Businessolver Blog

How Technology Can Reinforce Your Pooled Group Performance

How Technology Can Reinforce Your Pooled Group Performance
Posted on Thursday, July 19, 2018 by Ryan Eagle

Building a house on a weak foundation is never a good idea.


You might be lucky and end up with an iconic success—like the famous leaning tower in Pisa—more likely, serious structural issues are what’s in store.

When it comes to benefits administration, the strong foundation is technology. That technology is of the utmost importance for pooled groups.

The reason? Their corporate counterparts may have complexity, but it’s not their stock in trade. Many corporate organizations actually have fairly straightforward benefits offerings, sometimes with a single payroll feed and just a handful of carrier files.

Not so for pooled groups, which typically manage carrier files, monthly premium billing, and communication for multiple employer groups. They may also include varying plan designs, different contribution schemes, nuances in branding and complexity in carrier feeds, among other distinctions that come from serving separate employer entities.

Perhaps the most distinct differences arise via reporting requirements. Pooled insurance groups are always reporting across a number of different employers, divisions, FEINs, and more. Getting that enrollment data and corresponding compliance reporting correct, with its downstream impact to premiums, can’t be overstated.

Here are three ways that great benefits technology contributes to the financial and performance strength of pooled insurance groups.

  1. Improved employee support. While a pool may be large, many of its constituent members may be small. On their own, these small employers aren’t generally able to afford market-leading software that include such tools as online decision support or robust enrollment and administration solutions. Benefits technology means everyone in the pool can have access to the state-of-the-art employee interfaces that have proven to drive engagement.
  2. Scalability. By definition, pooled insurance groups are always looking to grow in order to add stability and mitigate risk. Great benefits technology is scalable, which means as the pool grows, the underlying tech can easily support additional groups moving onto the platform.
  3. Ease of use. Pooled group administrators are busy people with full plates. They are serving multiple groups with unique needs. Since the best pools provide high-level, personalized service to their members, using technology that is easy, accurate and powerful enables them to focus more on their members and constituents and less on manual processes or trouble-shooting.

When it comes to pooled insurance, strong benefits technology is one of the foundations of the most successful groups. It underpins and enables the accurate and timely reporting, employee engagement and member concierge service that leading groups can deliver.

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