bswift Study on Benefits Administration Automation Reveals Missed Opportunities
CHICAGO, IL — Thursday, June 3rd, 2010
The report, Benefits Administration Benchmarking Study: An Analysis of What Under-Automation is Costing Companies is based on surveys and interviews with more than 100 companies across the country. The companies' use of technology ranged from completely manual to Enterprise Resource Planning (ERP) modules to "best-in-class" benefits administration software solutions.
Key Findings: The study examined key benefits administration processes in the areas of: New Hire Enrollments, Life Event Enrollments (e.g. adding a new spouse or child), Status Change Enrollments (e.g. an employee's change in location or position that results in a benefit election change), Dependent Eligibility (the process for monitoring the eligibility status of dependents) and Billing.
Of the 92 percent of respondents who reported having some kind of a "system" for benefits administration:
- 45 percent do not offer online enrollment options for New Hires
- 55 percent use a manual update process for Life Event enrollments
- only 32 percent have a system in place to automatically cancel coverage when a dependent reaches a benefit plan's maximum age, and
- 40 percent manually reconcile paper invoices against system records for carrier billing – an extremely time-consuming and inefficient process.
Gallun added, "Health care is rapidly changing – driven by both government reform and private sector initiatives – and is becoming more and more complex. This dynamic makes the challenge of automation a moving target and one best served by agile technology focused on the task."
To request a copy of the Benefits Administration Benchmarking Study: An Analysis of What Under-Automation is Costing Companies, send an email request to email@example.com.
bswift is changing the world of benefits administration by combining deep expertise and a passion for technological innovation with a unique consumer-driven approach. Partnering with enterprises nationwide and serving millions of employees, bswift offers cloud-based technology and services for online enrollment, interactive decision support, ACA compliance reporting and employee engagement. bswift also provides access to consumerism, product and consulting solutions needed to build a benefits program specialized for both employers and employees alike. For more information about bswift, an Aetna company, visit www.bswift.com.
MEDIA CONTACTLaura Field