Employers of any size can now simplify and streamline employee benefit enrollment
and seamlessly integrate it with carrier connection and COBRA administration
New Providence, NJ, May 11, 2016 – EverythingBenefits, a provider of comprehensive, next-generation benefits technology, announced today that it has expanded its platform to include an easy-to-use benefit enrollment solution that helps employers of any size streamline their benefits processes with self-service. This new application simplifies employee plan selection with the availability of comparison tools, a built-in self-help glossary that differs based on plan type to ensure employees understand the insurance terminology associated with their plans, a Find Your Doctor feature that helps employees ensure their doctors are in-network, and direct links to the summary of benefits and coverage documents as required by the Affordable Care Act (ACA).
Administrative features make driving employees toward enrollment simple as well – businesses can configure initial enrollment eligibility notices, open enrollment announcements, and reminders that are sent out based on time or action-based triggers and workflows. Once enrollment is complete, data is automatically sent to insurance carriers, which eliminates any manual data transfer that has historically has taken place.
U.S. Bureau of Labor Statistics data published in December 2015 indicated that benefits accounted for 31.3 percent of employees’ total compensation. “Benefits are a significant time and financial burden for businesses that is represented not only by direct costs, but indirect costs as well,” explains Rachel Lyubovitzky, CEO of EverythingBenefits. “Employers are looking for new ways to curb these costs and benefits automation is a clear way to do just that and reinvest savings in insurance premiums or other areas of the business.” According to CFO.com, automating benefits enrollment can save $87.69 per employee per year.
EverythingBenefits’ applications can be deployed modularly as stand-alone solutions or as a full benefits management suite that includes the companies’ other products like COBRA administration and carrier connection. Its applications can also be used in conjunction with other third-party systems such as payroll or human resource information systems (HRIS). EverythingBenefits has integrations that allow more than 70 payroll companies throughout the U.S. to resell its benefits solutions.
“By leveraging an open business model and continually expanding our benefits platform and distribution network across the country, we strive to become the industry standard end-to-end benefits management solution for companies of any type, industry, or size,” concludes Lyubovitzky.
EverythingBenefits is a leading provider of next-generation, end-to-end benefit technology solutions and services that help businesses of all sizes and their employees experience benefits in more meaningful ways. By leveraging an open business model, EverythingBenefits partners with benefit brokers, independent agents, insurers, payroll or human capital management companies, and other providers. The company’s philosophy is that technology should make life simpler, more rewarding, and more enjoyable. For more information, please visit our web site at www.everythingbenefits.com or connect with us via our blog, LinkedIn, Twitter, or Facebook.