Market Analysis
published on Mar 31, 2022
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Report Overview:
NelsonHall’s market analysis of the Next-Generation Benefits Administration market consists of 75-pages.
Who is this Report for:
NelsonHall’s Next Generation Benefits Administration report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the Benefits Administration market
- Vendor marketing, sales and business managers developing strategies to target Benefits Administration opportunities
- Financial analysts and investors specializing in the Benefits Administration market.
Scope of this Report:
The report analyzes the worldwide market for Next Generation Benefits Administration and addresses the following questions:
- What is the market size and projected growth by geography?
- What is the profile of activity in the Next Generation Benefits Administration market by industry sector?
- What are the top drivers for adoption of Next Generation Benefits Administration?
- What are the benefits currently achieved by users of Next Generation Benefits Administration?
- What factors are inhibiting user adoption of Next Generation Benefits Administration?
- What pricing mechanisms are typically used within Next Generation Benefits Administration and how is this changing?
- Who are the leading Next Generation Benefits Administration vendors globally?
- What combination of services is typically provided within Next Generation Benefits Administration contracts and what new services are being added?
- What is the current pattern of delivery location used for Next Generation Benefits Administration and how is this changing?
- What are the challenges and success factors within Next Generation Benefits Administration?
Key Findings & Highlights:
NelsonHall’s market analysis of the Next Generation Benefits Administration market consists of 75-pages.
Key market developments include:
- The benefits administration leading market driver is the need to modernize technology to simplify the participant, sponsor, and carrier experience to increase value and digitalize the process. DB plan administration growth continues due to talent shortages as key individuals retire from the workforce and skills are difficult to replace. Buyers are looking for agility and intelligent technologies as key features of transformed benefits administration operations
- Offering developments include deeper integrations, enhanced user experiences, decision support with AI, navigation including clinical advocacy, provider search, and increased cost transparency with “estimated out of pocket expenses” and financial wellness capability; investments in H&W global offerings continue
- Many providers added vaccine tracking services to their offerings in 2021
- The industry is increasingly focused on cost savings/containment and cost transparency considering the Health Plan Price Transparency rules in the U.S.
- Vendors are investing in deeper partnerships with carriers and resellers and creating marketplaces enabling providers to onboard more easily
- Vendors increasingly target mid-market organizations with “packaged” offerings leveraging commercial terms negotiated by the vendors and supported by “self-billing.”