This blog post is courtesy of Brad Nycz, customer success manager and former Kronos customer. Brad identifies key features in recent Workforce Ready releases and provides easy-to-understand explanations. Hope you enjoy this article on evidence of insurability! Please stay tuned for more real-life, relatable examples about Workforce Ready features.
Here’s what I know about you as a benefits administrator. You’ve worked hard to utilize all the self-service capabilities that Workforce Ready has to offer. You’ve streamlined your benefit process and connected to all your vendors. You’ve really come a long way from the manual benefits process you used to have. Still, there’s that one piece left to streamline. For many, that one missing link is evidence of insurability (EOI).
What is evidence of insurability? Simply put, it’s evidence of good health. A life insurance policy is the most common example. Most insurance plans provide a guaranteed minimum amount of coverage until a larger coverage amount is requested and approved. The approval process for more coverage is still primarily a manual process requiring additional work beyond verifying the paperwork for the baseline health assessment.
Nevertheless, times are changing. The June Workforce Ready release, Release 63, drastically improved the evidence of insurability process with several great enhancements. Here are seven of them explained.
- Using Workforce Ready to manage EOI: The units part of the benefit plan is critical to setting coverage amounts, and it’s ultimately where evidence of insurability kicks in. Let’s say you have not configured units in your benefit plan. Before the enhancements in this release, you couldn’t use Workforce Ready to manage evidence of insurability at all. Now you can. Simply, select the option in the benefit plan and signal the system that you want to leverage the EOI feature.
- Basis for percent increase explained: Consider a benefit plan providing coverage amounts in $10,000 increments, from $50,000 to $100,000. You allow employees to add a percentage increase annually when receiving their annual raise. It was never clearly noted anywhere in Workforce Ready that the percent increase is based on employees’ current enrollment plan. Now, there is a note to clarify this for your employees and minimize any confusion. Employees can also select whether they would like the percent increase to occur annually, daily, weekly, or monthly.
- Tying configured EOI units to EOI customer forms: Consider an employee, Tom, applies for Supplemental Life Insurance. The required information will vary depending on the level of coverage Tom requests. A coverage level that is one times greater than Tom’s annual salary might not require him to provide evidence of insurability. However, opting for three to five times his annual salary could prompt him to answer a questionnaire or fill out a custom form with information from a physician before the coverage is approved. To accommodate these scenarios, Workforce Ready product experts have added a new EOI setting named Require Custom Form, allowing you to select a custom form and then set a threshold for the unit values prompting it to appear.
- Notification of EOI info due dates: Now, let’s say you’ve just hired a large group of employees at your organization, and each employee has elected coverage. This means that you will have numerous evidence of insurability cases to record. You can use Workforce Ready to notify employees like Tom and benefit admins of due dates for important information related to things like customer forms, Life Events, and Open Enrollment. Go to the notifications center in workforce Ready under Company Settings > Global Setup to enable this capability. Within the notification, you can also determine when the email reminder is sent, which benefit plan(s) the reminder applies to, and which recipients receive the email.
- EOI reminders: Similar to number 4, you can set up reminders based on the custom forms created and the specific documentation required for evidence of insurability. As number 3 outlines, employees must often submit the proper information before receiving approval for a benefit. Until then, the benefit plan is marked as pending status. To prevent the process from stalling, you can now send reminders to prompt users to complete their outstanding requirements.
- EOI enrollment types: Historically, you could set evidence of insurability rules for a benefit plan which were then applied to all enrollment types for employees. However, sometimes evidence of insurability rules vary by enrollment type. To account for these situations, we added a new Enable EOI By Enrollment Type checkbox in the Evidence Of Insurability section of the benefit plans. When the box is checked, you can set different requirements for a new hire event, compared to a life event or open enrollment. You also can adjust the tiers by each of these enrollment types.
- Making EOI a requirement for employees: Consider the last time your employees went through open enrollment. What if they waived coverage and therefore were not required to go through evidence of insurability? This would leave you with one more thing to monitor when going through enrollment. The good news is that there is now a setting available to always require evidence of insurability when setting up open enrollment this year, even if an employee previously waived the plan.
Looking for more release enhancement details?
- For 24/7 access to release notes and user guides for the classic user experience, log in to your account and go to Our Company > Download Documents > Service Provider Documents within the Workforce Ready solution.
- For 24/7 access to release notes and user guides for the new user experience, log in to your account and go to My Info > My Learning > Product Documentation within the Workforce Ready solution.
- Bookmark the Release Readiness page in the Kronos Community for everything you need to learn about what’s new and what’s next.
- Visit the Workforce Ready Announcements group in the Kronos Community to stay up to date on published release notes and future release dates.
- Alert groups provide you with important notifications on critical system updates. Not sure of what alert group to join? Click here.
- To share ideas about new Workforce Ready features or enhancements and to vote on fellow users’ ideas, log in to the Kronos Community and visit the IDEAS section.
Brad joined Kronos as a customer success manager in March of 2018 with a passion for helping customers achieve ROI. He comes from a variety of executive-level positions where he demonstrated his abilities as a strategic thinker with a unique combination of strong interpersonal communication skills and technical experience. Brad is a passionate leader who is energized by helping leaders achieve their full potential and helping organizations exceed expectations.