Updated: May 11
The following is an excerpt summary. Read the full article here.
Digitalization has transformed HR processes in the benefits industry. As a benefits broker, it’s your job to ensure your clients have everything they need to succeed – especially as the world becomes more automated and digital-focused.
Your client may still rely on manual methods, which are often costly and result in very slow employee service levels. On the other hand, the shift from manual to digital has allowed HR managers to efficiently send data to respective insurance carriers, service providers, and programs while allowing for strong, adaptive, and automated compliance.
Additional benefits of shifting to digital include a decrease in the return time of critical insurance processes and an increase in conversion rates. Furthermore, companies are incentivized to find creative ways to cut costs while expanding coverage. The adoption of digitalization will allow for faster reimbursements, fewer accounting errors, and will provide accurate, up-to-date visibility into company spending. Vendors will need to work more closely with benefits brokers and their clients to help ensure successful adoption and help HR drive value realization over time.