By Nancy Reardon, Chief Product Officer, Maestro Health
ICYMI: Originally posted on Employee Benefit Adviser
Benefits administration oftentimes consists of disparate systems speaking different languages, which can prevent HR and benefits platforms from working together effectively. Over 25% of benefit decision-makers believe that benefit administration systems are only “partly” integrated, according to EBN research. Employers and brokers agree that more integration between systems is critical. But what are they to do?
When it comes to benefits administration, employees demand a streamlined and accessible system. And why shouldn’t they? Almost all service-oriented activities in our lives today are made simple through technology; from mobile banking apps that allow 24/7 money management to grocery delivery services that save trips to the store.
HR managers understand that health and benefits providers are fragmented. The same frustration is felt equally on the employee side. The problem? Lack of integration. The process of logging into one portal to view insurance claims, using another to track vacation days, and yet another to manage retirement/401(k) plans wastes time and resources. Health, wellness, and financial benefits are all interconnected; the systems developed to manage these benefits must be as well.