New Solution Automates Traditionally Paper-based Benefits Processes
WRENTHAM, Mass. (PRWEB) October 17, 2018
ProHCM Holdings, Inc., a leading provider of HR and benefits technology and services for employee benefits brokers and their employer customers, has launched BrokersPortal Express, an innovative platform for brokers that automates traditional benefits processes from quoting to enrollment that connects brokers, their clients, and carriers in a much more efficient way. BrokersPortal Express moves data from the market leading human resources. benefits and/or payroll systems that employers are currently using to insurance companies and other third-party vendors more quickly and accurately resulting in higher more accurate transactions.
"There are many technologies built to solve problems in different areas of the HR and Benefits business," says Joe Markland, CEO of ProHCM. "The problem is each solution often operates on their own island resulting in disconnected processes and bad outcomes. The BrokersPortal Express platform is somewhat of a clearinghouse that pulls in data from employer HR/Payroll systems and delivers it to third-party vendors in a consumable way."
The BrokersPortal Express platform is launching with 3 new capabilities including electronic RFP generation and management for employee benefits; multi-tenant electronic data interchange for benefits eligibility for a major Massachusetts medical carrier; and eligibility management handling for a new-to-market employee well-being solution. The platform is designed to bring new technology solutions to market better, faster, and cheaper through the employee benefits broker channel.
According to a leading national employee benefits insurance company, close to 60% of quote requests coming from employee benefits brokers have inaccurate data resulting in re-work, which slows down the process and drives up the costs. The BrokersPortal Express platform solves this problem by connecting to "live" data in the employer's system so that carrier pricing is accurate the first time.
"Many processes in the benefits business are not much different today than they were 20 years ago," says Mike Davis, an employee benefits broker from Connecticut. "The technology is plentiful, but the ecosystem is so disconnected that getting things to work is a problem. This solution is the first solution I have seen that connects things that were previously disconnected."
The Brokers Portal Platform is now available to the employee benefits broker market throughout the U.S. in October. Subsidies for the platform are available through employee benefits insurance companies.
ProHCM Holdings, LLC (prohcm.com) is a human capital management technology and services company that is focused on creating a better world in HR by combining market-leading technology and centralized human capital management services from experts, delivered through local HR and benefits consulting partners. Realizing the importance of employee well-being, ProHCM strives to help employers prioritize the health and happiness of their employees by simplifying the HR process.