An organization always acts as a middleman between employees and brokers. The rules set by the government especially for healthcare are necessary to be obeyed by the employer as a second guardian to an employee. And to bring upon several benefit plans in front of the employees isn’t a cup of tea for the HR department.
Hence, the need for a broker arises here.
A few might not understand who are the brokers and what benefits are they expecting?
In that case, to define brokers, we should first understand the overview of the healthcare rules prevalent in the USA for its enterprises and employees.
The USA government has revised the PPAC Act i.e. Patient Protection and Affordable Care Act of 2010 and termed it Obamacare or ACA i.e. the Affordable Care Act, which emphasizes healthcare so as to make it more affordable to those who find it difficult to afford.
Any employee enrolled in an organization has to have a healthcare plan subscribed for oneself and one’s family, which is included in the plan by default.
Why & Where A Broker Is Required?
When the employee is asked to subscribe to a health plan, the one has to choose the plan out of more than a hundred or maybe a thousand of them. Als0, there exist multiple benefits providers as well, called ‘insurer careers’.
Thus, to bridge the gap between the insurer and the beneficiary, the broker comes and helps them both simultaneously.
For bringing numerous beneficiaries to the insurance company, the broker gets a commission as the broker’s benefit.
However, the employee chooses a specific set of health insurance plans called the ‘employee benefits’ plan.
Thus, a basic overview is hopefully clear and is enough to explore those employee benefits brokers software that is capable of managing employees as well as broker benefits for an organization.
Applied Epic is an insurance cloud management system dedicatedly designed to manage insurance things.
It is renowned for its integration capabilities with the other in-house operational tools and software. It offers CRM-based services as well as benefits administration and other sales and financial services too.
Accomplish EP is a simplified HR-based software solution that states itself as an HR empowering platform that is capable of handling employee and broker benefits altogether.
It is designed and developed to accommodate Human Resources and its relevant tasks that are usually complex and demand intensive human intervention like online payroll services, ACA compliance management, Leave and Attendance & Calendar management, and Talent acquisition, etc.
Having its special emphasis on being a benefits administration software for brokers, it allows the employers to choose the best benefits plans for their employees and brokers to enroll to deliver a seamless benefits experience to its employer clients.
It is an all-in-one smart solution that is not just built to manage benefits but all the HR tasks smartly with the least human intervention required.
AgencySmart is a time-saving solution that is known to have developed to reduce labor costs and add value to the overall company’s performance.
A cloud-based solution, recognized for its financial service providing capabilities and has a user-base of retail brokers more than any other else. It is also used by general agents and especially those who sell employee benefits and insurance products and services.
As similar to our first tool, it is also capable of handling payroll, and other niches of the HR department including consultancy services.
Total Lead Domination is a client relationship management tool that is especially focused to manage insurance and health-related formal work. As far as sales operations are concerned, it is an ideal solution with desirable features for calling and relevant services.
A client relationship management tool basically accommodates the work-related with Sales, Customer/Client services, Commission reports, and other communication-based services that require a one-to-one connection in a frequent manner.
TLD is an efficient tool to manage customers be it the insurance sector or any other. The insurance sector is the one that demands utmost communication for claim settlement.
It is known to have effective functionalities and features for every range of communication-based issues that an organization usually face like-
- Integrating with lead vendors
- Cost per acquisition charges
- Reuploading of leads into the dialer
- Compliance and data access
- Protection of PCI, PHI, and other crucial information, etc.
TLD is a smart Sales & Communication based solution and could be the best deal for insurance mediators i.e. brokers especially.
Are Tools With Data Security Feature Necessary?
Well, in the insurance sector, there comes 4 out of 10 cases in which the beneficiary has either tried to manipulate its data for successful claim settlement or the data is sometimes breached by the company to not render the benefits.
Thus, to keep the data safe from manipulation especially, and then from getting stolen secondly, data security services are desirable with such software and tools that include information exchange on a frequent or daily basis.
EDI services are known to serve the same purpose and are believed to be used by half of the global enterprises for their information exchange safety.
EDI is basically a transaction path or a service in which the data included in the transaction is kept safe and encrypted.
Electronic data interchange actually hashes the data and keeps it almost safe from every dimension. However, there is no safe-lock or technology across the world that ensures a cent-percent guarantee.
Accomplish EP is also one of the edi services providers and that justifies why it is termed as an all-in-one solution to accommodate in HR as well as in benefits administration.
Tools to manage employee and broker benefits are typically no less than the day count in a month. We might require a broker to choose a tool itself if we start looking into all the options.
Rather we should focus on what is actually required and vital for employee and broker benefits administration. It would be a dedicated portal for employee benefits enrollment as well as for the brokers. There should be a separate panel for benefits compliance to handle compliances.
And a group insurance feature is the most desirable one for an employee benefits broker software.
It is up to you now to choose software with the maximum desirable features and functionalities and not get confused with a handful of options available in the market.
Choose wisely and play smart!
Author’s bio: Scarlett is an adept content writer and is associated with Accomplish from the beginning. She has worked with edi solution providers and is often found struggling with some unique products like succession planning tools, HR analytics tools, and Insurance management software for her upcoming projects. She participates also in the discussions over the information exchange and the technologies in-trend around it. When not working on any of her writing projects, she is either reading any of the Agatha Christie mysteries or busy gardening.