EverythingBenefits delivers a new way to communicate enrollment information to insurance carriers for SMB employers that is fast, efficient and accurate
New Providence, NJ -- (ReleaseWire) -- 05/21/2015 --EverythingBenefits™ debuts its first installment as part of a broader private benefits exchange initiative by utilizing digitized enrollment forms allowing employers and employees to go beyond just being paperless – it's not just about saving time and money anymore.
Majority of American employers still rely on paper forms for their benefits enrollment process, with manual enrollment costs averaging $109 per employee per year according to CFO.com. In addition to costing employers thousands of dollars annually, relying on the manual enrollment results in a direct decrease in employee productivity and causes increased compliance risk. While a subset of larger employers can leverage electronic data interchanges (EDI) to communicate enrollment data to benefits carriers automatically, these connections incur additional costs and could take months to be established often missing the critical open–enrollment window and sending employees back to paper forms.
OnTimeWorks is well positioned to provide advanced technology solutions that enhance business process automation, drive down costs and improve employee engagement. EverythingBenefits™, an ecosystem of business-to-business (B2B) cloud solutions, is set to bring together and realign the needs of consumers and producers of benefits products and services. EverythingBenefits™ was developed using the company's proprietary cloud-based global Platform-as-a-Service (PaaS) technology.
Carrier connectivity through digitized enrollment forms is the first solution of its kind to combine the speed of EDI with the familiar look and feel of paper enrollment forms to optimize open enrollment for employers of any size. As an employee completes open-enrollment or provides an update regarding a qualified life event change, data is automatically communicated securely to populate enrollment forms from one or more insurance carriers. Signed enrollment forms can instantly be routed to multiple insurance carriers without the necessity to duplicate efforts.
"We are thrilled to make the first installment in solving the challenges of benefits management," says CEO, Rachel Lyubovitzky. "Healthcare reform unraveled a number of challenges and opportunities that affect the core constituents of the benefits markets: employers, employees, carriers and brokers. Our objective is to pin-point and address specific areas of inefficiencies, loss of productivity and increased risk."
Daniil Fishteyn, CTO of the company, comments about the product - "EverythingBenefits™ is both fast and responsive and has the ability to change an employee's status in real-time, and works by eliminating paper, duplicate data entry, chance of error, as well as addresses compliance issues that may surface as a result of manual processes."
OnTimeWorks is already building out an ecosystem of benefits products and services to meet the needs of the industry. With the company responding to a strong market momentum towards private exchanges, they encourage everyone to stay tuned for the latest updates through social media or their website.
About OnTimeWorks LLC
OnTimeWorks LLC is headquartered in New Providence, NJ. Founded by seasoned enterprise cloud software technology executives and entrepreneurs, the company is a leader in new generation cloud software technologies that drive both innovation and growth in the B2B market. The company offers optimal solutions for global companies operating in the enterprise and SMB space. Additionally, OnTimeWorks empowers other businesses with revolutionary technologies that enable them to get ahead of the curve and succeed in the new information age.
For more information, please visit - www.ontimeworks.com.
For media inquiries, companies or individuals are encouraged to contact Delia Sorrell, directly at 800-689-3568 or via email at firstname.lastname@example.org. To learn more about the company or their new Enrollment Framework product, please visit: www.ontimeworks.com or www.everythingnenefits.com