Toronto, ON (Jan. 17, 2018) – With the 2017 launch of Honeybee, Benecaid became the first company in Canada to offer a 100% digital defined contribution benefits plan.
Honeybee is a digital benefits platform that makes modern, comprehensive group employee benefits easy to buy through a simple online self-serve platform. Launched in August of 2017, the platform combines a simplified online employer set-up process with a product mix designed specifically for companies that index towards millennial employees and multi-generational workforces, with an intuitive, efficient mobile user experience.
Honeybee’s interface is complete with needs assessment tools and recommendations that guide employers as they set budgets and define eligible benefits. Through the platform, employees are uniquely empowered to make their own individual benefits choices. Behind the scenes, Honeybee uses information provided by the employer to assign a risk profile that then displays personalized prices and product options.
The result is an innovative digital offering that supports a wide range of progressive health and lifestyle benefits, all with unique features designed to help employers control costs, enhance productivity and attract and retain employees.
The Honeybee program streamlines our underwriting procedures and automatically assigns each group to a risk profile that will match them with appropriate and available products and offers.
The interface includes a few simple questions and prompts to help guide the client, or Advisor through their configuration. Throughout Honeybee, users can connect with a licensed Benecaid sales representative through live chat, text, email or phone call.
Configurations are saved within the system and can be edited or updated by the client or their Advisor. Prices are automatically adjusted depending on the changes made. The entire process is completed online, from the configuration to contracting (using eSignLive) to employee enrolment.
This has dramatically reduced the turnaround time for quote and proposal creation as well as the time associated with creating and fulfilling contracts. The shareable nature of the platform also allows Advisors and the Benecaid sales team to easily interact and support clients remotely, saving them time from having to book and travel to in-person meetings. We’ve taken the group benefits sales and contracting process down from approximately 6-8 weeks to as low as 30 minutes.
With the introduction of Honeybee, we are now able to offer and adjudicate Lifestyle Accounts which are called Allowance Accounts. These are taxable benefits to the employee but allows the employer to offer money to their employees for things like Fitness, Wellness, Kids, Pets, Time Savers like grocery delivery. These accounts are only available to our customers through Honeybee, another industry first.
Efficient Employee On-boarding
Honeybee allows clients to customize their employee benefits plan online including the on-boarding and enrolment of their employees. Employees are supported through an easy to understand step by step enrolment with tools and tips to help them make the right choices. Email reminders are sent to ensure that all employees activate their benefits.
This saves our clients, Advisors and our implementation team time from mailing out paper enrolment forms and manually entering data. It also reduces the risk of errors by incorporating rules to ensure the employee includes all necessary information and that it is entered correctly.
Digital Account Management
Employees enrolled in Honeybee can check their account balances, view their coverage information and submit claims from the downloadable Honeybee app. This saves time and increases employee plan usage and satisfaction. From enrolment onwards, employees are supported with easy access to our Customer Care team with support available through live chat, text, email or phone calls.
Honeybee Plan Administrators and Advisors can view account usage and billing statements, edit their accounts, add a new employee and gain insight into their plans anytime, anywhere through the MyHoneybee online portal.
Honeybee is the first fully-digital benefits platform that allows for users to transact complex groups health benefit plans completely online, taking a 6 week process down to 30 minutes. For virgin groups Honeybee has eliminated the need for the quote and proposal stage entirely by providing real-time pricing and digital contracting.
- Real Time Rating: Previously 0%. Now up to 31% of our all rates are generated automatically through Honeybee (100% of Honeybee rates).
- On-boarding: Reduced overall on-boarding time from an average 12 days to an average of 4 days for our Honeybee clients.
- Electronic Employee Enrolment: Previously under 10% of groups used our electronic enrolment, now 37% of all clients use electronic employee enrolment (100% of all Honeybee groups).
- Claims Submission: Currently 60% of our claims are submitted electronically; with Honeybee, 100% of claims are submitted electronically. 100% of the Allowance Account claims are also auto-adjudicated based on data entered during claims submission and newly created back-end adjudication rules (formulas). Single interface for submitting medical, health, and allowance claims. Fully integrated claims adjudication with the ability to automatically reimburse claims using both medical plans and Health Account funds, eliminating the need to re-submit EOBs.
Benecaid is the leading alternative for employee health benefits in Canada by providing innovative solutions and superior customer service. Our mission is to make employee health benefits accessible and affordable for small and medium sized businesses. More at www.benecaid.com.
SOURCE: BenecaidTags: Benecaid, ICTA nomination, industry first