagine pressing a button and populating each recipient’s renewal data, plan design, fees, and more!
Use Cases for Our Employee Benefits Communication Tools
Not sure if this system is right for your organization? Here’s how it can make your life easier:
HSA/FSA
85% of employees are confused about their benefits. As a TPA, you have a unique opportunity to provide value to your customers, which can encourage employers to stay with you long-term. With our tool, you can send updates and resources for participant engagement. This might include sending reminders and recommendations, engagement campaigns, health newsletters, and more. You can also integrate aggregate spend YTD for the plan, providing even more value.
Renewals
Renewals are hard to manage without a dedicated solution. In many cases, it costs up to $50,000 per year for a mid-size TPA to manage relevant renewals. The good news? With our Communication tool, you can send automated renewal emails that include plan information from integrated systems. Whether it’s COBRA, CDH, medical, or another kind of plan, the renewal package is instantly sent via email and segmented by plan and renewal date.
Late Payments
On average, 20% of customers will be delinquent at some point. This leads to increased accounts receivable and impacts cash flow. With our tool, you can send invoice reminders, segmented by the due date and promote ACH payment. For employees, you can directly target those who do not have direct deposit enabled to push them towards adding in their information.
Non-Discrimination Testing or RxDC Reporting
You may also use our email tool to send an HR contacts link to complete non-discrimination testing or RxDC reporting. In just a few minutes, you can set up campaigns to automatically send to your contacts, streamlining the process. It also offers an opportunity for TPAs to monetize offering these testing requirement communications to their employers.
Legislative Updates
Our tool also makes it easy to send HR contacts an email with legislative updates from our legislative experts. In some cases, our team has provided templates that you can use to save time on your operations. On the employee side, you can send information about relevant spending requirements and limitations.
Drive Engagement
When you engage clients, they are more likely to purchase additional products and services. However, it’s difficult to drive relevant engagement when you have limited resources. With our Communication tool, you can quickly segment your list and send relevant resources to your clients. Our merge tag function also allows you to pull out certain data, like renewal date, plan design, and fees, offering real-time value for your customer.
Interested in Learning More? Set up a Demo Today
TPA Stream’s simple, easy-to-use software was designed to streamline operations for TPAs like you. Set up a demo to learn how we can empower better benefits together.
About TPA Stream
TPA Stream was founded in 2014 with the mission to make health benefits easier for employees and administrators. One of our co-founders, Eric, created this custom product to solve his own issue. He was working for an employer that changed its benefits package, which included a pretax account to pay for out-of-pocket medical expenses. In order for the employees to take advantage of this benefit, they were required to send all their claims to a TPA for processing and to Eric for reimbursement.
Eric started collecting his claims manually, but the process was prone to error and delays. Instead, he wrote software to collect and submit his claims to the TPA. From there, the vision for TPA Stream was born.
What makes us different is that our programs were designed by someone who experienced the issue faced by many TPAs today. Using this real-world experience, we created a powerful tool that helps businesses like yours save time and money. We’d be honored to revolutionize your experience.