Benefits landscape has been in a continued state of transformation as every now and then, a new legislature is passed and a new rule comes into effect. For employers, despite of being one of the most critical employee expense, abiding by the law and staying complaint has become even more important than ever.
Along with the tech developments at the employee benefits administration side, now carriers have even started shifting their focus towards modernizing systems so as to keep pace with the changing times. These advancements can help brokers in managing groups and employers more efficiently.
Stay Informed To keep Customers Informed:
Having proper information about different benefit plans and related options has always been the sole responsibility of brokers while managing multiple groups. Moreover, carrier communication is also their responsibility as employers are unable to understand all about insurance terminologies. Thus, with carriers shifting to advanced technologies, it would become easier for brokers to gather knowledge and serve their clients better.
Updates on New Options:
Having technological assistance will help brokers keep a check on the available options as well as evaluate what new options the carrier has introduced. Entire healthcare industry has been witnessing a major change and employers are doing their best to provide affordable health care coverage to their employees as mandated by ACA.
Thus, the need for compliance and related industry standards has made it more important for brokers to keep their customers i.e. employers updated on what best options can be offered to employees.
Need For Single Platform:
As the technologies are expanding and employers are leaving no stone unturned to employ best human capital management systems for their employees, there is a sudden increase in all-in-one or single platform concept.
The work scope of HR professionals has expanded from just being restricted to the mundane HR tasks and so they need automated system to look after the routine tasks. At the same time, there’s a need to get systems that do not require much manual intervention and can share required data among themselves for uninterrupted process flow.
Thus, the single platform concept is here that takes care of all processes-HR, Payroll, BenAdmin as well as EDI. So, to effectively run the multiple processes over a single system, the receiver’s end must also be tech-advanced so as to ensure fast flow of information.
On the whole, having insurance carriers shifted on advanced tech systems will help brokers offer value-added services to their employer clients. With employer side using fully-automated systems to manage workforce related functions, coordination with carriers was bit tricky as hitherto insurance companies were not using very advanced systems, but now with the new shift, the processing will get smoother and more effective.