Employee Benefits Administration System
Have you ever wondered how complex task it is for the Employers to provide Benefits to their Employees? The Employers offer their Employees various benefits packages like Medical, Dental, Life Insurance, FSA etc. to attract and retain their employees. The primary reason being to stay competitive with other employers in their industry. Finding best Group Benefits is one of the crucial aspects of any Employer.
For Benefits Administration, Employers heavily rely on Brokers, Industry consultants, Carriers & plethora of other HR systems. Understanding the complexities of them and managing them, well In most of the cases the recommendation of the plans may not be according to the organizational goals of employers.
The enrollment process for Employers as well as the Employees can a be a mammoth and a complex task. There is continues compiling of the census, dozens of rules and regulations and continuous dialogue between several Carriers looking for best price. It can be a daunting task of enrolling the employees in the coverages. Different benefits offering for different people with multiple insurance carriers and all this information has to be manually entered (imagine trying to calculate the Total cost of an employee for a particular coverage where the no of employees is in 1000’s). How do you minimize the human intervention and automate this process? How about importing census data and the system calculates the cost and recommend plans? Sounds interesting, right?!
We at Idyllic-Software built a system for one of the Broker companies in the USA for Employee Group Benefits. The application is huge and is capable of doing various complex calculations and has state of art Business process set according to the coverages, Doing contribution modelling for Core/Buy up, Salary based, Renewals, Comparison of various quotes from different vendors, contacting all the major carriers, Calculating Underwriting, getting the best recommendations & Census Compilation. This system can be used by Employers, Brokers, Carriers, Insurance consultants & Administration.
The core of the system relies upon the accurate collection of information about an employer’s benefits programs, their employees’ individual benefits selections and demographics as well as the employer’s options available to them in the marketplace. The application then makes this information available as needed in the bidding process and analyzes and organizes it in a way that makes it easier for senior executives to make decisions about their benefits plans.
How the system helps the Employers
1. Reduces costs for Employers, Insurance Carriers and Intermediaries
2. Aligns Benefits Programs with an employer organization’s goals through recommendations based on sound data
3. Provides an efficient electronic marketplace to purchase group benefits programs and services
4. Provides tracking of key performance indicators towards achievement of programs goals
5. Ensuring return on investment.
Companies that are in this space are
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