How You Can Apply Flexible Benefits with Insurtech
Flexible benefits is a growing trend in the insurance industry. But with everyone having their own unique concerns and needs, implementing flexible benefits can be hard. With the help of insurtech, you can implement and manage individual benefits with ease!
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In this Pacific Prime article, we look at the benefits of implementing flexible benefits at your company and how insurtech can help you apply and manage flexible benefits with ease.
What are Flexible Benefits?
Flexible Benefits are customizable plans with core benefits and a selection that allow individual employees to mix-and-match between different benefits that they want the most. Flex benefits typically offer a spectrum of benefits for employees to choose from.
Typically, employees will have an e-wallet they can use to spend on the cost of additional benefits outside of the core benefits the policy provides.
Benefits of Flexible Benefits
The benefits of flexible benefits can be summed up in one line: they help meet the individual needs of employees. This is particularly important in a diverse workforce composed of individuals from different ages, genders, and cultural backgrounds.
When set up right, flexible benefits can be a cost effective way to reach diversity, equity, and inclusion (DEI) goals, improve employee retention, motivate employees, and attract new talents to join the workforce.
What is Insurtech?
Insurtech refers to the use of technology to inject new innovative solutions to how traditional insurance operates. In recent years, with the advancements of AI technology, blockchains, and other innovations, insurance providers can revolutionize and improve services including:
- Claims Management
With the introduction of insurtech, claims management can be automated to a certain degree. With the help of the latest technologies, the risk of human errors and fraudulent claims can also be reduced.
- Underwriting
Underwriting is the process where an insurance provider decides whether it’s possible to provide coverage for an individual or a business. This process has become mostly automated where information can be gathered and compared automatically with the help of modern technology.
- Contract Execution
Contract Execution is the final step in securing insurance. With blockchain technology, an unbiased evaluation of criteria can be provided to determine a suitable course of action when it comes to contract payment conditions and policy renewals.
- Risk Mitigation
Insurtech can also be applied in more complex processes like risk mitigation. Insurance providers can analyze risks with modern technology to provide transparency for processes related to accounting, financial reporting, and data reconciliation.
How Does Insurtech Help with Flexible Benefits?
With the help of the latest technologies, a lot of the complex processes in securing insurance can be simplified and automated, allowing the provider and the insured to complete the insurance process more efficiently with reduced risks and human error.
Another way that insurtech can help with the implementation of flexible benefits is using flexible benefit platforms like Pacific Prime’s CXA platform.
Flex benefit platforms are platforms that allow HR admins to set up new employees into the company’s policy with ease and allow employees to manage their benefit options, process claims, and take charge of personal health and wellbeing.
Set Up Your Flex Benefits Today with Pacific Prime
Pacific Prime is an insurance broker that provides expert advice and insurance solutions to people across the world. As such, we keep a close eye on the latest developments and trends in the industry to ensure that our service stays competitive and relevant.
Identifying this new trend in the industry, we integrated a flexible benefits and wellness platform to our Pacific Prime CXA platform to aid you in the setup and management of your flex benefits.
How can Pacific Prime’s CXA One Portal Help You?
Having the correct tool is key to perfecting any task. Pacific Prime’s CXA One Portal comes with our integrated flex and wellness platform as well as our flex wallet, features designed to simplify the administration of flex benefits.
Through the CXA One Portal, employees will be able to select the benefits they want for their plan, access their e-medical card, and locate clinics near them.
What The Integrated Flex & Wellness Platform Offers Employees:
- Easily select benefits that match your employees’ needs
Enrollment for benefits can be a complicated task, we have taken out the hassle. Employees can easily select the benefits they want or need and drop the ones which they don’t. Our platform also allows them to easily see the summary of their flex spending account.
- Enhance benefits by purchasing additional wellness products
Employees can also visit the wellness product marketplace and explore a curated catalog with over 1,000+ wellness-related products across over a dozen categories. Employees can choose to buy products using their flex spending account or bind their personal credit cards to make the purchase.
- Take charge of one’s health and wellbeing
Employees can also conduct an online lifestyle assessment, upload their health screening results (onsite health screening can also be conducted), get personalized insights about their health risks as well as suggestions on how to be healthier!
- Say no to bureaucratic claims processes
Eliminating bothersome paperwork and/or frequent back-and-forth emails, our platform allows employees to submit claims and evidence directly, as well as keep track of their claims status. Additionally, employees can also see their entire claims history for each year.
Changing your company’s employee benefits is a major task which requires a lot of research and plan comparisons to ensure that the new plan truly benefits and fits your company. If you are looking to update your company’s employee benefits, contact us today to request a demo of our CXA One Portal!
Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.
In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.
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