As an employer, you should have a variety of benefits to offer to your employees such as medical insurance, pension plans, retirement plans, PTO, etc. How you administer these benefits can have an impact on your business. Benefits administration is the process of establishing, maintaining, and managing benefits for the employees of an organization. There are many vendors who offer software that assists with the distribution of benefits. Depending on the software’s capabilities, the software can keep track of individual employee data, status, government regulations, and much more. When looking for a benefits administration software vendor to partner with, there are some features you should look out for because after all, you want a software that will make your processes more efficient, save money on benefits costs, and help with compliance.
All-in-One Online Platform
Years ago employee benefits administration used to take a lot of time and required keeping piles and piles of paper records. Now, with online benefits administration software, you can handle everything from an all-in-one platform. When looking for a ben admin software, make sure it allows you to digitally handle all aspects of open enrollment and benefits administration. The system should allow you to store any records and information you may need in the future. Also, the system should streamline the reporting process and help you stay in compliance with all the government regulations. Having a centralized platform makes it easier for managers and administrator to access all employee data from a single interface, anytime and anywhere.
Employee Self Service Portal
Like I mentioned before, the point of having a benefits administration software is to be more efficient and save time. A great benefits administration software will have an employee self-service portal where employees can search benefit plans and find the best fit for their lifestyle. This not only saves time for the HR department but also eliminates paper, which in return allows for less room for error. During open enrollment, employees can log onto their portal and browse plan options and save their selection before they finalize and submit their choices. Not only that, but employees can also submit any changes the moment a qualifying life event occurs. With Dominion’s software, life events can be initiated by an administrator or requested by an employee.
Option for Connection to Carriers
Before carrier connections, companies could only connect to their carriers through EDI, which would take up to 12 weeks, just to set up. Now, most benefit administration platforms provide integration and data sharing with different carriers and vendors. Having this option reduces the workload of your staff as it provides the ability to easily and securely transfer employee data, payment information, and other important data.
Partnering with the right benefits administration software vendor can make a big difference in how your HR department functions. The ideal software can streamline your processes and assist benefit administrators in a great way. Dominion's benefits administration software was designed to be user-friendly and to simplify your open enrollment. To see how it could benefit your company, click below!