Traditional data exchange methods do little to ease the voluntary benefits experience for brokers, clients, and carriers. In fact, most of the time, clients and brokers must deal with long enrollment processing times and other delays caused by the archaic data exchange systems of their carrier.
At Wellfleet Workplace, we’re committed to creating efficiencies wherever possible, using technology to simplify and improve the voluntary benefits experience for clients and brokers. Our approach results in:
- Faster enrollment
- More accurate data transfer
- Near real-time updates
In this blog, we’ll describe the pain points of data exchange, explain what fuels these inefficiencies, and show you how a more modern data exchange approach helps both brokers and clients.
The challenges of data intake
Everyone in the business world understands the pains of inefficiency. Whether it’s the slow internet speed, non-mobile-friendly websites, or lagging response times, lack of efficiency can lead to headaches and decreased productivity.
In the world of voluntary benefits, inefficiencies often emerge in the data intake process. When a client sets up their benefits with a VB carrier, the data transfer process can often take months to complete. This can slow down enrollment and cause delays in receiving coverage.
Additionally, carriers with less-than-optimal technology often have stringent file specifications, resulting in the client needing to spend hours translating data to the correct format before it can even be sent to the carrier.
Too often, brokers and clients are left at the mercy of carriers’ outdated systems, having to put up with delays simply because that’s the way it is. But not anymore. With today’s advanced technology, carriers have no excuse for not getting up to speed with more efficient data intake processes that make enrollment smoother for clients and brokers.
Why does data intake take so long?
Now that you have a clear picture of the pain points associated with data intake, it’s time to dive deeper into the reasons for these challenges. Why does the data intake process take so much time with many carriers?
The primary reason is outdated technology. While many industries have kept up with the current technologies, voluntary benefits carriers have often lagged, relying on systems and technologies that were built decades ago.
These old systems require a significant amount of error-prone, manual processes to function in today’s tech age.
Additionally, carriers use different systems for different purposes, creating a disconnect that must be overcome. For example, a carrier may use one system for enrollment, another for claims, and another for billing. Therefore, passing client data to all these systems can take extra time and effort.
That’s why Wellfleet created a single system to manage everything from enrollment to claims, making data available across the whole system.
Furthermore, many carriers rely on only electronic data interchange (EDI) files to load information into the chosen benefit administration systems. EDIs allow data to transfer from one party to another, but the process can require a great deal of manual effort to enter, test, and validate it correctly. For example, traditional data transfer during enrollment can take weeks to months to complete and include countless phone calls, emails, and headaches.
Simpler, easier data exchange – without file formatting requirements
There is a better way to do data intake between client and VB carrier. When carriers use modern technology to transfer enrollment data, the process can take significantly less time.
For example, instead of using only EDIs, the enrollment process can take far less time if carriers use application programming interfaces (APIs) to transfer their data. With APIs, a once-tedious task happens in near real-time.
APIs also transfer information between the client and carrier. However, they don’t require batched manual input, and they minimize completion time.
What used to be a painstaking process of batch data transfer — vulnerable to transfer delays and the inability to personalize engagement and interactions with the employee — is now a nearly immediate line of communication thanks to APIs.
Learn more about how APIs are transforming voluntary benefits in our whitepaper.
In addition to faster technology, clients and brokers also benefit from no longer having to submit files with certain requirements to the carrier. With Wellfleet, clients can send the necessary enrollment data in any file format, and our system will translate that data for them. That means less time the client must spend getting the files right.
Because of technological advances we’ve made, our systems shorten the data intake process from months to weeks or even days.
See how our technology successfully processed 100% of all new client enrollments and re-enrollments with files received in good order by January 1.
Discover a better workplace benefits experience
As most VB brokers know, the easier and faster the client experience, the more satisfied they are. That means fewer phone calls, less stress, and happier clients. If for no other reason, that’s why you should choose a carrier that’s optimizing data intake technology.
Learn more about how Wellfleet Workplace can simplify your workplace benefits experience. Connect with our team to see how our customized plans can benefit your clients.
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