Managing insurance costs can be challenging for businesses, especially small ones. Fortunately, new tech tools can help control or reduce both the hard and soft costs of insurance. Here are some ways that insurance technology can help your company today.
Dealing With the Hard Costs
Hard costs are tangible insurance expenses you can place a dollar amount on. An annual health insurance premium is an example of a hard cost. In the past, employers’ primary tools to manage hard costs were to reduce the amount of coverage they provided or have employees pay more. New insurance technology offers additional ways to keep hard costs under control. High-tech insurance tools and services make it much easier for you to manage hard costs. VerifiaBill, for example, can audit all of your carrier invoices and identify any discrepancies between them and your benadmin system, while attributing every line to a specified cost center. This service can provide your company the visibility on insurance costs it needs to reduce waste and save money.
Managing Soft Costs
Soft costs are the less tangible but equally impactful insurance expenses your company must contend with. Ease of employee insurance enrollment is a good example of a soft cost. And healthcare coverage is a serious issue for most employees. Improving employees’ satisfaction with their insurance coverage helps drive company loyalty, and can improve productivity. New insurance technology can make it much easier for employees to enroll in your healthcare plan. Automation, backed by strong AI, can remove much of the anxiety of signing up for health insurance. It can also help your employees help themselves when it comes to insurance issues. This can help increase their job satisfaction, and reduce your employee turnover costs.
Parting Thoughts
You don’t have to cut coverage to lower your insurance expenses. New technology can help your company reduce both hard and soft insurance costs. And there are great high-tech services that can help, too. Companies like VerifiaBill are committed to reducing those hard and soft costs, whilst maintaining the quality of service that meets your needs. So try some new tech tools and services, and get control of those costs today.