Simplicity is often the key to solving complex problems. How do we make intricate tasks effortless? How do we streamline complicated processes? How can everyone, regardless of their technical expertise, navigate systems with ease?
When it comes to employee benefits, the answer is simple: a purpose-built platform.
Complexity in the Employee Benefits Sector
Show me an industry that doesn’t face the challenge of managing complicated systems.
In the insurance world, the employee benefits sector plays a crucial role in the lives of millions of people. Managing employee benefits involves a web of processes, from handling diverse insurance products to supporting the unique needs of employers. This complexity can be overwhelming, making it difficult for insurers to provide the best service to their clients.
Outdated Core Systems Hinder Business Operations
The industry also tends to have antiquated core systems lurking in the basement – I know they exist, because I’ve seen them. While mainframes were great in their day, they are dated and costly now. Today’s technology resides in the cloud. Carriers need digital-enabled core systems that are not only fast and efficient but also tailored to meet the unique needs of the employee benefits market, both now and in the future.
A Purpose-Built Platform Brings Simplicity
A purpose-built platform is the unsung hero that simplifies the way employee benefits functions. It is a tailor-made solution crafted to meet specific industry needs but not a custom solution built for a single company. Unlike one-size-fits-all software, a purpose-built platform comes pre-loaded with industry-specific intellectual property, which reduces complexity when an organization deploys new products and processes.
To manage employee benefits, insurers must keep track of intricate details, regulations, and individual preferences. The FINEOS Platform is the only purpose-built platform designed exclusively for the employee benefits market. With the FINEOS Platform, employers can easily customize benefits plans, employees can access information effortlessly, and administrators can navigate the system with confidence.
Which Architecture is Best?
Between employers, brokers, benefit admins, health care associations, and many other groups, insurers interact with a vast partner ecosystem. To guarantee that information is shared smoothly among everyone, an open architecture system with robust process management and access controls is imperative. Purpose-built platforms, with their open architecture and strong process management capabilities, bridge these integration gaps effectively.
Note that I’m not referring to “best-of-breed” architectures, which optimize individual components and connect them externally. FINEOS believes in purpose-built platforms because they optimize the end-to-end process, ensuring a seamless business experience.
Simple Language: APIs That Matter
APIs, messengers that allow different software applications to communicate with each other, play a crucial role in simplifying integration.
Many vendors offer APIs as standalone connectors, but the FINEOS Platform emphasizes “APIs That Matter.” These APIs focus on critical connection points between modules and partner systems, ensuring seamless integration and digital transformation. This approach simplifies the process, making it efficient and effective for insurers to connect with various stakeholders.
Incremental Transformation is Key
Simplifying complex systems is not done in a day, or even a few months. It’s a journey, often taken in small steps. Purpose-built platforms understand this need for ongoing change and support businesses though incremental transformation. It’s a lot like renovating your home while still living in it. Most take an incremental approach to renovation either due to cost or the need to have a functioning home during the process.
Purpose-built platforms work similarly. They allow businesses to replace outdated components and initiate greenfield projects gradually, which ensures minimal disruption and maximum efficiency.
Thumbs Up from the Users
Our objective in designing the FINEOS Platform was to incorporate insurance DNA, simplify complex tasks, and provide a great user experience. I’m proud to say that we’ve achieved all three goals. Employees can navigate the FINEOS Platform easily, in an intuitive manner. Employers can focus on their core business without getting entangled in technology. And insurers can efficiently manage operations, confident in the reliability of our purpose-built solution.
When our clients succeed, we succeed – and we give our clients the support they need to thrive.
FINEOS is committed to helping insurers shift their focus from grappling with complexities to what they do best: deliver exceptional service to employers and employees. Download our infographic: The FINEOS Platform Architecture for Employee Benefits