America's Benefit Specialist January-February 2023

BEWARE THE CHRONOPHAGE

advisors in the larger group market have used benefit- administration (BA) systems to help automate that process. Recent developments in the BA market have seen some of those systems reprice to be more affordable for the small group market. But our old friend the chronophage is also hiding in some of those solutions, ready to feast on your perceived produc tivity increase! While it sounds simple, using a BA system has some things to consider beyond its curb appeal. THE INTANGIBLES Many advisors don’t contemplate the time cost of setting up the case on the software. But the actual hidden cost of case setup is the enormous opportunity to make a mistake that affects employees and your client relationship, which can be costly in other ways. Check your E&O insurance to be sure a slip-up like that is covered. Find a BA company that does the setup for you to avoid the problem. You save time, avoid liability and don’t risk your client relationship. Then there are the dreaded EDI feeds, where the carrier and the client entity exchange information. Once again, the chronophage is ready to pounce—unless you ensure that the BA company handles all the EDI setup and testing. Once again, you save the time of learning how to create those feeds, and you avoid liability. PEDIGREE MATTERS So that you don’t have to educate anyone other than your cli ent and your team, find a BA company founded by advisors just like you and not by a bunch of coders who don’t know the industry. People dealing with the same issues you do are more likely to understand the nuances of the client-car rier-employee dynamic and to have crafted a solution that pleases all those constituencies. There is one important thing to look for so that you can spend your time growing your revenue rather than fussing

with a BA system while the chronophage gets fat and happy: You want a system with what developers call “mature busi ness rules.” Those are the behind-the-scenes bits of logic that let you handle irregular pay periods, create unusual employ ee classifications, etc., in a way that won’t break the system. Ask how long the system has been in place and how often it gets updated. THIS ISN’T SUNDAY DINNER There are times when passing things around makes sense: mashed potatoes at family dinner, a football, or the latest water-cooler gossip. What should NOT be passed around is . . . you! Make sure the company you decide to work with has one contact—a “go-to” person for everything you need. They become familiar to you and create an extension of your team. There are few things more time-consuming than playing pass the call as you fume waiting to get the right person to answer your question. IT ISN’T GOING AWAY The chronophage has been around for a long, long time. Benjamin Franklin knew about it when he said the phrase all advisors should use to slay the beast: “Time is money.”

Carol Matznick is a long-time member of the NABIP community and currently serves as president of the North Carolina AHU. Carol served NAHU as a member of the national Board of Trustees. She was director of the NCAHU for 23 years before joining Triune Technologies, founded by three benefits advisors, one of whom was Bynum Tuttle

(retired), a former president of NAHU. She is active in her church and community and ready to jump in and serve when needed.

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