Why It’s Time To Upgrade From Binders And Spreadsheets

Going digital brings many rewards

Technology tends to wash over us in waves, and these are spearheaded by breakthroughs. Take the arrival of the iPhone in 2007, and the class of mobile devices it spawned. This was enabled by embedding Apple iOS in solid state storage, an innovation known as SoC or System on Chip.

Another wave, Machine Learning, uncovers patterns in massive amounts of data. Artificial Intelligence takes this to the next stage, in the simplest form, by making predictions. The benefits of AI have filtered down into apps and cloud services platforms that add value by helping businesses to improve processes and performance.

Unfortunately, many employee benefits brokerages are behind the curve when it comes to enjoying the fruits of tech. And we are not even talking about something as advanced as AI. Some have yet to get started with Digital Transformation. Ouch! Tech jargon can be off-putting, but this one is really easy to understand.

In broad terms, it is the step of eliminating spreadsheets, manual processes, and the practice of keeping data in multiple systems. Breaking with long-established ways of doing things and moving over to a software-based system can sometimes pose a cultural issue.

It needs a change of mindset, away from “it’s always been done this way”. This change is worthwhile, because the move over to purpose built digital tools for organizing and managing benefit plan information brings many rewards.

Digital transformation for employee benefits brokers

Vertical Fox puts plan data into the cloud with a dedicated employee benefits platform for brokers and clients. At a base level, this brings the familiar benefits of the cloud, which have proved compelling. These can be summed up as boosting efficiency and reducing costs. Specific to the employee benefits industry, Vertical Fox provides a range of benefits for brokerages and their clients.

For Consultants, the immediate result is the platform makes the job easier end-to-end, and helps them succeed. One of the hallmarks of the system that sets it apart, is that it is built to meet just about any scenario, including complex employer structures, contribution strategies and self-funded analysis.

Team Leaders and Managers get real time access to dashboards of important performance indicators, such as renewals, quotes and service plans, and critical information for management decision making.

For the Innovation Team, the platform is a solid foundation that supports innovation and corporate initiatives. There are opportunities for multiple data-related innovations, such as leveraging client and plan information, and building data exchange integrations with carriers, clients, and third parties.

Finally, for the Executive and the Finance Team, Vertical Fox provides the detailed financial performance data in real time that are so important to understanding how the business is performing, and making timely strategic decisions. This reaches into areas such as corporate governance and M&A.

Boost the customer experience with data you trust

Data is directly imported from validated sources and error-free calculations are applied as required. This increases accuracy through eliminating human error. This means the platform is a single source of truth. Brokers can trust and share valid, consistent data across the business.

With accurate data flowing seamlessly throughout operations, brokerages are better connected internally. Externally, confidence is high when trusted data is shared with clients. Clients access the plan data through a portal. Consultants get to spend more time being strategic, managers see up-to-date KPIs on demand, and finance and senior executives get the overview of the entire business they need.

When we put this all together, it produces an enormous boost to the customer experience brokerage firms provide, by powering highly effective client services.

Brokers give a better client experience by presenting accurate data on demand, so clients make better informed decisions, faster. With sizzle to help sell new business and stickiness to increase retention, ultimately, this all translates into happier clients.

Employee benefits brokering in the cloud with Vertical Fox

With the pandemic putting the capability to effectively work from home front and center, the companies that endure and ride out the COVID-19 storm are not just set to survive. They are likely to thrive.

For employee benefits brokers, Digital Transformation with Vertical Fox is truly a Win-Win:

  • Win#1 – Get efficiency, cost reductions and the benefits that cascade from doing things with a purpose built digital system.
  • Win#2 – Remotely work efficiently from home and minimize disruptions to your business operations.

Built by brokers for brokers, we designed Vertical Fox to fit in with the way that brokers need to work today. Why not book your personalized demo now to see what it could do for your employee benefits brokerage?



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