Who would guess that the most important development in theemployee benefits marketplace is the greater and more creative useof … semiconductors?

Change is accelerating in the benefits industry on a variety offronts, including products, delivery platforms and measurement ofoutcomes, to name a few. But the biggest change agent by far is thetighter embrace of technology by brokers and advisors, employersand employees.

The underlying reason for the proliferation of silicon-coatedcomputer chips among the mix of medical coverage and retirementsavings is that employers and their employees are struggling tonavigate the growth of voluntary benefits. Increasingly, employersare shifting from being benefits providers to benefitsenablers.

It's no secret that employees have been funding their ownretirements through 401(k)s and other retirement savings plans fordecades. They are also paying more for health care coverage,especially recently as more employers offer high-deductible medicalplans. Now, they are trying to figure out what benefits to buy ascoverages that were once paid by employers such as life anddisability insurance, critical illness, accident and othercoverages are instead offered on a voluntary basis.

Workers are struggling to make sense of this new benefitsenvironment. Research by Massachusetts Mutual Life Insurance Co.(MassMutual) finds that 38 percent of American workers say theyknow little or nothing about their employer-providedbenefits.¹ In addition, 40 percent say personalfinancial problems distract them at work.

And that's where technology is starting to make a difference.New tools are being introduced to enable workers to make better,more holistic decisions about their finances and benefits based ontheir personal needs and budget, reducing stress and boostingproductivity. Improvements in technology are making the decisionprocess easier and faster.

MassMutual is leading the revolution. Recently, the 165-year-oldlife insurer launched MapMyBenefits^SM, a patent-pending employeebenefits guidance tool. Within minutes, MapMyBenefits helps workersmake decisions about their benefits based on their personalfinancial situations and life stage priorities.

MapMyBenefits works much like the so-called “robo advisors” inthe wealth management industry as the tool provides personalizedguidance to help employees prioritize their health care, insuranceand retirement benefits, and then make the most of each benefitdollar based on their life stage, financial goals and personalfinancial situation. This all-inclusive approach to financialplanning at the workplace combines retirement readiness, healthcare coverage and preparation for life's unforeseen events.

The holistic benefits tool can be found on different benefitsplatforms as well as BeneClick!^SM, a unique, integrated exchangeintroduced by MassMutual. The new exchange, an online marketplacefor people to select their employer-sponsored benefits, is poweredby Maxwell Health's benefits technology platform. And BeneClick! isthe first exchange to offer both health care, protection benefitssuch as life and disability, and retirement savings on a singleplatform.

To support these tools and make them more readily available,MassMutual has also introduced new mobile apps for bothMapMyBenefits and BeneClick!

The MapMyBenefits app also helps workers prioritize theirbenefits, provides reminders to sign up for benefits, summarizesbenefits coverage and stores personal financial information forready access. The secure app is accessible only through a personalidentification number (PIN) and connects workers to a wide range ofinformation and guidance.

The BeneClick! mobile app helps participants answer thequestion, “Am I covered?” with the press of a button. TheBeneClick! app, which is accessible only through a personalidentification number (PIN), allows access to a range of importantbenefits information, including existing benefits coverage,insurance identification and policy numbers. It also displaysaccount information such as balances and rate of return informationwithin 401(k) and other employer-provided defined contributionretirement savings plans, and wellness support services.

New technology is also being introduced to help employersascertain whether their benefits are meeting their goals.MassMutual's Viability Advisory Group has developed apatent-pending analysis program to help companies evaluate thefinancial costs associated with employees being unprepared forretirement and the loss of productivity attributed to employees'lack of financial security. As part of the evaluation, the programcalculates the hard-dollar cost of not maximizing employees'retirement savings and other benefits programs.

Employers are realizing that they must proactively helpemployees plan for their financial futures by making sure theirretirement plans and employee benefits are as effective aspossible. With Viability, MassMutual can demonstrate just what theimpact is to the bottom line, and enable the perfect alignmentbetween employer and employee needs.

These new tech tools are only the start. In the future, moreemployers will rely on technology to track employee benefitsdecisions, preferences and needs. Improved measurement and trackingwill allow companies to gain insight into what benefits generatethe biggest return on investment.

The end result will be more effective health and wellnessoutcomes for America's employers and employees. While it takesmillions of semiconductors to attain that goal, no technology isnecessary to appreciate it.

¹2015 MassMutual Employee Benefits Security Study,https://www.massmutual.com/~/media/files/MM-EE-Benefits-Security-Study-Report.pdf

© 2016 Massachusetts Mutual Life Insurance Company, Springfield,MA 01111-0001. All rights reserved. MassMutual Financial Group is amarketing name for Massachusetts Mutual Life Insurance Company(MassMutual) and its affiliated companies and salesrepresentatives.

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