The evolution of the digital landscape has impacted many industries, and employee benefits is no exception. However, many benefits advisors do not have the advanced connectivity and automation seen in other sectors, such as property and casualty (P&C). 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. This disjointed approach not only reduces productivity, but also increases the risk of data entry errors, compliance issues and security challenges. However, a new approach promises to revolutionize the benefits industry. 

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.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.