While many sectors of the insurance industry have embraced advanced connectivity and automation, many benefits advisors still rely on disparate systems or multiple Excel spreadsheets in local and shared drives, separate from the agency’s management system. This leads to duplicative data entry, the need to search across various platforms for single data points, reduced productivity, and increased risk of errors, compliance issues, and security challenges.
We know that improving operational efficiency and retaining existing customers is top of mind for agencies that do employee benefits work. These are two of the most crucial pieces in driving growth. Connecting a digital roundtrip of benefits allows agencies to accomplish both of these things.
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The digital roundtrip of benefits offers can revolutionize the industry by streamlining the benefits lifecycle through comprehensive digital integration. Digitally connecting agents at each stage of the benefits lifecycle – from quote to enroll – saves all stakeholders time and ensures better coverage for clients. It also helps agencies answer those incoming customer questions and requests faster – delivering on that critical customer service promise.
Understanding the digital roundtrip
The Digital Roundtrip of Benefits involves the seamless integration of technology platforms across every stage of the Benefits lifecycle. This integration enables different benefits platforms to communicate with each other, creating a secure, efficient, and error-free experience for all stakeholders. By connecting data digitally at each stage, advisors can eliminate data silos, reduce manual errors, and provide a more streamlined and transparent experience for their clients.
1. Laying the foundation with an agency management system
The first step involves establishing a centralized and secure repository of information using an agency management system. This system captures all relevant account data, including coverages, rates, eligibility criteria, third-party administrator information, and other crucial details. Benefits advisors gain a single view of the client, simplifying account servicing and reporting.
2. Simplifying quoting and marketing
Integrating the agency management system with a benefits plan modeling application empowers advisors to efficiently quote, market and consult with clients. Live data flow between systems allows advisors to explore and compare plan choices, guide clients, and modify options in real time. This eliminates the need for complicated spreadsheets and presentations, presenting data in a clear and concise format for employers. Clients can confirm plans directly from the integrated platform, ensuring transparency and accuracy.
3. Navigating enrollment with ease
Integrating plan modeling with a benefits administration system streamlines the transition from quoting to enrollment. This integration allows for a paperless enrollment process, providing employees with self-service tools and a comprehensive audit trail. The benefits administration system simplifies the management of applications and payroll deductions, freeing employers from manual tasks.
4. Completing the process
The final step involves integrating the benefits administration and agency management systems. This integration ensures that new or updated information flows back to the agency management system, giving advisors a comprehensive and up-to-date view of the client for the renewal process. This eliminates duplicate data entry, saves time, reduces the risk of manual errors, and provides a seamless experience for clients and a more efficient process for advisors.
Benefits for advisors
Now that you understand how it works, let’s look at how your experience as an advisor will improve through this process.
- Enhanced efficiency and productivity: The digital roundtrip eliminates manual data entry, reduces the need to search across multiple systems, and automates various processes, freeing up advisors' time to focus on providing strategic advice and building client relationships.
- Reduced errors and omissions risk: The process significantly reduces the risk of errors and omissions by automating data flow to eliminate manual data entry that often results in typos, protecting advisors from potential lawsuits and penalties.
- Improved compliance: A centralized data repository and automated workflows ensure that all regulatory requirements are met, reducing compliance risks and providing advisors with peace of mind.
- Stronger client relationships: A seamless and efficient experience builds trust and satisfaction among clients, leading to stronger relationships and increased retention.
Benefits for employers
Having the simplest, most streamlined workflows means nothing if your clients’ experience is subpar. This process will improve your customer service, in turn, improving your retention rates.
- Streamlined benefits administration: Integrating your plan modeling application with your benefits administration system creates automated workflows and employee self-service tools to simplify administration, reducing the burden on HR departments.
- Improved employee experience: A user-friendly enrollment process and access to self-service tools empower employees to manage their benefits easily, leading to higher satisfaction.
- Cost savings: Reduced administrative burden and increased efficiency translate into cost savings for employers.
- Better data insights: Provides access to comprehensive data insights, enabling employers to make informed decisions about their benefits programs.
The next generation of benefits experience
The digital roundtrip of benefits is not just a technological advancement but a paradigm shift in the way benefits are managed and delivered. By embracing digital integration and automation, benefits advisors and employers can unlock a new era of connectivity and productivity, creating a seamless and rewarding experience for all stakeholders. As we navigate an increasingly complex benefits landscape, this strategy is poised to become the cornerstone of a more efficient, transparent, and customer-centric insurance experience.
Anupam Gupta is Chief Product Officer at Applied Systems.
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