Harnessing Cutting Edge Technology to Provide Companies and Consultants with State-of-the-Art Benefit Planning Systems: benefitRFP

“Our flexible and easy-to-understand approach empowers even a new start-up, bootstrapped by young entrepreneurs that may have little to no experience in insurance and investment benefit plan management, to take the right path.” 

benefitRFP is a direct, high-end national provider of executive benefit plan solutions. The company specializes in employee benefits and compensation plans. benefitRFP provides analysis and design of deferred compensation agreements, non-qualified executive benefit plans, multiple funding, and capital management options. The company's technology facilitates a process that combines products and services from the investment product developers with robust and administrative solutions to offer corporations and tax-exempt organizations executive benefit solutions. It also provides companies an ideal way to recruit, retain, reward, and retire their top talent.

Bob Nienaber, CEO of benefitRFP, spoke exclusively to The Silicon Review.

Below is an excerpt.

Q. How does benefitRFP deliver clarity, understanding, and knowledge to its clients to avoid the confusion associated with executive benefit planning?

As a one-stop shop for corporate executive benefits, the company combines various proprietary software technologies and internationally award-winning services to provide our clients and consultants with the tools to assist enterprises in understanding their benefit goals and needs along with the tools to provide complete solutions.

benefitRFP focuses on profitable, successful plans as their guide as they continue to create new and new technology in the financial services and investment marketplace. Our company allows enterprises to easily engage with their solutions by plugging in all their information, including commercial insurance, general liabilities, executive benefits, and more, along with their goals, into the company's solutions. Rather than spending tens of thousands of dollars on different solutions, benefitRFP enables clients to access various wealth management tools at a one-time fee of 995 dollars. They can start with one diagnostic and then move to a completely different one with the ability to make comparisons.

As part of benefitRFP's solution portfolio, the benefitDIAGNOSTIC™ provides assorted retirement financial goals and savings options. Enterprises can fill a questionnaire assessing all aspects of their business to gain benefits suited for their team. The tool can also help evaluate 401K's pension schemes and insurance. Based on the results of the benefitDIAGNOSTIC™, the company's benefitMATRIX™ offers the most suitable plans with optimal funding options for each user. benefitRFP also follows department of labor regulations, ERISA, and tax codes to avoid any lawsuits or customer complaints. benefitRFP's technology will find the most suitable funding and benefit products for their clients that guarantee the best results, or they will not move forward. Wealth management plans should never be a cost without a profit attached. Having said that, benefitRFP has devised a program called the benefitHEATMAP™ that compares different insurance products and investment cases based on the client's information to guide them to the most optimal products giving the best financial results across the board. This has proven to be a powerful technology for clients providing significant savings in their annual plan audits. The benefitHEATMAP™ takes a deep dive into all the aspects of financial planning with the clients to bring all the efficiencies together and enable them to utilize their investment or insurance strategy. It enables a first-time audit plan of a small company to return about two million dollars to their shareholders, around five million dollars in the case of a mid-size organization, and limitless opportunities for larger firms.

We enable clients to put back the money to the owner's or shareholder's pocket or share the improved values with their top executives in the form of additional plan values and move toward the right direction. benefitRFP caters to the needs of organizations and those of individuals who are the participants of various investment or benefit plans. The company's benefitCONCIERGE™ report shows an annual report card on maximizing their results if they are part of a plan. The report is tailor-made to deliver retirement income calculations for every individual using their current savings plan balances, income, and age to estimate their financial outcome upon retirement. The benefitCONCIERGE™ helps individuals reach their financial goals, eliminate unnecessary taxes, and maximize government benefits. Clients can also find out the worth of their business by using benefitRFP's online asset value tool, which is the world's largest of its type. benefitRFP employs a team of case management experts that audit the plans every year to identify and implement product changes. We assist clients to realize significant cost savings or become more efficient simply by changing their products.

Q. How responsive is benefitRFP to the changing needs of its clients?

As a technology-backed organization, benefitRFP has the unique ability to change quickly with the company or regulatory changes. This gives their clients the ability to always have to most up-to-date offerings for their top people.

Q. Where does benefitRFP stand at the moment relative to other participants in the industry?

Simply stated, benefitRFP is extremely rare as there are no other firms in the executive benefit space with similar technology capabilities as benefitRFP's technology is all proprietary and standalone.

Q. No doubt benefitRFP is charting new territories in this segment. Given how frequently circumstances change, what plans for transformation are you pursuing to remain relevant now and in the future?

Within the next 12 months, benefitRFP aims to make its technology available for every company in the U.S., be it large or small. By providing explanatory videos to clients, the company simplifies its technology. benefitRFP explains complex topics in minutes by bringing fun elements like cartoons to make them exciting and fun. We aim to produce more informative videos to guide clients on their benefits and insurance programs in a simplistic fashion. A driving goal for benefitRFP is to provide its successful technology on an app setup. Any company, be it large, small, public, or private, can do audits and get the best products to accomplish their benefit planning goals in-house. benefitRFP believes it is important for clients to build and design their programs based on their goals rather than depending on others' advice. On the consultant side, our technology will aid them to serve ten times more clients by simply getting client information faster and more effectively and then responding to their clients with the proper recommendations.

Q. How do you plan to counter challenges that you think benefitRFP might face in the next five years?

The benefitRFP team has won many international technology, risk, and wealth management awards, the latest being the 2021 Go Global Top Service Provider by The International Trade Council. The company manages thousands of different corporate and executive investments and benefits plans for companies and their participants and programs and offers clients a wide variety to choose from. From the first conversation with clients, we ensure a straightforward process to show them how the entire process will occur. In addition, the client has access to all plans and products online, eliminating all the lengthy and tedious paperwork, which makes their work seamless and quick. It is rewarding to see clients turn from having no knowledge to becoming extremely knowledgeable as experts in their wealth management. benefitRFP's flexible and easy-to-understand approach empowers even a new start-up, bootstrapped by young entrepreneurs that may have little to no experience in insurance and investment benefit plan management, to take the right path. Seasoned veterans have assisted numerous clients in selecting plans that have proven most beneficial for them. As a result, we have good online ratings and high scores without any customer complaints. Over the next 3–5 years, our greatest challenge will be staffing up to keep up with our large influx of new plans.

“We enable clients to put back the money to the owner's or shareholder's pocket or share the improved values with their top executives in the form of additional plan values and move toward the right direction.”