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.”