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25 Benefits Administration Software With Pricing and Demo

Finding the best Benefits Administration Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

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The range of employee benefits offered today is diverse- health, disability, and life insurance schemes, pension and retirement plans, wellness and travel allowances, and so on. Administering these benefits can be time-consuming, replete with intricacies, and can become very complicated if organized poorly.

Benefits administration software serves to streamline and automate the process of managing employee benefits and eligibility. These solutions make the perks, amenities, and core services related to employee benefits management easy to set up for human resource administrators while also making it more straightforward for employees to use. 

Benefits administration systems make it easy to manage an array of employee benefits from a centralized source. You can use this software to view and adjust employee benefits packages. You can also use it to announce open enrolment periods through the administrative dashboard. You also can set up auto-enrolment. Employers can create benefits programs for new employees and even liaise with their suppliers. This type of software functions as a centralized employee benefits database and come equipped with reporting and analytics platforms. Some of them include healthcare brokerages and marketplaces. 

Benefits administration software products usually offer employee self-service portals and other such options so that employees can view and manage their benefits based on their eligibility on a single dashboard interface. They may even choose to update their personal information and documents independently, without relying on an HR professional.  

Finding benefits administration software from so many available options can undoubtedly seem challenging. However, here are some guidelines to make it easier:

Types of Benefits Administration Systems

Benefits administration systems are typically available as the following:

  • Standalone benefits management solutions
  • A module that is a part of a comprehensive human resource management solution

Standalone solutions may seem attractive since companies that specialize in solving a single problem are more likely to offer the most robust solutions in that category. However, for small and mid-sized companies, integrated HR Software makes more sense as they are likely to be more cost-effective. They are also easier to implement.

Either way, you must choose a system that does the following

1. Facilitates Self-Service

The best benefits administration software solutions come with a self-service portal that allows employees to take charge of their own benefits plan and guide them along the process. Such features considerably lighten the workload of benefits administrators. Try and choose a solution that provides employees with an intuitive, user-friendly interface and an uncomplicated setup process. The same applies to the admin dashboard for the HR team as well.

It may also be worthwhile to explore options that offer a mobile application. A user-friendly mobile solution will allow employees as well as benefits administrators to view information, take necessary actions, and update information swiftly at any given point of time, from anywhere.

2. Reduces Benefits Administration Workload

Companies often prioritize the employee experience over HR experience when selecting a benefits administration software solution. However, HR teams interact with a benefits management system more frequently than employees. Merely choosing a solution with an attractive interface may not be the best way to go. Ultimately, a benefits management solution must be able to automate repetitive, time-consuming, manual, and data-intensive tasks for benefits administrators.

3. Integrates with the Existing HR Software Stack

Benefits administration software must be able to work in sync with your existing human resource management platform so that you can make full use of all its features. Check whether your current systems will be able to receive updates from the new one. You must also check how much legwork is involved in getting the systems to work in sync. Consider whether you will have to pay additionally to achieve that or whether it will be a service included in the cost of the new system.

4. Ensures Compliance

Any benefits administration system you choose must help you remain compliant with local statutory laws and regulations. For HR professionals and employees alike, it may not always be possible to stay on top of ever-changing employee/labor laws and regulations. Staying compliant becomes more complicated with organizations with multiple offices across various regions and locations. Checks within the system must prevent any errors in compliance so that benefits plans can be tailored and personalized to meet an individual employee's needs and preferences without the fear of defaulting compliance.

5. Data Analysis and Reporting

When employers have analytical data at their disposal, they are better poised to make optimal decisions regarding benefits management. An excellent benefits administration solution must be able to produce sophisticated reports that organizational heads can use as they take strategic decisions. The data must be able to provide a better understanding of benefits costs and provide actionable insights. For example, the data could shed light on which benefits and plans employees prefer over the rest or average usage pattern reports that can aid in developing solutions that target common issues. Data and analytical reports can be of enormous help during audits.

6. Data Security

Benefits administration software stores sensitive employee data. This data could be related to an employee's personal information, any changes to it, hours worked, claims made, medical history and receipts about health-related costs, etc. This data is accessed by multiple parties, including the insurance providers, the employer and the employees, and various other people within the organization. Choose a system that can set up reliable permissions to allow access. Look for a system that stores all the data securely in a centralized location. Inquire how the data is stored and transmitted. You may want to look for a system that uses the EDI method of transmission, which is also known as a carrier feed. This method has proven to be more secure, automated, and least prone to error.

7. Training and Support

Implementing a new system involves some amount of legwork. Consider how challenging it will be to set up and maintain the system. Check the extent of training and support that will come along with the product. Find out if there will be a need to invest in anything else additionally. You must work towards a seamless transition, which will only be possible with adequate training and support.

A benefits administration platform does require an investment, but the right solution can yield many cost benefits in the long run.

