Digital benefits roundtrip: revolutionizing the industry
Many benefits advisors are still relying on multiple disconnected systems, leading to duplicative data entry and the need to search across various platforms for a single data point.
The digital roundtrip of benefits
The concept of a digital roundtrip of benefits involves a comprehensive digital revolution and integration of technology platforms. This approach aims to streamline the employee benefits life cycle by enabling different benefits platforms to communicate with each other. By digitally connecting data at each stage of the benefits life cycle, from quote to enrollment, advisors can create a seamless and secure end-to-end experience for all stakeholders. This enhanced connectivity not only simplifies the process, but also enhances security and compliance and reduces errors and omissions (E&O) risks.
Establishing the cornerstone
The first step and cornerstone in this approach involves using an agency management system to capture all relevant account data. The right management system can harbor general plan information, including coverages, rates, eligibility criteria, third-party administrator information, and additional crucial account data. A centralized and secure repository of information provides advisors with a single view of the client, streamlining account servicing, and reporting.
The integration of a fundamental agency management system into an advisor’s benefits plan modeling application paves the way for more advanced digitization. This sets the digital wheels in motion, pushing data into the next phase of digital connectivity: quoting and marketing.
Creating simplicity in quoting and marketing
The integration of the right agency management system and benefits plan modeling application, allows advisors to easily quote, market and consult with clients. Live data flow between the systems gives benefits advisor the ability to explore and compare benefits plan choices, guide clients, and modify options in real time. This digitized system eliminates overly complicated spreadsheets and presentations by presenting data the way employers want to see it, paving the way for accuracy and efficiency.
Digitizing the marketing and quoting process saves time for all stakeholders involved while offering advisors better visibility to provide more strategic advice and value to their clients. The right benefits plan modeling solution can set advisors apart from their peers by empowering them to quickly run quotes, generate proposals and present innovative benefits plans in a concise, visual format that’s easily understood by clients. Once clients know that they have the best option for the right price and competitive benefits, then comes the enrollment phase.
Navigating enrollment with ease
The integration of the benefit plan modeling application with a benefits administration system allows for a seamless transfer of critical data from the quoting to the enrollment stage. The benefits administration system stands as a digital pillar, making benefits elections paperless and providing necessary employee self-service tools and a comprehensive audit trail that simplifies the management of applications and payroll deductions.
Completing the digital roundtrip
The last step involves integrating the benefits administration and agency management systems. This allows new or updated information to be transferred back to the agency management system, giving advisors a full view of the client and equipping them with the pieces necessary for the renewal process.
The strategy eliminates duplicate data entry, saves time, erases clunky spreadsheets, and substantially reduces the risk of manual errors. It’s a win-win on both ends – a seamless experience for clients and a more efficient, less risky process for agents. It proves the power of purposeful digital integration within employee benefits. A truly revolutionized industry is here and leveraging the digital roundtrip of benefits will bring a new era of connectivity and productivity in the employee benefits world.
Anupam Gupta is the chief product officer at Applied Systems.