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.
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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