Products December 15, 2003
New Benefits System Could Aid Watson Wyatt Clients
December 15, 2003 (PLANSPONSOR.com) - Watson Wyatt HR/benefits clients should be able to enjoy more automation in selecting and managing benefits vendors as a result of new partnership between the HR consulting firm and IE-Engine, a benefits software system provider.
Reported by Fred Schneyer
According to a Watson Wyatt news release, consultants will now be able to use IE-Engine’s system when helping clients computerize as much of the employee benefits cycle as possible.
The benefits will include automating:
- requests for proposal (RFP) and renewal
- cost visibility
- control of plan data
- management of the client’s health care and employee benefits vendors.
The automation will help save money by reducing errors, Watson Wyatt claimed.
Among the benefits Watson Wyatt said it should now be able to deliver to clients with the IE-Engine system are to:
- warehouse all employer data in IE-Engine’s data management software, maintaining control over all health and welfare related data and documents
- access all associated plan and vendor information, which helps clients in working both with vendors and internal colleagues
- cut costs by automating the vendor bidding and negotiation process, creating a competitive and more disciplined marketplace without sacrificing confidentiality of bidders
- manage the performance of benefit vendors electronically
- automate aspects of financial management, health behavior management, and health system management.
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