Why Automated EOI is Critical to a Positive Employee Experience
October 28, 2021
Kahley Czupek
Timer  Read Time: 6 minutes
eoi-blog
Life insurance is an important benefit to many employees. It provides peace of mind that in the case of a tragic accident or health emergency, their loved ones don’t have additional financial burden. So, why does such an important benefit come with such strenuous processes during enrollment?

When an employee elects a life insurance policy that is over the Guaranteed Issue amount or changes their existing benefits greater than a certain amount, they must complete an Evidence of Insurability (EOI) application. Traditionally, this meant printing the carrier’s EOI form, filling it out by hand, mailing it back and waiting for them to receive and review it. This process allows for many errors including forms being filled out wrong, lost in the mail or delayed responses from carriers. Mistakes like this can be devastating – The last thing you or your employees want is for them to think they’re covered when they’re really not.

We’ve recognized that this pain-staking and unreliable process is outdated, which is why PlanSource has partnered with leading insurance carriers and invested in automated EOI integrations to bring a paperless EOI process to our customers. Check out why these key benefits make automated EOI critical for a positive benefits experience.

Streamlined Completion

Despite knowing benefits are both extremely important and a major expense, employees only spend 26 minutes on average shopping for them. Traditional EOI requires navigating to the carrier’s website to get the form and fill it out – a process that likely takes more than 20 minutes on its own.

PlanSource’s EOI integrations include Single Sign-on so employees can complete EOI questions online right within the shopping experience. This process is far more efficient for employees and prevents mistakes such as printing the wrong form or filling it out wrong. Whether your employees are enrolling on a computer or on their mobile device, they can enjoy this streamlined experience. There’s no need to put off EOI paperwork for a later time when it’s conveniently integrated in the benefits shopping experience.

Prior to having the EOI integration in place I was chasing down employees for 3 months trying to get the forms completed. This year, all forms were completed right away during the shopping experience! It’s amazing!

COURTNEY PILLA
Account Manager, AccessHR

Automatic Submission

Convenience doesn’t end with Single Sign-on – once employees fill out the EOI forms they automatically send to the carrier, so HR doesn’t get stuck as the middleman. With automated submission there is no more printing out forms and chasing down employees, saving months of HR effort trying to make sure everyone’s paperwork is properly sent in. Not only does this reduce HR effort, admin work and stress, but employees have peace of mind that their EOI forms are in the right hands.

Reduced Wait Time

It’s no secret that digital is always faster. Our EOI integration speeds up the employee part of the process, but also provides faster turnaround time as well. Since carriers receive forms right away electronically, they can review the information and make decisions much faster (and sometimes immediately). This gives your employees the coverage they need sooner and helps eliminate stress and anxiety.

Automated Decision Notification

As we continue to invest in EOI integration and APIs, we now offer automated decision notification with select carrier partners. With this technology, HR teams don’t have to wait for the carriers to send a response but receive EOI decisions automatically within the platform. Decisions and data sync over to PlanSource in real time and trigger an immediate notification for both HR and employees. This means employees know their approval status, coverage amounts and start dates as soon as a decision has been made. HR also has access to intuitive administrator task checklists, reports and dashboards to monitor and audit all automated EOI processing.

Want to Learn More?

Check out our automated EOI webpage to learn more about the integrations and our carrier partners or watch this demo video to see it in action.
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Automated Decision Notification
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