Why Opt for an Open Enrollment & Benefits Administration System?

Why Opt For an Open Enrollment & Benefits Administration System? Open Enrollment Solutions are being embraced by around Enrollment processing is considered as one of the most tedious and painstaking task for HR departments. 73% organizations <5k >5k Employees Employees Employers with more than 5000 employees need 8-12 months to prepare for Employers with less than 5000 employees need 3-7 months to prepare for open enrollments open enrollments As per HR professionals, 50% time is consumed in performing enrollment formalities 1 High Costing %24 Tedious Data Major Challenges for Employers Compilation Task 3 Time Constrictions Why Employers Find Employee Benefits Enrollment and Administration so Difficult? Integrating Combined Details for Enrollment, Insurance Billing and Deductions Tracking Plan Elections by Employees Communicating Benefits Plans & Offerings to all Employees Adding Benefit Deduction Details Handling Employee Benefits Querięs Submitting Information 'to Carriers Managing process.. within controlled costs "Entering Employee Elected Plans EBA Process Data Entry and.. Compilation employees Setting Benefit Plans Manually What Employees Think About Enrollments? 65% 24% 56% Not prepared for the process Make wrong elections Believe have wasted approx $750 due to benefits elections mistake What Employers Actually Need? An integrated application that can serve all requirements including Benefits Enrollment and Administration, HR & Payroll Solution over a single platform. Easy Report Generation Setting Up Of Benefits Plans Employee Self-Service Module Payroll Functions that help evaluate impact of Benefit Deduction Amount Automatic Tracking of Plan Elections and Declines Automatic transmission of Election and Changes details to Providers C. Easier editing or adding of any life event Controlled Benefits Costs 56% 56% employees believe that using an all-automated system for Benefits administration help making better decisions while making benefits plan elections and appreciating the value of benefits offered to them. TeemWurk is a One-stop solution for all your benefits administration needs. The integrated suite of services include Open Enrollment and Administration Solutions, HR & Payroll Solutions and a highly robust 3D EDI Tool that can help you carry out all your benefits administration processing with zero error efficiency. Source : TEEMWURK www.shrm.org/hrdisciplines/benefits/articles/pages/passiveenrollment.aspx www.insurancetech.com, Greg Macsweeny, "Saving with Online HR Şelf-Service, Case Study: HR Systems" Insuřance and Technology, CMP United Business Mediá Benefit Administrator at your desk www.guardianlife.newshq.businesswire.com/press-release/online-employee-benefits-enrollment-new-norma 2012 Open Enrollment Suryey, Part of the AflacWorkForces Report, a National Online survey of 2,500 U.S. consumers, conducted in July 2012 by Research Now and Released by Aflac