News & Events
Launches Benefits Lifecycle Management 2006
New Features Ease Management of Employee Benefits Plans, Lowering Costs While Sustaining Quality
BOSTON (April 3, 2006) - HighRoads, the power behind the world's most effectively managed employee health and welfare plans, today launches version 2006 of its flagship Benefits Lifecycle Management (BLM) solution. Now, HR and finance executives have more powerful and intuitive tools than ever to manage the complex and resource-intensive processes of sourcing, managing and evaluating large-scale employee health and welfare plans.
As pressure mounts from CFOs and shareholders to control this leading cost concern, HighRoads' BLM solutions create a holistic, streamlined approach to employee benefits management supplanting previously expensive, fragmented and paper-based processes. Leveraging the power of internal information and external market forces, HighRoads solutions help many of the world's largest corporations dramatically lower costs without sacrificing quality.
"Employee benefits is a leading expense for most companies and yet also one of the most loosely managed," said Paul Daoust, chairman and CEO of HighRoads. "Our Benefits Lifecycle Management solution replaces today's inefficient model, uncovering opportunities for streamlined management and cost reductions while helping companies offer the quality benefit packages essential to a thriving workforce."
HighRoads' BLM version 2006, available today, features enhanced abilities to manage critical information in a highly intuitive and easy-to-interpret fashion. These include:
- Advanced Summary Plan Description (SPD) management features speed time to communicate with employees, increasing accuracy while supporting legal and regulation compliance.
- Supplier performance management dashboard lets users instantly gauge supplier performance against established metrics within any timeframe, and automatically calculates contractually agreed upon penalties due to insufficient performance.
- Streamlined audit trails ensure transparent processes and transactions, in compliance with key regulations.
- Simplified and enhanced search capabilities support fully informed decision-making with the click of a mouse, taking into consideration a wide range of factors and precedents.
HighRoads' Benefits Lifecycle Management approach represents the evolution from traditionally paper-based and departmentalized HR processes and transactions to a more comprehensive and information-driven approach. The technology-based workflow begins by bringing the request-for-proposal (RFP) online to create a transparent and competitive bidding environment, proven to deliver immediate reductions in contract costs. Plan information is collected electronically, supporting apples-to-apples evaluations and establishing the foundation for ongoing management, tracking and communication. This collaborative platform supports informed decision-making across multiple plans and processes, and enables employers to provide the highest quality of employee health and welfare benefits at substantially lower costs.
HighRoads' BLM solution is leveraged by more than 100 companies to manage employee benefits. The HighRoads supplier network includes over 500 benefits carriers, suppliers, brokers, and consultants. HighRoads' technology is available as a fully hosted solution and is supported by a comprehensive suite of business process outsourcing (BPO) services. It is also leveraged for back-end administration among leading HR consulting firms and insurance brokers worldwide. Pricing is based on a company's preferred delivery model and the number of plans under management.
ABOUT HIGHROADS
HighRoads, Inc. (www.HighRoads.com) is the only company offering a system of record for managing HR program and supplier information to improve the employee experience while dramatically reducing costs for large, complex organizations. HighRoads has automated HR processes for more than 100 Fortune 500 employers along with 700 of their suppliers, consultants and outsourced administrators in 75 countries. Clients include some of the world's largest companies, such as General Dynamics, Honeywell, IBM, Kraft, Staples and Toyota. Founded in 1999, HighRoads is a privately-held company headquartered in Woburn, Mass.
HighRoads Company Contact:
Lori Dustin
(781) 503-4030
ldustin@highroads.com
HighRoads Media Contact:
Michael McDonough
(617) 969-9192
mmcdonough@corporateink.com