In this guide, you will discover how to overcome the five common challenges in insurance administration with a modern insurance solution that saves you time, money and hassle while providing better employee coverage and experience.

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As an HR professional, you want to take care of your employees’ well-being, as it boosts their loyalty, engagement and productivity.

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According to IBM Employee Epectation, almost half (47%) of employees consider insurance the top benefit they seek in a job. If you fail to offer adequate coverage, 27% of them would be willing to leave for another employer that does, affecting your retention and revenue

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If you are still stuck with conventional insurance methods, you are dealing with these five common challenges that make your work harder and your employees less happy:

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1) The Process of Employee Movement
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You have to use an Excel spreadsheet provided by the insurer to add and remove employees from the insurance plan. This is a huge hassle, mainly if you handle thousands of employees with different types of coverage from other providers and platforms.

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You could potentially spend at least 32 hours a month (384 hours a year) managing employee benefits, claims, and MC administration. This removes time and resources from your core functions, affecting organisational performance.

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2) Poor user onboarding experience & fraudulent claims
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You must submit new joiners and leavers to the insurance plan within 30-60 days. This creates confusion and delays during this period. Your new hires may need more immediate access to their benefits, making them feel frustrated and unwelcome. Your leavers may still be able to claim benefits after they leave, resulting in fraudulent claims and higher costs.

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3) Employee Admission
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You have no way of knowing if any employee has been hospitalised, leaving both you and the managers unaware of the employee’s situation.

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This is critical for the organisation as project delivery will be affected due to hospitalisation taking up to 3-4 weeks for employees to recover and resume work. You also have no way of checking the status of the claims or the bills from the hospital.

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4) Real-time Healthcare Analytics

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You need access to real-time analytics that could help you make decisions and improve your operations. You have to wait 3 to 6 months to get reports from the insurer, which may need to be more insightful or accurate.

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There are chances that you wouldn`t have an idea how your employees use their benefits, their needs, or how to cadevelop a wellness plan to suit them.

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5) Insurance Premium Analytics

You have no control over the premiums that you pay every year. You are at the mercy of the insurer, which calculates premiums based on various factors such as employee medical claims, medical inflation, technology costs and physician fees.

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You will likely see an increase in premiums almost 90% of the time, affecting your budget and bottom line. You have no option but to switch to another insurer with lower benefits to keep premiums down.

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What if there is another way?

Imagine overcoming these obstacles with a modern insurance solution that saves you time, money and hassle while providing better coverage and experience for your employees.

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Introducing HealthMetrics Inpatient Module, a digital platform that simplifies and streamlines your insurance administration with these features:

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• Automated employee movement: You can add and remove employees from the insurance plan with a few clicks on the platform. No more Excel spreadsheets or manual errors.
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• Instant user onboarding: New hires can access their benefits immediately after joining. Your leavers will be automatically removed from the plan when they leave. No more confusion or delays.
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• Real-time employee admission: You can get notified when any employee is hospitalised and check their status on the platform. You can also view the claims and bills from the hospital and approve them online.
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• Real-time healthcare analytics: You can access real-time data and insights on your employees’ usage, needs and preferences on the platform. You can also generate custom reports and dashboards to monitor your performance and identify areas for improvement.
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• Insurance premium analytics: You can get a premium prediction based on your historical data and current trends on the platform. You can also compare different plans and providers to find the best fit for your budget and needs.
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What are you waiting for?

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Don’t let outdated insurance processes hold you back and hurt your employees. Try the HealthMetrics Insurance Module today by signing up with the form below to see the difference.

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