Jay Butcher on NetBenefits with Netchex
I’m Jay Butcher, a person who runs the benefits division here at net checks and we focus on integrating insurance products and all aspects of benefits administration under one application. What we found is that our clients would like to consolidate as many processes as possible in one place so that they’re not constantly stopping their work flow to do other aspects of their job.
So our technology, as it has progressed, has allowed them to follow a normal work flow, a symphony of things happen when they take one action. Employees like the experience because they can enroll online, maybe when they’re at home and they have time to digest the benefits information with their spouse.
Employers like it, particularly the administrators. Because they can allow the employees to make the election and it shows up on their dashboard and they can either confirm or deny those elections. Executives like it, because as you mentioned, benefits are probably the largest expense items of their business, they now have tools with the visibility to manage those large expenses, a large majority of our clients are missing that front end Cobra step before integrating Cobra into payroll.
So by integrating their process, in their work flow, it now allows the technology to automatically manage that compliance for them. So when you add an employee to a Cobra continual plan, the system automatically generates those notices, you can’t terminate an employee without telling the system yes or no.
You need to send this compliance notice and then the benefits process is done which leads itself well to our technology. Because we can automate the processes with certain products like 401k and employee paid voluntary products which can lead them to the technology.
So our vision is that our clients follow their traditional work flow and when they submit payroll, they submit the money to 401k provider, to the voluntary carrier so that the deductions match the bill and what comes out for the employer to pay to the carrier. No cash leaks, no manual bill reconciliation, so our clients really enjoy this automation of the product as well as the process.