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Voluntary benefits represent a significant, largely untapped opportunity. As rising costs continue to put pressure on traditional benefits packages, employers, benefits consultants and brokers are increasingly looking to voluntary benefits for some good news.
Unfortunately, administrative challenges often get in the way of voluntary benefit opportunities:
it is difficult to find an administrative solution that will easily handle multiple products from multiple carriers;
existing external solutions often require significant employer involvement and are not set up to automatically process variable premium amounts; and
limited payroll slots often reduce the number of voluntary benefits a client can offer.
E-Duction can help overcome these issues with Benefits Interchange, a benefits processing solution that significantly improves benefits administration by:
easily combining multiple products from multiple carriers into one payroll slot (or several if preferred);
dynamically calculating variable payroll deductions through the use of
E-Duction’s proprietary payroll deduction technology; and,
automating eligibility and premium deduction data movement between clients and carriers.
Benefits Interchange is an affordable solution that requires low client involvement and is time-tested. It relies on the same E-Duction technology that has been in use for years at major companies nationwide.
Benefits Interchange offers something for everyone:
| Benefit brokers and consultants | - | Sell more elective benefits
Simplified administration |
| Clients (employers) | - | Offer more elective benefits
Simplified administration |
| Insurers and other benefit providers | - | Product available to a larger market
Simplified administration |
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