Can the right CRM help you with Compliance?

Challenges Faced by Brokers

Compliance regulations from the IRS and the DOL are confusing.  Congress, the courts, and state legislatures are always on the move and these regulations are constantly changing.  Employers have other worries besides keeping track of all these regulations and they lean on their brokers to help them stay compliant.  Brokers, in turn, engage a variety of vendors to meet these regulations and thereby are in a constant cycle of redundant data entry; extracting data from multiple systems (e.g., payroll, benefits administration, etc.) and manually filling out intake forms that essentially require the same information.  This is inefficient, time consuming, and also has the potential for costly errors. 

What if there was an “Easy” button to “magically” move all this data right from the source(s) to the compliance tools?

There is an “Easy” button. 

Laying the Foundation

Consider the information that is typically required to create a benefits compliance document or form.  The first set of data needed relates to the plan details, i.e., plan name and number, plan sponsor information, related insurance policies, entry requirements, etc.  Next you may need the benefits related data, e.g., who is eligible to participate, who is participating and who is not, what are the benefits the participants are receiving, etc. 

Finally, for some compliance areas, you may require other details such as employee demographics, payroll information and broker details, including commissions paid.  Some of this information resides in an HRIS system, some in a benefits administration or enrollment system and others in a payroll system.  Adopting a solution like BenefitsGuide is the first step to simplifying benefits compliance.  It allows you to consolidate the required data into a single system.

The “Easy” Button

The next logical step is to seamlessly use this data to create benefits compliance documents or forms.  It is therefore critical to identify compliance technology that can easily consume this data to create the compliance documents or forms that your clients require.  The leading provider of benefits compliance technology is CXC Solutions, which offers a SaaS platform that easily integrates with various third-party applications.

CXC Solutions, in partnership with BenefitsGuide, recently launched the first Employee Benefits Compliance solution offered on the Salesforce AppExchange. BenefitsGuide: CXC Compliance empowers insurance professionals to use the data already in their instance of Salesforce to help their clients maintain compliance with IRS and DOL regulations. 

This application can be installed into ANY instance of Salesforce and is the first solution in the market that integrates a benefits compliance system with the Salesforce Platform eliminating redundant data entry, saving time and effort, all while improving the accuracy of compliance.  Specifically designed for the insurance professional, this application allows users of Salesforce to create ERISA Wrap documents, Section 125 Cafeteria Plan documents, Form 5500s and Federal Notices, all with virtually the click of a button.

If you want to learn more about how this integration can help your agency meet it’s client needs, please contact us by clicking here or emailing us at info@cxcnetwork.com.