One of the most time consuming tasks for a benefits administrator is making sure insurance carriers and benefits vendors get the information they need to enrol employees, process claims, and update files. It can also be costly for the company if they have individual programs written to address each type of document a vendor needs. Fortunately, there is a way to reduce these costs by using benefits management software.
Reduce Workload for HR
Two essential functions of any human resources department is to make sure employees are paid on time and to take care of benefits administration. Managing benefits is a full-time job by itself. The responsibilities include making sure the appropriate benefits are being offered by the company, helping to enrol employees in benefit programs, and making sure all of the documentation is properly distributed to vendors.
While computer technology has made managing benefits easier, it can still be a time consuming task. To better manage their benefits, many companies have specific programs written for each individual form. Having a multitude of different programs can be expensive and inefficient, as changes to procedures or forms by vendors requires the HR department to update the information across all file types.
Benefits Software Solutions
Fortunately, there are companies writing software that makes employee benefits management much easier. For example, instead of downloading large files to your system, many of their features are cloud-based, so information doesn’t have to be downloaded and forms can be accessed from any computer. BenefiX is a management system offered by SS&C that makes it easier to send necessary documentation to vendors for more accurate, faster processing.
Fund administrators can simplify their tasks with BenefiX because it helps to translate and transmit data to any vendor. SS&C has been in the business of offering software solutions for the financial services industry for over three decades. Although their company is based in Windsor, CT, they have offices worldwide in Asia, Europe, and Australia.
Benefits of Cloud-Based Solutions
There are many benefits to cloud-based solutions like those found in SS&C. Cloud-based solutions offer secure data management, so you don’t have to worry about sensitive company or employee data being vulnerable. Documents can be accessed from anywhere by your human resources department, management staff, and other employees who need to access the documents.
Cloud-based solutions also help you get back to work faster in case of a disaster at your building. If the overhead sprinklers accidentally go off, or there is a fire in your building, the data will not be lost because the servers are in another location. So, your benefits department can keep working as usual since the information is safe, secure, and untouched.
A comprehensive solution for a business’s benefits program is desirable for any company looking to streamline their employee documentation. Using benefits software makes it easier for your HR department to process benefits information for your staff, and it also saves your company time and money.