The Cost of Digitalization – Electronic Beneficiary Designations
In today’s world of Benefits Outsourcing everything takes time and eats up resource capacity to complete. If you could take a simple process like Beneficiary Designations and make the process 100% paperless and digital, you would then have a solution that requires no resource to manage. Working with many insurance companies across Canada, SEB has made the Beneficiary Designation process 100% digital using the employee’s unique and secure login credentials as their electronic signature.
This means employees are no longer required to print, complete and mail in beneficiary forms to SEB for review and approval. Assigning Beneficiary designations in real time makes the process effortless for employees and eliminates their risk of not having beneficiaries on file if they forget to mail the forms in.
Manual processing of paper beneficiary forms is a task that is not envied by any administration team and includes receiving, imaging, storing, reviewing, and uploading to FlexPlus. This can take up to 4 minutes per form. A client with 100 employee paper beneficiary forms to process can consume up to 6 hours of resource time. With the process now completely digital, resources can shift their focus to other ongoing client support initiatives.
It’s also confirmed, employees don’t miss filling in and mailing paper forms. Accuracy, timeliness, associated costs and digitalization of the solution is resonating with our clients and their employees.
Digital Beneficiary designations can now be part of any New Hire, Life Event and Annual Enrolment process being offered through SEB and our FlexPlus® system. To learn more about this solution, reach out to your SEB Admin contact or myself directly.