Insureds, brokers, and employers all want the same thing from group benefits providers: easier enrollment, painless onboarding, and a better user experience.
This does mean better enrollment numbers for insurers, but implementing it (at least at first) seems much easier said than done… especially when dealing with the challenges of modern legacy.
Unfortunately, modern legacy core systems don’t easily connect to enrollment, benefits administration, or HRIS platforms without hard coding. This creates bottlenecks and slowdowns at several points along the group benefits distribution cycle: enrollment data processing, policy issuance, billing, claims payouts, broker commissions, and more.
Also, because data doesn’t travel fast enough through these patchwork integrations, it can be outdated by the time it’s needed. Billing and claim-filing complications can ensue, preventing insureds from taking advantage of their group benefits as readily and efficiently as they need to.
A cloud-based coretech platform like EIS Suite™, on the other hand, provides the proper framework for streamlined, data-driven group benefits distribution. Thousands of open APIs enable effortless connectivity between insurer, broker, and employer systems. In addition to providing interoperability and convenient data access for each user persona, this widens distribution possibilities across a variety of channels.
Our Enrollment Intake Management feature enables near-real-time processing of enrollment data into your core system, accelerating the distribution lifecycle.
Automation capabilities within key EIS Suite products like PolicyCore® and BillingCore® simplify policy creation and billing management, even for customers with highly bespoke voluntary benefits requirements.
Using CustomerCore™, insurers can view up-to-date customer histories (updated in real time), giving them a fuller understanding of client needs to inform better distribution strategies.
As Wellfleet, a Berkshire Hathaway company, recently discovered, EIS technology made it simple to dive right into group and voluntary benefits. Close collaboration between the insurer and EIS led to the launch of a digital group benefits distribution platform in less than a year.
A major North American insurer also entering the voluntary benefits market knew it wanted a benefits administration system that made them more versatile. Their platform, built using EIS Suite, not only facilitates rapid development of new products, but also makes it easy to incorporate emerging technologies and further improve distribution.
With EIS at their foundation, group and voluntary benefits insurers can reach existing and potential customers in many ways: via direct-to-consumer sales, brokers, financial institutions, and more. EIS-powered distribution platforms also allow insurers to efficiently deliver information regarding new benefit offerings, improving awareness and boosting retention.
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