Benefit management system and method

Abstract

A benefit management system and method provides a portal-based information management and collaborative business process application. Preferably, the system and method is focused at the benefit broker / consultant and is configured to capture employee benefit management data, such as demographic data and plan data. Further, preferably, one or more users are provided with customized user access to the centralized application for use in performing one or more various benefit plan management functions, such as, for example, marketing, plan design; enrollment; administration; and communication between one or more application users.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of U.S. Provisional Application Ser. No. 60 / 342,634, entitled “BENEFIT MANAGEMENT SYSTEM AND METHOD,” filed 20 Dec. 2001, wherein such document is incorporated herein by reference.BACKGROUND OF THE INVENTION[0002]The present invention relates generally to the management of employee benefits. More particularly, the present invention pertains to systems and methods for managing and / or controlling the delivery of employee benefits.[0003]In the United States, an enormous number of individuals participate in an employment-based benefit program that, at a minimum, consists of health insurance. For example, health and welfare benefits may cost $4,000 to $5,000 per employee per year. In aggregate, employee benefits are a very large market, and even larger if retirement-related benefits are included. A large amount of economic resources is spent every year on benefit procurement and administration.[0004]An emplo...

AI Technical Summary

Benefits of technology

"The present invention provides an efficient and low-cost system for designing, marketing, and administering benefits. It automates and streamlines the process of managing benefits in the benefit supply chain, reducing paper-based processes and improving efficiency. The invention is designed to empower the benefit broker / consultant with customization tools and a seamless user experience. It also allows for real-time data reporting and knowledge sharing, and is HIPAA compliant. The invention includes a portal-based application with customizable benefits management plan data, presentation panels, and user interaction graphical elements. Overall, the invention provides a more efficient and effective way to manage benefits for employers and employees."

Problems solved by technology

However, benefit provider participation may enhance operational efficiencies.

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