Online enrollment is an efficient way to enroll your employees onto their benefit plans.
This can be a cost saving tool for businesses; time is money!
There are a lot of options for this type of service (here are three of the most popular):
BeneTrac: A online enrollment systems offered through Paychex. Paychex purchased BeneTrac about 2 years ago. You can set up electronic feeds to your insurance carriers. You can also run reports on employee data. BeneTrac will also audit your billing against the information that is housed within BeneTrac for no extra cost. If you have Paychex payroll, you can also have the data from payroll into BeneTrac to reduce administrative data entry time.
ADP: Offers online enrollment through their HRB product. HRB is an HRIS system. HRIS stands for Human Resources Integrated System. You can house online enrollment data and set up electronic carrier feeds with this system as well. HRB allows ADP payroll to upload employee information into HRB. There are reporting capabilities as well with this system. You may also purchase additional products such as their recruitment tool.
Benefits Connect: Online enrollment system that is simple and allows you to send electronic carrier feeds to the carriers. This is a cheaper option but doesn't have the same reporting capabilities a BeneTrac or ADP.
Please let me clarify, these are not the only systems that our clients use and these are not necessarily the "best" systems out there for every company.
Paychex and ADP are the giants in this industry. There are hundreds of online enrollment systems and HRIS systems. You have to shop carefully and know all of the costs ahead of time. It is easy to get surprised if you don't have experience. For example, some of these systems have extra fees per line of coverage (life, voluntary life, voluntary LTD, dental PPO, dental HMO, etc. each of these would be one line of coverage).
It is best to get the opinion of someone who has worked with these systems in the past. I give an online enrollment system credit to certain clients and let them shop. Because we have experience in several different online enrollment system and HRIS systems, we can give a non-bias opinion to my clients. Every company is different and will have different needs. Needs vary especially when it comes to technology.
