Evolution of HCM Tech with API Integrations Enhances the Benefit Carrier Offering

By Vipul Nagrath Last updated Nov 18, 2021

How workers and job seekers view employment has shifted considerably since the global health event and the impact it placed on the workforce. Employees are reevaluating where and how they work and are ensuring their priorities are met when determining their next employer. On the other side, businesses have taken notice and emerged with a renewed focus on their talent. They are seeking ways to strengthen their employee offerings to remain desirable, including employee benefits. Traditionally regarded as a complex, time-consuming process, the benefit experience has the ability to make or break how an employee views their company. In fact, our research indicates that onboarding, performance attention, and health benefits are the specific HR services that influence an employee’s perspective of their employer, and those that use health benefits are 3.5 times more likely to value their company.

One way businesses can better support their employees is by leveraging Application Programing Interface (API) technology that is integrated into workforce platforms. This evolution of HCM technology significantly enhances the benefits experience to meet the needs of the workforce. In doing so, we have reimagined the benefit experience by embedding APIs within its HCM tech systems to streamline the benefits process and ensure it supports the employee at the speed at which they experience life changes.

APIs Revolutionize the Benefits Experience in HCM Tech

API-enabled HCM solutions focus on connectivity, interoperability and ease of use. In the context of benefits, APIs enable the software for benefit carriers’ systems to interface seamlessly with the employer’s system in real-time. Through industry-leading APIs, our single system platform provides real-time, digital integration and connection among employers, benefit carriers, and employees to deliver an improved benefits experience.

For employers, our API integration is end-to-end, from plan set up through enrollment. This integration of a company’s HCM data with a benefits provider removes the traditionally sluggish, manual administration forced on the employer. HR no longer needs to go through a long process to enter this information multiple times – from building the plan in the carrier system to building the plan into the employee platform through manual entry or batch processes. The seamless approach to connecting data offers carriers the ability to work quickly and accurately, drastically eliminating the risk for human error to employee coverage plans, as well as a reduction in the time it takes for manual plan set-up.

Tighter integration allows for use of digital forms rather than paper forms, which can be tedious to complete and return during major life events like a birth of a child or the death of a family member. In fact, the return rate for digital forms tends to be significantly higher than paper, which means employees are willing to take the steps to fill them out, provided the process is easy.

A True Differentiator

The introduction of the APIs goes beyond benefiting the employer with a swift digital approach to benefits administration. Its ease of use also directly impacts the employee.

In addition to eliminating time-consuming forms, changes made in the system are automatically reflected, removing the wait time to see updates to benefit coverage and/or demographic information.

Through our APIs, real-time information can be sent to prepopulate evidence of insurability (EOI) forms, so it’s available and accurate as soon as the enrollment process is complete. In fact, carrier partners reported implementing EOI APIs results in 92% of employees completing the EOI process at the time of benefits enrollment, and 83 percent of those applicants receive an instant coverage decision through the carrier’s automated medical underwriting. This is a huge improvement in the benefits space, saving time and hours worked, as well as increasing overall quality and enrollment.

We’re continually working with carriers to further integrate and streamline the benefits process. As a result, employees have access to convenient, real-time updates, carriers benefit with better accuracy and higher enrollment, and employers have a stronger likelihood of talent retention through their better benefits experience.

Considered a game-changer in the industry, this approach to new technology improves accuracy, dramatically enhancing the process and experience. Benefits are a big part of the value proposition for talent, and revolutionizing the benefit experience using APIs to deliver a stronger benefits program can serve as a differentiator in an extremely tight talent market.

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