By Will Giaconia, VP Benefits Administration
As members of the Life Insurance Marketing and Research Association (or LIMRA) electronic data exchange (EDI) working group, alongside Prudential, we are at the forefront of data exchange methodologies and standards. However, it is our latest collaboration with Prudential that we hope will help LIMRA and the EDI working group develop industry standards that benefit everyone. Especially employers and their employees.
For much of the insurance industry, evidence of insurability (or EOI) is a critical element, helping employers and carriers ensure that only eligible employees and dependents participate, and helping to keep cost and choice optimized for employees. However, the data exchange processes around this are often outdated, inefficient and can get in the way of these objectives.
Together with Prudential, we are changing this. By working together to create real time integration, we hope to eliminate the delays and headaches associated with EOI processing. We believe this is the future of EOI data exchange and are truly excited to be partnering with Prudential to create a more engaging and simplified benefits shopping experiences for employees and streamline the administrative process for employers. As such we are determined to expand its usage within our platform. Although the initial focus is on providing this for larger employers (over 1000 employees), later phases will help to extend these benefits to smaller organizations.
For those attending the upcoming LIMRA Enrollment Technology Strategy Seminar, and those interested in learning more, sharing innovations, challenges and solutions, join the seminar titled ‘The Future of Data Exchange’ (Tuesday Feb 6th at 8:15am) and the ‘Ask the API Experts’ discussion panel (Tuesday Feb 6th at 9:30am).