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Voluntary Benefits
and Internet Applications:
Delivering Value Through Technology
By Jason
S. Abosch
The invention of
the microchip has propelled our society into a realm that at one time was
fiction (even for the Jetsons). Technology impacts most of our lives on a
daily basis, bringing greater convenience and communication.
Today, technology
is having a major impact on the delivery of employee benefits. According
to the 2002 MetLife Study of Employee Benefit Trends, 45 percent of
the 1,038 employees surveyed expressed a preference for Internet
enrollment for their benefits. That number is expected to rise in the
coming years.
Voluntary Benefits -Internet Application
Internet
application is particularly effective in the arena of voluntary
benefits. Voluntary benefit programs – quality insurance products offered
to employees through payroll deduction – help employers to satisfy the
diverse benefit needs of their employees by offering a variety of benefit
options without additional premium costs. Internet application simplifies
the application process, eliminating the need for individual application
forms or one-on-one meetings, and also facilitates communication to
employees. Employers’ costs are minimal and employees may be given access
to discounted products that might not otherwise be available to them.
The employer does
not contribute to the premium cost of voluntary benefits, and as a result
is able to offer additional benefits within budget. The Internet
application process for these benefits means no meetings for employees to
attend and very little downtime, a cost that is tough to calculate.
Employees are also
winners when it comes to voluntary benefits. Often, these benefits are
made available to employees at a discounted rate and with underwriting
concessions. Individuals who may not have been able to obtain coverage in
the open market may be able to obtain insurance products through their
employers’ voluntary benefits program.
Disability Income Insurance
Many employees,
particularly professionals, want as much income as possible available to
them at the time of a disability. The combination of voluntary benefits
with an Internet application process has been extremely useful in making
additional disability income insurance available to employees, even in
firms that provide a base of disability income coverage.
The Bar
Associations Insurance Agency, Inc., offers discounted voluntary
disability income insurance with Internet application capabilities. For
information, email:
baragency@franklinmorris.com.
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