Improving Information Exchange for Benefits Administration
Competing and winning today requires leading-edge technology to guide and support your business processes. When you invest a great deal of time and money in the benefits your employees enjoy, you need to access and use important data – from your own company, as well as your peers. Technology standards make technology less expensive for carriers. Standards help to reduce the cost and time-to-market for new technology and services to enhance the end-user experience.
OMG and LIMRA, a worldwide research, consulting and professional development organization for the financial services industry, have entered into an agreement to drive forward technology standards for the workplace benefits market.
“For more than a year, LIMRA has been working with our members to establish a uniform standard to transmit electronic data between benefit administration/HRIS organizations and insurance carriers. We believe this initiative is critical for our industry, saving money and resources for our member firms. We are pleased to partner with OMG to help advance this initiative.” - InAh Chambers, Member Relations & Sales Director - Workplace Benefits, LIMRA
OMG has chartered a new membership class and a task force called the Workplace Benefits Domain Task Force to advance standards within the LIMRA data exchange initiative, using the disciplined OMG technology standards process. Companies most interested in joining this task force will be carriers of group & worksite benefits, third-party benefits administrators, benefits administration technology companies, and insurance brokerage firms. The task force will create standardized values and data exchange mechanisms for products and services for non-medical, non-retirement employee benefits.
There is no uniform standard to transmit non-medical benefits employer, employee, and benefits data between benefits administration technology companies and insurance carriers. As a result, companies spend an enormous amount of time and resources to process incoming data. For close to 30 years, OMG has provided a proven framework for developing and maintaining standards. New OMG data exchange standards will help workplace benefits providers streamline processes, and reduce the complexity and associated costs of processing employee and company information.