The benefits package that a job offers can be one of the key factors that firms can employ to recruit and retain talented employees. With the Great Resignation continuing into 2023, the role of benefits in retaining staff is more important than ever. In the case of companies, whether they are public, private or not for profit enterprises, benefit and insurance plans for employees are often a drain on their resources. BenefitRFP is seeking to transform this scenario by leveraging AI and technology to help companies to implement a benefits package for their executives that is cost efficient and can actually contribute to the company’s bottomline by freeing up resources for other areas of growth.
Said Bob Nienaber, the CEO of BenefitRFP, Inc,”I started out as a sales professional but I have spent over 30 years in the insurance field working with leading companies like Phoenix Life, The Guardian and Principal Financial. I have received many certifications like CLU (Chartered Life Underwriter), the ChFC (Chartered Financial Consultant) and Retirement Income Certified Professional (RICU). Through my training and experience, I gained a deep understanding of the insurance business and the financial sector. While working with companies, I saw many executives put in 14 hour days and end up with benefits packages that did not offer them the needed returns or flexibility. At BenefitRFP, I work with an experienced team of similar professionals to help companies compare and clearly understand different benefits plans. They can then choose the one that works best for them depending on the nature of the company. We simplify the entire process by using our proprietary tools to compare the plans in a manner that a layman can understand.”
At the time he entered the business, there were no companies using technological tools to simplify understanding of benefits and insurance and the lack of these technologies were unknowingly costing businesses millions of dollars in missed financial opportunity. At BenefitRFP, his team assesses how general benefits, executive benefits, and tax legislation might be combined and customized to offer companies and individuals better flexibility and financial returns.
Continues Bob, “On one hand, companies found the entire process of planning for benefits very confusing and costly. On the other hand, many employees were leaving as they lacked proper understanding of their plan opportunities and were not getting the maximum benefit possible. This led to negative experiences rather than positive ones. Our first priority was to make these plans easy to understand and create a positive experience for every stakeholder. This is what we do through our free and proprietary benefitDIAGNOSTIC™ tool. This tool, through assessment of the answers to a questionnaire that can be completed quickly, produces a quantitative and qualitative assessment of all aspects of a business so that they can choose the plan that works best for them. Clients can audit current plans and run financial comparisons from providers to achieve their desired results. To build further on this, we offer other services such as benefitMATRIX™ and benefitCONCIERGE™ that can help decide on optimal funding solutions and help companies and individuals attain their financial goals, minimize taxes and optimize the benefits that they get. All of the laws, regulations, and difficult arithmetic components are embedded within the technology, allowing the user to utilize it with ease.”
The company has received many accolades such as being named as one of the top 20 Tech Firms to Watch in 2023 by Silicon Valley Review Magazine and one of the 10 Best Innovative Management Companies in the June ‘22 issue of Industry Wired magazine.
About BenefitRFP
BenefitRFP is one of the leading service providers in the executive benefits business for savvy individuals, forward-thinking businesses, and top financial advisors in today’s competitive market. The firm uses cutting edge tools to help clients and consultants develop planning solutions for benefit plans geared to their company-specific needs. BenefitRFP combines innovative financial technology with the best-in-class practice management to provide a comprehensive overview for success.
Media Contact:
Name: Bob Nienaber
Email id: [email protected]
