Benefits Administration Diminishing Risk And Increasing...

Benefits Administration: Diminishing Risk and Increasing Value Introduction Your clients are demanding it and their employees are expecting it. Is the competition delivering it? Vendors are continuously trying to form a relationship with your organization. We’re referring to benefits administration and automating antiquated paper-driven processes of managing eligibility, employee communication, enrolling employees into their healthcare options, facilitating carrier communication of elections, and managing compliance. Supply and demand for benefits administration has been fluctuating for quite some time, but there has been a recent increase in demand due to the legal ramifications of the Affordable Care Act and the compliance that has been placed upon employers as well as competition in the marketplace. Consideration to benefits administration is becoming a primary focus for organizations. When making a decision on whom to partner with, employers are looking to reduce administrative costs, empower the employee, reduce paper, find a user-friendly customizable system, meet ACA requirements, and simplify reporting. Other factors include proving the overall value to executives, understanding the implementation process, ease, and timeliness of a conversion. When it comes to offering technology and innovative services for benefits administration to clients, an agency must have focus on two particular areas: Diminishing Risk and Increasing Value With any proficient gainShow MoreRelatedEnterprise Risk Management ( Erm )1741 Words   |  7 PagesEnterprise Risk Management (ERM)? Enterprise Risk Management (ERM) is process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effect of risk on an organizations capital and earnings. 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