1. Efficiency and Flexibility

Benefits administration involves monitoring and keeping track of various entitlements, rules, and eligibility for different types of employees. For HR professionals, it means coordinating with multiple stakeholders, including employees, vendors, and suppliers, and the payroll and accounts team, to name a few. A manual process also involves an incredible amount of data entry, spreadsheets, and paperwork. It can be an incredibly complicated and time-consuming process. Co-pays and flexible benefit agreements only make the process more complicated. Digitizing benefits management with a centralized benefits administration portal will take away much of the manual, repetitive, and mundane activities from the benefits administration process.

2. Benefits Engagement

Employee benefits are generally one of the most substantial business costs for an organization. However, it can quickly turn into money down the drain if employees are not well-aware of the benefits entitlements and don't appreciate them. It is imperative for employees to truly value their benefits packages and, more importantly, know how to use them. Benefits administration solutions can optimize benefits communication to encourage participation and drive engagement.

A digital benefits solution can create multi-channel communication pathways and deliver a consistent employee experience across the various channels. Employees can have options to interact with their benefits through a channel that they prefer.

3. Benefits Costs

For employers, it has become increasingly important to monitor, track, and control benefits cost and stay with the allocated budgets. While automating benefits administration does reveal indirect cost savings gradually, reporting and analytic tools make it possible to monitor benefits costs and even justify them in real-time. Benefits administration systems also allow employers to validate what they spend to prevent brokers from overcharging them.

4. Risk Mitigation

A manual process requires data to change many hands and has little by way of safeguards to protect it. A digital benefits management system, on the other hand, usually comes equipped with data privacy and security measures. It consolidates and stores data in a centralized location and ensures that only the people who have the necessary permissions can access the data. Any attempt to misuse data becomes easier to identify with a digital system by referring to the user's history.

Let us take a look at some more features of these solutions:

  • Dashboard: All the data is available in a dashboard format, which makes it easy to view, access, and understand.
  • Plan Design and Forecasting: Benefits admin systems allow you to adjust and test variables such as deductibles, inflations, co-pays so that you can arrive at an optimal plan.
  • Messaging Center: Top benefits administration software solutions allow employers to send personalized benefits-related content via text messages and emails to targeted groups of employees.
  • Data-driven Cost Estimation: These solutions can typically study usage patterns and predict out-of-pocket costs.
  • Billing and Payment: The best benefits administration systems will also reconcile enrolment and billing data and facilitate the monthly billing processes.
  • Statutory Reporting: Some benefits admin system provider portals also create and generate regulatory reports that can be sent automatically to local authorities for compliance purposes.
  • Eligibility Monitoring: HR Benefits administration software can also keep track of new employees, promotions, and even employee exits and make changes to existing plans based on eligibility.

Let's outline the key advantages of employing a benefits admin software solution:

Time Savings 

An automated process can drastically bring down the average time an HR professional spends enrolling a new employee, doing data entry, addressing employee queries, and preparing benefits packages. Processes that could ordinarily take months can then take weeks and even days. HR professionals will, as a result, have more time to be productive in other areas of HR management that require their attention.

Reduced Errors

A benefits management system automates data collection and works in integration with carriers, which eliminates much of the human intervention from benefits administration and thereby reduces the chances of errors.

Convenience and Satisfaction

Employee benefits administration software allows employers, employees, and brokers to access benefit information using a simple, user-friendly interface from any time and anywhere. It makes employees self-reliant so that they can make updates to the system and seek answers to general queries without HR intervention. 

Transparency

At any given point of time, all information related to benefits administration can be monitored and tracked right down to the individual level. It becomes possible to hold all the stakeholders accountable for their responsibilities. All of this ultimately promotes a more transparent benefits administration process.

Ensuring employee welfare goes a long way in creating a great working environment, boosting employee morale, and increasing productivity. Implementing a benefits administration software solution can take the standard of benefits administration within your organization to a whole new level.

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CakeHR by Sage

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Keka

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Qandle

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Frequently Asked Questions (FAQs)

  • A. According to the report titled "Global Benefits Administration Software Market Growth (Status and Outlook) 2019-2024", over the next five years, the global Benefits Administration Software market will register a CAGR of 8.3% in terms of revenue. The report expects that the global market size will rise from USD 690 million in 2019 to USD 949.8 million by 2024.
  • A. Some of the key players in the market are BambooHR, Penad Pension Services, RiseSmart, Ceridian Dayforce, and Workday, to name a few.
  • A. An employee onboarding solution facilitates the smooth absorption of new hires into an organization. Such software typically comes with dashboards that help talent acquisition teams, business managers and leaders, keep track of the progress of each hire through the onboarding stage, such as verifications, compliance, integrations for payroll and benefits, etc. Employee onboarding software reduces the administrative burden on the HR team and also managers. It standardizes the onboarding process. It also assists with compliance activities as you don't end up losing any new hire information or misfile any vital information.

Chirantan MungaraBy Chirantan Mungara | Last Updated: October 28, 2020

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