Digital Benefit Advisors (www.digitalbenefitadvisors.com), a division of Digital Insurance, the nation’s largest and most technologically advanced employee benefits-only agency, is now enrolling Tennessee businesses in its private insurance exchange, Digital Benefits Marketplace. This simple, new approach to employee benefits is attracting employers and receiving positive reviews for its ability to control benefits expenses through fixed costs, known as defined contributions. It also features live customer support to guide individuals through the enrollment process.
Digital Benefits Marketplace enables companies -- including small and mid-sized businesses -- to provide a comprehensive array of employee benefits, while eliminating time and challenges traditionally related to administration. Unlike many exchanges, Digital offers a crucial factor that sets it apart in the marketplace – the human element. Employees have access to benefits counselors to guide them during -- and after -- the enrollment process.
“Digital Benefits Marketplace might be the easiest, most comprehensive approach to employee benefits that can serve any size business,” says Bob Gaydos, national director of private marketplaces for Digital Benefit Advisors (DBA). “Once an employer determines how much they want to contribute toward each employee’s benefits, that’s it; their work is done,” he explains. “The costs are fixed, and employees choose the options that work best for them, while Digital’s experts provide complete administration services along with individual decision support.”
How does Digital Benefits Marketplace work?
- An employer specifies a certain amount of money for each employee to spend on benefits (a defined contribution).
- Digital’s online enrollment system integrates with carriers and payroll service providers.
- Employees shop in an online store, selecting the plans and coverage that best meet their needs. Options include health insurance plus ancillary/voluntary products and services including life, disability, accident, critical illness, long-term care, dental and vision insurance.
“Digital Benefits Marketplace provides a consumer experience like no other exchange,” states Gaydos. “Regardless of a company’s size, employees have access to knowledgeable customer service representatives by phone or via online chat who can guide individuals and their families through the process.”
Because Digital already has the sophisticated infrastructure a private exchange requires, there are no costly set-up fees. Implementation is fast and Digital provides communication tools to educate the workforce. Typically, enrollment can begin within a week after a company decides to convert to the new system.
“Interest in Digital Benefits Marketplace has been phenomenal, particularly with mid-sized and small employers,” explains Gaydos. Nationally, the private exchange has already engaged more than 100 businesses and enrolled nearly 10,000 members.
Companies are attracted to the defined contribution strategy, which enables them to operate with a fixed budget, providing long-term financial sustainability. Digital Benefits Marketplace also offers employers an immense degree of flexibility regarding their decision to participate and at what level. Among the options: employers can help finance all benefits or contribute to health coverage only. Another alternative is to provide only ancillary plans. This allows them to retain an attractive benefits package, if they elect to direct employees to public exchanges for health insurance.
“This system empowers employees, giving them the choice to spend their benefits dollars where they perceive the greatest value,” says Mike Sullivan, Digital’s executive vice president and chief marketing officer. “They are now in control of the decision-making process and have the ability to customize plans based on their individual and family needs.” Sullivan adds, “This long-term strategy creates more educated, engaged consumers. And, combined with cost transparency, it can lead to healthier lives, while helping drive down the cost of care.”
DBA is part of a national network with a local office in Nashville. For more information or to sign up for a free webinar, employers can visit www.digitalbenefitsmarketplace.com or call 866-802-5116.
About Digital Insurance
Digital Insurance (www.digitalinsurance.com) is the largest, most technologically advanced employee benefits-only agency in the U.S. Distinguished by its focus on innovation and education, the company creates greater value for employers and inspires individuals to become more engaged health care consumers. Its largest division, Digital Benefit Advisors (www.digitalbenefitadvisors.com), is a national network of experienced, local market experts who deliver expanded offerings to businesses and organizations. Digital is a subsidiary of Fidelity National Financial (FNF).
- employee benefits
Debra Patterson, 404-843-8786