Beyond developing an attractive yet cost-effective benefits package, HR and benefit teams are also tasked with building excitement and communications around their offerings, managing enrollment, navigating ever-evolving regulatory requirements, and ensuring employees’ benefit experiences are in line with their company culture.
With these responsibilities, few employers can afford the financial and compliance risks that come as the result of a poor benefits administration technology partnership. But companies struggling against their current vendor’s processes may not even realize they are compromising their benefits goals, settling for less, or that their current compromises are wholly unnecessary.
What should you expect from a best-in-class benefits administration provider? How do they operate to best serve your strategy? And how can you identify and leverage the right technology to achieve the results your business requires?
Bringing true value to your business requires relevant experience, insightful thinking, and the right tools and technology to keep pace with evolving demands. This At-A-Glance takes a close look at three essential aspects of a best-in-class benefits administration partner, to help you identify the solution that will elevate HR’s impact across your business and make your benefits matter every day.
Essential #1 | Trusted Data Management
Data management processes are the foundation of your technology, and are critical in determining your benefits administration success. Without correct and accurate data, your benefits solution will become unreliable and prone to failure—regardless of how well-designed the front-end experience may seem.
Your technology platform should “just work,” properly handling your intricate data and continually checking for accuracy and logic conflicts to keep errors at bay. However, since data management takes place entirely on the back-end of your system, it can be tough to identify and initially understand good management processes from bad. But like Pandora’s Box, once issues are uncovered, they can be incredibly difficult to keep contained.
Deficient data management processes can cause eligibility rules and gatekeeping measures to fail, which can lead to long-term enrollment and coverage headaches that take an enormous effort to unravel and properly resolve. Plus, benefit errors can erode employees’ confidence, and damage your credibility with executives and other stakeholders that rely on accurate reporting.
There are also potential secondary cost increases to deal with: Incorrect benefits administration data can cause serious compliance failures that can lead to hefty fines for the mismanagement of Affordable Care Act (ACA), COBRA, or other regulatory requirements.
On the other hand, a best-in-class provider will utilize intelligent and adaptable data management processes to keep your data clean and accurate at every turn.
Data Management and Outsourcing Best Practices
Employers are increasingly recognizing the advantages of outsourcing their benefits administration, with 38% now considering outsourcing to be a key part of their benefits strategy (a 41% increase since 2014). And 81% of employers utilizing highly digital benefits administration report being highly satisfied with their administration – a 25% increase over organizations using more paper-based methods. In fact, when aided by the right processes and technology, HR teams can… More »
Complete the form to access the guide and discover how to find a benefits administration partner that will amplify your impact across your organization.
Empyrean manages employee health and welfare benefits programs, combining the industry’s most modern, client adaptive, and configurable benefits technology platform with expert, responsive service to deliver Hi-Touch Benefits Administration. With Empyrean, you can drive customized strategies, increase employee engagement, achieve ACA compliance and more – all on one secure system.