Advances in technology have made it possible for benefit admin systems to act as real-time processing hubs for multiple insurance companies and providers. (Image: Shutterstock)
During a recent discussion with an associate about our business, we agreed that we have traditionally identified four major players in successful benefit programs: employers, employees/dependents, brokers/advisors, and insurance companies/benefit service providers. But a fifth player has entered the picture and may be the most important of all: the employer's selected benefit administration system.
In the past, I often thought of ben admin as a background commodity. The market has proliferated with a variety of systems to choose from, all designed to provide benefit administration functions. But as the market has matured, employers have increasingly relied on these systems to relieve their team of burdensome work. How does an employer approach the selection process?
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