Industry-based standards strengthen data exchange between insurance carriers and benefits administration technology companies for non-medical employee benefits
FINEOS Corporation (ASX:FCL), the market-leading provider of group and individual core systems for life, accident and health insurance, today announces its involvement in the development of the LIMRA LDEx Standards for Non-Medical Workplace Benefits. The LIMRA announcement states that the first phase of LDEx standards enables standardized data exchange between benefits administration technology companies to send coverage updates, including demographic changes, to carriers. Life, accident and various health products are supported.
The LIMRA LDEx Standards will help insurance carriers and benefits administration companies reduce errors, drive consistency and streamline the process. In the LIMRA announcement, Inah Chambers, Director, LIMRA member relations and sales – Workplace Benefits, said “As more employers move from paper to online benefits enrollment, growth in technology companies providing online benefits administration using varying data formats has increased. Without standards, our members found it time consuming and costly to manage the many data feeds and ensure accuracy,”
“FINEOS is the only core platform provider to participate in this endeavour. And as the leading core platform provider for life, accident and health carriers, FINEOS is especially pleased to contribute to the development of the LDEx standards,” said Chuck Johnston, FINEOS Chief Marketing Officer. “The FINEOS AdminSuite is compliant with the new standards and is prepared for deployment and integration. Our FINEOS Engage API approach to system development and integration enables FINEOS to interface with other systems in the value-chain. We welcome the new data exchange measures, and our customers will benefit from the LDEx standards as they further deploy our FINEOS AdminSuite for the Employee Benefits market.”