Make Client Communications Simple with TPA Stream Communications
As a benefits broker, you know how important it is to be in constant communication with your clients. After all, 67% of brokers cite effective client communication as a top factor in client satisfaction and retention. And, timely renewal reminders are proven to boost client retention by up to 45%. However, keeping in touch with clients is time-consuming and requires extensive resources. Your team is busy navigating the labyrinth of benefits regulation, client management, issue handling, sales, compliance, and more.
Many brokers realize the importance of constant contact with their clients but need more solutions to do it effectively. Now there’s a better solution. With TPA Stream Communications you can streamline time-intensive processes and provide helpful resources for your clients. This might include renewals, updates on member plan participation, tips for engaging employees around their benefits, and more. It’s also easy to send open enrollment reminders, HSA spending updates, and anything else that might be important. Put client communications on auto-pilot; here’s how it works.
What is TPA Stream Communications
TPA Stream Communications is a secure, web-based app designed with the needs of the benefits space in mind. It integrates data from major benefits administration systems including Employee Navigator, WEX, Alegeus, First Dollar, Elevate, and more. The system can consume any data from other sources such as your CRM. It automates and personalizes communication by utilizing real-time data from these systems, allowing brokers to manage and optimize client and participant interactions efficiently.
Key Features and Benefits for Brokers
Enhance Client Engagement
Many of our clients previously spent dozens of hours manually sending segmented emails based on plan criteria or employer benefit renewal dates. Our segment builder builds dynamic, always-accurate segments based on benefits data from any connected system. You can send various types of automated emails, including:
- Renewal Notifications: Timely renewal reminders are proven to boost client retention by up to 45%. This solution allows you to automatically notify clients about upcoming HRA renewal dates, which can have a positive impact on your business.
- HSA Spending Alerts: Personalized alerts can increase HSA fund utilization by 25%. Using TPA Stream’s software, you can inform clients about any threshold, utilization, or balance information.
- FSA Balance Reminders: Effective reminders can recover up to $300 million in unclaimed FSA funds every year. With TPA Stream Communications, you can remind clients with FSAs about any criteria like balance, submission due dates, and more.
Streamline Compliance Management
Sending compliance notifications doesn’t have to be time-consuming. TPA Stream’s Communications solution automates compliance notifications, reducing manual workload for brokers like you. This can cut down on administrative time by 40% and minimize compliance-related errors.
Data-Driven Personalization
Personalized messaging has been shown to improve engagement rates by 50%. With the Communication solution, you can tailor communications based on specific client and participant data.
Reduce Human Error
TPA Stream integrates with your benefits administration software or consumes information from your CRM ensuring a smooth data flow. This reduces manual entry errors and can enhance operational efficiency by up to 30%.
Keep Up with Compliance Deadlines
Fixing problems before they escalate can dramatically increase customer satisfaction. Using this solution, you can automate reminders and notifications, allowing you to address potential issues head-on. For example, you can send timely notifications about benefits expirations or compliance deadlines to help avoid costly penalties. Non-compliance fines can reach up to $100 per day, making this an important part of your customer communication.
Practical Applications for Benefit Brokers
Wondering if this solution is right for your business? Here are a few ways you can incorporate it into your business today:
Client Onboarding
During the onboarding process, you can use TPA Stream’s Communications solution to provide new clients with essential information and reminders about their benefits. What’s more, you can do this quickly and without putting a huge strain on your resources. Studies show that effective onboarding communication can improve client satisfaction by 35%.
Open Enrollment Reminders & Management
As a broker, you can automate open enrollment reminders and educational materials. According to Employee Benefit News, this approach can lead to a 20% increase in enrollment rates and a more informed client base.
Client Retention Strategies
Just like with open enrollment reminders, effective use of personalized communication strategies can lead to an increase in client retention rates. Up to 25% in most cases. TPA Stream Communications allow you to regularly send personalized updates and alters, enhancing client retention and satisfaction.
Ready to Streamline Your Operations?
TPA Stream’s Communication solution is a powerful asset for optimizing client communication and efficiency. TPA Stream’s capabilities offer unique applications for brokers, allowing you to deliver tailored and differentiated value to your clients. Brokers like you can leverage TPA Stream’s solutions to enhance employer engagement by streamlining employee benefits enrollment and improving communication about benefits and wellness programs for employees.
If you’re looking to streamline open enrollment reminders, optimize client retention strategies, or maximize resources during client onboarding, the Communication solution can help. Interested in learning more? Reach out to our team for a demo.