Page 49 - MetalForming July 2014

in turn, preferential rates are received. With instant access to benefits data reports, you are empowered to chal- lenge brokers and providers, which leads to better return on investment for your benefits spend.
Reduce Risk
Employee-benefits data in most businesses resides in multiple loca- tions, from HRIS to payroll, to provider systems to spreadsheets on an HR coordinator’s desktop. Imagine that a new hire’s life-insurance coverage relies on someone in HR e-mailing the broker who then e-mails the insurer, while the employee fills out one or more
forms—plenty of points where the process can fail.
By automating the process through software, we eliminate steps that require human intervention and leave room for human error. We have previ- ously recorded clients’ instances of compensation, payouts and premiums payable by the employer to or on behalf of the employee, where they failed to correctly cover an individual or group of individuals. And, we have seen cases where an employee incorrectly cov- ered for healthcare cost a company as much as $13,500 in funding unap- proved treatment.
By creating a centralised, encrypted
data hub, records of all employees’ benefits transactions can be accessed instantly, allowing automatic genera- tion of a full audit trail of all benefits transactions. This can set off a chain reaction of risk reduction.
Implementing benefits manage- ment software can reduce the risk of unnecessary time spent on auditing benefits to check that people are on the correct levels of coverage; the risk of liability for an insurance payout because an employee wasn’t on the correct level of coverage; and the risk of a data breach because sensitive infor- mation was sent to the wrong person on an unencrypted spreadsheet. MF
Human Capital
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