Benefits Management


Report Abstract:

This Market Intelligence Report focuses on the benefits management marketplace in the United States from a supply chain sourcing perspective. Benefits management refers to policy administration and to the core benefits commonly offered by employers, including employee benefit plans (401K) and pensions, health and welfare insurance, retirement services, and leave administration. Primarily a mixed and developing industry, benefits management has a well developed supplier base and is growing at a high rate. The benefits management category has high product segmentation and serves primarily commercial and consumer markets. The demand for benefits management services is generated by various industries looking to outsource these services from their internal human resource units. The primary drivers of this market include process outsourcing growth, overall employment in the United States and macroeconomic activity including GDP growth. Key costs around the benefits management category include outsourced labor, administrative management costs and information technology infrastructures. The major trends in the industry include the increasing technological efficiency in benefits administration and cost reductions though labor and outsourcing best practices. Offshoring activity in this sector is medium and is exhibiting an increasing trend. Given the current economic crisis and public outrage directed toward financial institutions, the financial markets are expected to face increased regulation in the coming years. Health and welfare insurance funds are already subject to heavy regulation by various state and federal agencies. The risk outlook for the benefits management industry is steady based on the current economic crisis as companies are expected to face this increased regulation. Risks are directly tied to economic performance of U.S. companies and their employees. Category management best practices around the benefits administration industry include strategic outsourcing practices, international market dynamic advantages and worker flexibility options to maximize the benefits payments.

Starting with detailed background information to provide category context, this report provides insight into the market drivers around demand and key costs, including both historical and forecasted commodity pricing. The supply base section covers the top suppliers, including high-level overviews and market news. The report presents the NAICS category cost structure and historical, current and future pricing. The trend section reports new and emerging industry directions. Regulatory considerations include tariff and taxation issues and developing governmental initiatives. Risk outlooks offer a view into upstream drivers that could adversely affect the industry and category. Insights and Best Practices share winning strategies around the management and sourcing of this category.

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