RFPs aren't what they used to be. Brokers are asking more technology questions and fewer legacy questions. They want to know about virtual cards, embedded investing, and modern features that matter to their clients. We created this template with example questions based on our analysis, so you and your team will not be surprised the next time you compete to administer flexible spending arrangements (FSAs), health reimbursement arrangements (HRAs), or health savings accounts (HSAs).
Traditionally, RFPs for FSAs, HRAs, and HSAs have focused on legacy questions, like "How many plastic cards will be issued?" or "Is your website mobile responsive?" Because technology expectations were low, brokers' goals were twofold: minimize any sense of disruption and seek the lowest price.
Modern tech is a part of everyday life. Employees keep in touch with family through a smartphone, research via an AI tool like Chat GPT, and even use apps like Robinhood to keep track of their investments. As customer expectations change, so have RFPs. RFPs are starting to ask more questions about embedded HSA investing, virtual cards, and more. Download this template so you can be prepared to give answers for virtual cards, embedded investing, and AI-powered features on your next RFP.
