FAQs

• Can you give a brief overview of MyBenefits360?

  MyBenefits360 simplifies your benefits management processes; saving costs, reducing risk and enhancing employee engagements.

  
  

  MyBenefits360 is a flexible benefits management platform for insurance administration, wellness, fitness and other company provided benefits. We make it easy for employees to personalize and enroll in benefits, excite them with savings on wellness services and engage with fitness gamification. With built in analytics and AI powered dashboards, we simplify your benefits administration process, reduce risk and save costs. Whether you have 10 employees or 10,000, with our SaaS platform, we guarantee to onboard your organization in less than one hour, no matter how complex the underwriting.

• Why do we need benefits management / Insurance administration?

  Group Health Insurance are tailor made products making the policy understand very complex.

  
  

  The distribution requires a lot of awareness on employee behalf and a lot of effort for the HR staff - collecting enrollment information, coordinating with brokers / insurers, claims status and lot more. Just to provide an example, most hospitals have a different rate for cashless services. It is convenient for employees but ends up expensive for the policy.

  
  

  • Our administration software simplifies this completely making enrollments and onboarding effortless for the HR staff.
  • For employees, MyBenefits360 provides an easy to use mobile app to enroll themselves and their dependents and access to claims data in real time.

  
  

  Moreover, benefits are not about insurance only. With MyBenefits360, it provides a one stop seamless experience to distribute insurance, wellness services and fitness tracking all in one place and provides you with actionable insights to keep your insurance premium under control.

• What is the typical increase in group insurance every year and why?

  On average companies end up seeing 20-30% increase in their annual premium. It can be attributed to two main reasons:

  
  

  1. High claims / premium ration. Due to insufficient knowledge among employees, a lot of misuse and over claiming are the root cause. If you can manage your claims well, you can keep your premium from increasing.
  2. Inflation in the insurance sector is generally high compared to the rest of the economy due to increase in health care costs.

• Our employees need support throughout the year. How does this platform help?

  Starting from enrollment, adding top-ups and claims, wellness check-ups; employees need HR support throughout the year. MyBenefits360 is a self-serve platform for employees to enroll, download e-card, initiate claim, check status, book online wellness checkups, reports and almost every service they need for their benefits program.

• What advantages does it provide to my organization?

  When it comes to providing employee benefits, companies end up spending a lot of effort and money on the benefits administration. Three issues have popped up in most of our conversations:

  
  

  1. Increasing insurance costs
  2. Employee engagement and productivity
  3. The enormous amount of effort for the HR

  
  

  This platform addresses these core issues for companies making employees more engaged and productive while keeping your risks under control. Some intangible benefits include:

  
  

  1. Companies making wellness services available to their employees have seen a 27% reduction in health-related leave requests.
  2. Companies using analytics have seen their insurance premium come down or increased at a much lower rate.
  3. Higher team cohesiveness and lower employee attrition.

• We are able to address our needs from other HR software or google form, why do we need one more software?

  The main objective of benefits is to engage and excite employees. While the standard processes may serve the need but with MyBenefits360 you can save a lot of time and effort while engaging with the employees 365 days a year.

  
  

  1. Self service for employees and reconciled reports for HR.
  2. Real time claims information and analytics reports keep you on top of your policy.
  3. Discounts, ease of use and priority treatment on wellness services.
  4. Fitness app amplifies the employee experience that they love and brings down attrition rate.

• We do not want our employees to remember yet another password, can we use our intranet password?

  Yes, MyBenefits360 can be integrated with your Single Sign On (SSO). From your intranet, your employees can enter their benefits without entering any password.

• How much does it cost?

  MyBenefits360 costs just a fraction of what you must be spending on your benefits program. Our prices range from 250 to 400 per employee based on the number of employees and chosen package. We also provide managed services and a 12 session health and wellness program,

• What is the minimum team size needed to adopt the system?

  We started this platform with large companies in our mind. However, it is so exciting to be able to pass these benefits to smaller companies which were otherwise not able to provide such useful and required wellness packages. MyBenefits360 has companies from 10 employees to over 10000 employees.

• Do you provide employee insurance?

  On a large number of requests from small and medium sized companies, yes, we have collaborated with large brokers, who use also MyBenefits360, to help you procure the group insurance at highly discounted rates.

• We may change the insurance agency next year. What happens to the old data?

  With MyBenefits, it does not matter who is your provider. Your information is saved in the system for two years and after that it is archived, which can be retrieved if needed.

• We may change the insurance agency next year. What happens to the old data?

  Most employers tie up with one wellness chain that typically, that serves all the employees. Only a few provide self serve mechanisms to employees.

  
  

  With MyBenefits360, your employees get access to 180+ wellness chains all over India. Employees can complete the whole booking and fulfillment from the same portal or mobile app that they use for enrollments.