LIMRA is trying to ease the employee benefits data exchange crisis by providing a new set of employees benefits data formatting standards.
The LIMRA Data Exchange Standards, or LDEx standards, could help simplify and speed up the way benefits administration technology companies and insurers communicate about non-medical benefits, LIMRA says.
The first version of the LDEx standards, Benefits Enrollment Management 1.0, can help the benefits administration tech companies send insurers information about employees’ coverage elections, changes and terminations in a consistent XML format, LIMRA says.
Benefits administration tech companies can also use the standards to send insurers information about demographic changes.
The new standards support accidental death and dismemberment insurance, critical illness insurance, cancer insurance, accident insurance, dental insurance, vision insurance, hospital indemnity insurance, and short and long-term disability insurance products, as well as all life insurance products.
LIMRA is a Windsor, Connecticut-based organization that provides research services, consulting services and other services for financial services companies.
LIMRA worked with its Data Exchange Standards Committee to develop the new standards. The committee includes representatives from 22 insurance companies and 16 benefits administration technology companies.
The committee is planning to extend the new standards, LIMRA says.
The committee intends to add standards that companies can use to exchange the information needed to service policies, information about evidence-of-insurability decisions, and leave-administration details.
— Read Panel: Employers Face ACA Social Security Number Error Nightmares, on ThinkAdvisor.