Taft Hartley Blog Series: Part 2 – Improving ROI

IATSENBF_DashboardThe adoption of secure portals has skyrocketed over the past few years for a variety of industries from retail banking, cialis financial planning, and Taft Hartley benefit funds to healthcare providers. These online solutions provide users value added service with 24/7 access to transact or view information such as statements, eligibility or account balances.  Portals can drive higher satisfaction among participants while reducing your administrative effort, thus providing two sources of a Return on Investment (ROI).

Secure portals help better engage members with their benefit information – news, reports, notices, and benefit information is accessible at any moment. Personal data is also readily available 24/7; members can log in to access their personal benefit information in real time. The adoption of help-desks offer more convenient support as the need to call during office hours and deal with any long wait times is eliminated. These benefits help participants realize a high value of service and increase their satisfaction with the fund.

Websites allow funds to manage costs by automating many processes typically completed by staff, whether by addressing employer delinquency or remittances, or reducing the cost of postage and handling. Potential savings and return on investment are obtained from:

  •  Animated, interactive dashboards, charts and graphs convey benefit or financial information faster to participants than text and are less costly than a live call center agent
  • Electronic forms that allow members to update and manage their personal information and reduce manual processing time for the fund. Funds can send members reminders, reports, or get documentation quicker without needing to call
  • E-signature and the ability to upload scanned documents eliminate paper processing of many types of forms that until recently organizations believed must be processed through the mail
  • The ability for members to opt-in to electronic communications and opt-out of paper notices reduces printing and postage costs substantially

 

ROI will continue to increase as funds find more creative ways to engage members online. If you’re interested in learning more about how Polar Design can increase your Fund’s ROI with a secure portal, contact us today for a no-obligation assessment!

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