The insurance industry is navigating higher compliance expectations and legal “hoops” now more than ever. This has led to an incredible burden for employers. Before looking at increasing personnel to keep up with regulations and employee expectations, you may want to consider implementing a benefit administration system.
A benefit administration system offers a full range of services by housing employee demographic and eligibility information, plan guidelines and rules, and the ability to connect with carrier sites and other internal systems all in one place. What does this mean for you?
#1 Simplify Benefit Administration
Built-in plan rules provide consistent application of plan guidelines. Life events, new hires, terminations are all processed within the system allowing eligibility rules to apply automatically and eliminate paper.
#2 Employee Management Support
Reduce manual entry by connecting your benefit administration system with other internal systems (payroll or HRIS) and carrier sites to feed information automatically. Import payroll deduction codes for easy deduction reporting.
#3 Consistent Benefit Education
Upload personalized presentation materials for open enrollment as well as year-round on-boarding support. Ability to post important resources securely for employee access.
#4 Real-time Enrollment Status Tracking
Process reports by enrollment status at any time and send targeted communication to employees based on enrollment status. Customize enrollment process based on employer culture.
#5 Easy-to-Use Reporting
Pre-packaged reports to make your life easier such as benefit coverage, dependent information, employee census, and payroll deduction reports. Ability to schedule reports to process and deliver to assigned recipients.
System Selection: It is important to review your options and select the vendor and system that best fits your administrative wish list and company culture. Including a well-rounded committee of key decision makers can also prove advantageous when trying to meet the needs of multiple departments.
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The insurance industry is navigating higher compliance expectations and legal "hoops" now more than ever. This has led to an incredible burden for employers. Before looking at increasing personnel...[read more]
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