case study
Understanding Open Enrollment at One of America's Top Insurance Companies
This top insurance company offers and generously subsidizes a robust package of benefits for their own employees. How do they make sure that their employees are confident and knowledgeable about all of their options? We sat down with them to discuss open enrollment, benefits education, financial freedom and more.
The facts
employees enrolled in new hospital indemnity plan
EMPLOYEES ENROLLED IN NEW ACCIDENT INSURANCE PLAN
increase in HSA contributions
22%
36%
X%
Typically, when we have major changes to our plans, we get great attendance at annual enrollment information sessions. That said, we offer a passive benefits enrollment, yet we generally still have about 85% of employees who do review and confirm their benefits election for the coming year. This year, we did see an increase in that number, which can be attributed to Nayya.
The implementation was wonderful! We had initially pondered waiting an additional year — but we’re so glad we did not wait, as the implementation process was fantastic. Not only did we receive guidance throughout and benefit from a dedicated project manager, but we also felt “heard” when we shared product thoughts and feedback. The team at Nayya clearly took a lot of our feedback into account when making product updates.
Can you talk to us a bit about implementing Nayya?
How did Nayya enable you to help employees make decisions on which additional voluntary benefits would be beneficial for themselves and their families?
The questions devoted to financial means and lifestyle were very helpful in terms of helping employees make new or different decisions about these programs. We have such a commitment to DE&I at our organization. We truly want to be the company to make a change, we want to be the first company that truly gives each and every customer that we serve, both internally and externally, financial freedom.
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Not only is the BSMH team projected to save millions, but employee benefits literacy drastically increased across the organization. After experiencing open enrollment with Nayya, employees better understood the plans and programs available to them. This resulted in a 45.8% reduction in call volume to their benefits call centers, as compared to the prior year's open enrollment.
Benefits Literacy
What does open enrollment typically look like for you?
“We simply feel that Nayya was a great addition to the tools, resources and communications we already have in place. The combination of the educational training that we provide during open enrollment, and the personalized experience created by Nayya, really gives employees the best recommendation possible.”
“We have such a commitment to DE&I at our organization. We truly want to be the company to make a change, we want to be the first company that truly gives each and every customer that we serve, both internally and externally, financial freedom.”
We find that without a decision support tool, creating education and comms around benefits can be time consuming. How much time would you say your HR team was spending on developing benefits education prior to Nayya? And how has Nayya helped alleviate HR burden?
To help employees understand upcoming changes and new programs, we develop a variety of annual enrollment communications and use a variety of distribution channels to communicate. We also offer live and recorded sessions about key benefits programs. Understandibly, with such a robust benefits package, some of our ancillary benefits (i.e. Accident, Critical Illness and Hospital Indemnity) are programs employees may not be as familiar with as those they use more frequently like medical, dental and vision. We feel that Nayya is a great addition to the tools, resources and communications we already have in place. The combination of the education training that we provide during open enrollment (and to new hires), and the personalized experience created by Nayya, really gives employees the best recommendation possible.
2023 Results
6%
Participation increase in Standard PPO.
5%
Increase in employees enrolled in HSA.
9%
Increase in accident insurance enrollment.
13%
Increase in critical illness enrollment.
The facts
increase in critical illness enrollment
13%
5%
509
increase in HSA enrollment
employees enrolled in new hospital indemnity plan
“I am relatively new to the company, so I just went through the Nayya experience during my onboarding. After completing the survey, what really struck me was how spot on the recommendations were. It did not over-recommend any products to me, and it truly did consider the personal information that I entered. I felt it made a true and honest recommendation for my benefits. I was really, truly impressed with using Nayya. It was very helpful.”
How has Nayya helped you drive participation across different plans and programs?
We saw increases in enrollment for several programs. For most employees, our Standard PPO plan (which has lower premiums and an employer HSA contribution) is the best and most affordable medical plan option. While over 90% of those enrolled in a medical plan are already enrolled in the Standard PPO Plan, we did note additional migration to this plan after employees used Nayya. Also, a number of employees migrated to our Enhanced Dental and Enhanced Vision Plans. HSA enrollment also increased, which is appropriate based upon the migration into the Standard PPO Plan. Additionally, Critical Illness enrollment rose for 2023, and the initial enrollment into the New Hospital Indemnity program was strong at 509 employees.
509
Employees enrolled in new hospital indemnity plan.
How did Nayya upgrade the enrollment experience for employees?
Benefits comprehension is an ongoing challenge for most businesses, but Nayya helped unlock a new level of benefits literacy for our employees. In the enrollment process, employees go through a short, user-friendly 8-10 minute survey where they answer simple questions, input relevant data, and learn about additional available benefits. At the end of the experience they receive a highly personalized, bundled benefits recommendation from Nayya that factors in employees' individualized health and financial situations in addition to their preferences. The recommendation bundle spans offerings ranging from health and dental insurance to HSA contribution recommendations, hospital indemnity plans, and more.
Typically, when we have major changes to our plans, we get great attendance at annual enrollment information sessions. That said, we offer a passive benefits enrollment, yet we generally still have about 85% of employees who do review and confirm their benefits election for the coming year. This year, we did see an increase in that number, which can be attributed to Nayya.
Can you talk to us a bit about implementing Nayya?
The implementation was wonderful! We had initially pondered waiting an additional year — but we’re so glad we did not wait, as the implementation process was fantastic. Not only did we receive guidance throughout and benefit from a dedicated project manager, but we also felt “heard” when we shared product thoughts and feedback. The team at Nayya clearly took a lot of our feedback into account when making product updates.
Get a free consultation to learn how Nayya can help you drive cost savings, time savings, employee retention and satisfaction, and more at your organization. Fill out the short form below & we'll be in touch!
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