What Can Benefits Administration Technology Do For My Company?

Benefits administration is a necessary piece to running a company — but it can be both complex and expensive. There is a good chance you or your human resources team are looking for ways to simplify the benefits administration process and lighten the burden of everyday tasks. 

That’s where benefits administration technology comes in.

Benefits Administration Technology: An Overview

In the past, in order to administer company benefits to employees, companies would have to embark on a very manual process, with a higher risk of reporting errors and employee frustration. 

But with benefits administration technology, companies can implement a simpler, streamlined solution to manage their employee benefits. The tools can automate manual processes and provide a better employee experience.

How Benefits Administration Technology Can Help

Here are other ways in which these tools can help your business run more smoothly: 

Reduce HR’s Workload

By automating processes — such as creating a checklist that sends employees reminders to enroll — HR can spend less time tracking people and information down.

One of the biggest problems that it can solve for HR departments is related to compliance around benefit enrollment. It’s much simpler to look through a system to ensure all employees are compliant than it is to shuffle through papers to do so. 

Benefits administration systems also provide the ability for companies to manage eligibility and easily add, change or terminate employees with the insurance carriers — without having to deal with paper enrollment forms. 

More good news for HR teams: these systems can integrate with various payroll providers which reduces the need for additional information input. 

Better Employee Experience

These systems can incorporate artificial intelligence to help employees make decisions that are best suited to their needs. This boosts their perception of the company creating a happier more informed workforce.

From onboarding a new hire, conducting open enrollment virtually or running different initiatives that are important to your company, this technology can increase the overall efficiency of your office. Benefits administration technology provides a single source that houses all benefit information, can simplify processes and boost ROI on your healthcare spend. 

How Cornerstone Implements Benefits Administration Technology

While human resources departments can utilize this technology themselves, you can also work with a group like Cornerstone to implement the tool for you. We walk through your unique situation and evaluate what solution would be the best fit. These systems are customizable so clients receive what is valuable to their organization. 

Once the platform is chosen, we then take over all of the heavy lifting required to implement and roll this out to your employees. In most cases, we can bring a solution like this to you through our partnerships with various companies.

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Interested in implementing benefits administration technology, or have any other questions? Feel free to contact the employee benefits experts at Cornerstone Insurance Group today.