Think of the most grueling, time-consuming and painful task or chore you know of. If you are in the club of companies that manually reconcile their benefits carriers’ invoices to ensure that employees enrolled in benefits are accurately matched to the carriers’ view, then that painful routine will surely fit the bill.
Having full transparency into business’ fastest-growing cost driver is critical for any organization, and until now, benefits cost reconciliation has been the game of spreadsheets and line-by-line comparisons that sap weeks of productive time and offer little in the way of the actionable insights for employers.
Announcing the launch of EverythingBenefits’ Premium Reconciliation solution. The era of manual premium recon is officially over! Insurance premium reconciliation has become a fully automated game-changing process that now takes a few hours to complete instead of several weeks!
Our solution matches carrier invoices to employee census records from a client’s payroll, benefits, or accounting platforms. Data discrepancies are flagged to ensure a clear view into any necessary corrective action. What’s more, these insights are available in perspective of the prior invoicing activities - facilitating resolutions, visually identifying trends, and putting the employer back in the driver’s seat to manage their largest operating expense after payroll.
In our quest to drive automation and simplicity into everything benefits (pun intended 😊), we identified four key reasons why reconciling benefits is vital for employers:
1. Premium Leakage
Premium Leakage may happen for various reasons but it most commonly occurs when an employees’ employment is terminated, and yet the insurance carrier continues to charge the employer for the insurance overage of those employees let go by the company. A concern for your organization? Most definitely, with the likelihood that this kind of discrepancy (if not corrected) could rack up thousands of dollars in costs annually.