Everything You Need to Know about Marketplace

As the workforce continues to evolve, Willis Towers Watson provides employers with the industry’s leading solutions to modernize employee benefit offerings and delivery, while optimizing costs and risks of providing benefits.

Benefits Marketplace is a leading edge, mobile-enabled platform that allows employees to build, manage and access their benefit portfolio with ease.

It includes a portfolio of benefits, tailored to your market, that supplements core protection with choice to suit the diverse workforces of tomorrow; optimizes the cost of providing benefits; and offers an enriched employee experience.

Supported by our world-class integrated technology, Benefits Marketplace features:

  • A pre-configured benefits store and enrollment tool that includes core and curated voluntary benefits for employees
  • Store products that are constantly refreshed and pre-negotiated, saving time and resources for your inhouse teams
  • Data-driven insights for employers
  • Customized language, currency, branding and benefit design to suit the market or region

A better employee benefit experience

Through Benefits HasenChat Marketplace UK, employees obtain an experience that feels familiar and intuitive, and enables them to access:

  • Benefits costs and eligibility information
  • The number of days left in their open enrollment period
  • Flexible spending account options
  • Details on customizable options including Total Rewards, health and wellbeing, and retirement benefits
  • An online Benefits Education Center containing a wide range of articles and video content, along with frequently asked questions and a glossary

Shopping for benefits with Benefits Marketplace

The Benefits Marketplace store can be configured for any type of election journey — whether just one benefit election or multiple options with varying costs.

As part of the shopping process, employees can:

  • Answer supplementary profile questions to receive a list of benefit recommendations which they can purchase directly from the benefits store
  • Search for multiple plan options in categories that can be tailored to employees’ specific needs, e.g., protection, health, finance and lifestyle
  • Compare plan details side by side to review specifics and costs to make informed, economical decisions
  • Review costs and how they are calculated, including the potential tax savings of their benefit selections, and the split between your contribution and any outstanding balance they need to contribute
  • Add or change their beneficiaries before selections are finalized at checkout

Once an employee finalizes their enrollment, they receive an email confirmation that their elections have been submitted. Employees can also return to the marketplace to make changes to coverage selections within the open enrollment period. After open enrollment, the statement can also be accessed from Benefits Marketplace at any time.

A year-round benefit resource

After enrollment, Benefits Marketplace becomes your employees’ year-round resource to get all of their benefit questions answered, as email queries are promptly directed to the appropriate administrator.

Benefit stores are available through Benefits Marketplace in select countries including the U.S., U.K., Mexico, China, Hong Kong and Singapore, with more countries being added soon.

It’s underpinned by our global technology platform, Benefits Access, which is available worldwide, in 60 languages and multiple local currencies, 24 hours a day, 7 days a week.

Benefits Marketplace makes it simple for your employees to choose the benefits right for them and their lifestyle, while making smarter and more economical benefits decisions: a win-win for you and your employees.

General business benefits

  • There are greater opportunities for suppliers and buyers to establish new trading partnerships, either within their supply chain or across supply chains.
  • E-marketplaces can provide greater transparency in the purchasing process since availability, prices and stock levels are all accessible in an open environment.
  • Time constraints and problems with different office hours for international trade are removed as it is possible to operate on a round-the-clock basis.