Voya Financial, ADP join forces on voluntary benefit administration
Voya Financial’s voluntary benefits are now available to companies using HR management provider ADP.
The companies entered into an agreement in late July to provide employers using certain ADP platforms the ability to administer Voya Employee Benefits’ group term life insurance, disability income insurance and supplemental health insurance through ADP platforms.
Brad Galiney, senior vice president of employee benefits distribution at Voya says the company wanted to create a more integrated experience for users. Employers using ADP’s Health & Welfare Services Engine, BenMark and ADP Vantage HCM systems are now able to integrate Voya’s benefits.
“The benefit for employees, is they get to see everything on a very familiar integrated site,” Galiney says. “It really streamlines the communications and benefits administration.”
Employers are looking for more ways to integrate HR and benefits technology — a recurring pain point for many HR teams. A survey from Reward Gateway of more than 500 HR professionals found that a fifth of companies use 10 or more different systems and applications at work, while roughly 60% are using more than five systems everyday. HR pros do want more integration and about 87% of respondents say that having tools that integrate into existing systems is key, Reward Gateway found.
Michael McGowan, who leads consulting firm BPI group’s leadership and talent practice says employers are looking for a “one-stop-shop” for their HR tech. Because HR teams are not technology experts, may struggle to select the best and most integrated option for their teams, he says.
“HR people struggle because they’re using different systems [and] different vendors with different capabilities,” he told Employee Benefit News in May. “It’s very difficult to align them or integrate them.”
ADP has partnered with other benefits and HR tech providers in the past. For example, last year the payroll giant integrated Daily Pay to give workers instant access to their pay. The company partnered with Smart Dollar to offer a financial wellness program to workers this year. ADP is used by 40 million workers in more than 110 countries and territories.
ADP’s broad reach gives Voya a competitive advantage, Galiney adds. Moving forward, he says the company may look into additional agreements with other benefits providers.
“We’re really excited, given their broad reach and expertise,” he says.
Galiney says integrated technology can help both HR teams more easily communicate with workers. But it can also help employees more seamlessly select and enroll in their benefits.
“I think it’s just like anything else, it’s communication,” he says. “I think the industry has embraced this in many manners.”