Benefits Administration Software
More brokers and employers are making the move to administer HR and benefits online. But before we can get into how benefits administration platforms can streamline the benefits process you might need to understand the basics of what a benefits administration platform is and all that it entails.
According to a new study from Guardian, employers are increasing their spending and adoption of benefits-related technology, largely driven by Millennials. Guardian’s Workplace Benefits Study found most employers have increased their spending on benefits administration tech in the last five years, and half of the employers surveyed plan to make further increases over the next three years.
These increases are driven largely by Millennials, who continue to comprise larger shares of the workforce. Millennials are looking for a more efficient and intuitive benefits experience, and as a result, the majority of employers are focusing on improving self-service platforms.
The takeaway is that small and mid-sized employers are on the cusp of a huge move to administer HR and benefits online.
What is a Benefits Administration Software?
Benefits Administration Software: An employee benefits software system for managing workplace benefits. It cuts out the traditional paperwork and automates employees’ benefits eligibility, elections, and enrollment in health insurance and ancillary options.
Many benefits platforms also provide a number of HR features, like time and attendance tracking, PTO, and more. Because health insurance touches so many parts of HR, it’s common to see single software platforms that handle both benefits and HR administration.
Why Use a Benefits Administration Platform?
If you haven’t taken your benefits administration online yet, here are some reasons why you should consider the move now rather than later.
One of the greatest benefits of bringing ancillary benefits online is the all-around time savings. Employers with paper benefits administration are spending up to an hour per enrollee completing tasks such as duplicate data entry, answering employee questions and preparing benefit packets. However, paper benefits administration isn’t just more time consuming for HR staff, employees and brokers feel the burden as well. Imagine a process that now takes you months suddenly taking you weeks.
With online benefits administration for employers, the risk of errors is significantly decreased by reducing instances such as misreading handwriting or losing forms. The Society for Human Resource Management suggests an error rate of 3% occurs on total benefit premiums when the administration is processed manually. However, with an online platform, the data collection process is automated and integrated with carriers, which will drastically reduce the opportunity for error.
Convenience & Satisfaction
These days, nearly everything is available with a click of a button – from online banking to online shopping. Similarly, online benefits administration allows access by employers, employees, and brokers to benefit information at any time from anyplace. This allows employees to include others in the decision-making process, update their own benefits when Qualifying Events occur and even answer their own questions.
With all of the changing regulations, the majority of employers and employees find health insurance plans to be confusing. By providing benefits administration online, employees are more likely to recognize the full value of their benefits. By offering better clarity around benefits and convenience, there is an overall increase in satisfaction from all parties involved.
At any given time, an employer can monitor and track the progress of their open enrollment down to an individual level.
By implementing a software solution for benefits administration you will see significant advantages immediately. You’ve most likely taken other aspects of your business and professional life online – it’s time to bring benefit administration to that same standard. Before you know it, you’ll be able to spend more time on your key competencies, not shifting through administrative paperwork and answering repetitive questions.
How Do I Start Using BerniePortal?
When evaluating different products, you must decide which internal processes you will support, such as open enrollment, termination, and qualifying events, and then choose your system priorities accordingly. Software is like buying a car—there are required functions and “nice-to-have” add-ons.
BerniePortal is distributed by health insurance brokers nationwide who provide access and ongoing support to their employer clients.
You can find a broker partner near you through our Broker Directory!