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eBenefits edge
Save Time. Save Money.Simplify your
Benefit administration.
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Created for benefit administrators by benefit administrators
eBenefits Edge was created by specialists who know first-
hand the challenges human resources professionals face,
including:
• Multipleenrollmententrieswithdifferentbenefitcarriers
• Pooraccesstodataduetomultiplecarriersites
• Ineffectiveemployeebenefitscommunication
• Costlymailinganddistributionofbenefitsinformation
• Severalpasswordstomanage
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your benefits program solutionIf on-demand, convenient access to all benefits information in a single location would assist your human
resources team and employees, then Principal Life Insurance Company can help.
Principal Life offers an easy, cost-effective solution — eBenefits EdgeSM. This online benefit administration
service solves many challenges — saving you both time and money.
eBenefits Edge consolidates your employee benefits information into a single uncomplicated system.
That means your team has single-entry access to enrollment, employee data changes and reporting,
whether you have two, three or even more providers. And that’s good for both you and your
employees.
daily benefits management
Repetitive and time-consuming benefit administration tasks can decrease productivity and distract your
team from focusing on priorities. eBenefits Edge integrates with your existing environment to reduce or
eliminate manual data entry, faxing, mailing and paperwork involved in the day-to-day management
of benefit-related activities. Because it is Web-based, employees or human resources (HR) specialists can
access it wherever an Internet connection is available — at work, at home or on the road.
Online administration through eBenefits Edge:
•Providesfullaccesstobenefitsdataincluding:reports,eventapproval,trackingtoolsandemployeedata
•Offersemployees24/7accessforenrollment,personalupdatesandqualifiedlifeeventchanges—in
addition to benefits communication and updates
•Integrateswithvirtuallyallexistingcarriersandpayrollsystems
•Sendselectronicweeklyupdatestocarriersandpayrolltohelpreduce,oreveneliminate,dataentryand
improve data accuracy
•StreamlinesthetrackingandprocessingofEvidenceofInsurabilityandGuaranteedIssuerequirements
The average cost for an HR department to manually enroll one employee in benefits
is $109.48 compared to $21.79 using an automated system, according to CFO IT
on CFO.com, Summer 2003.
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advantages of eBenefits edgeeBenefits Edge customers receive a system designed specifically for their needs, as well as service and
support before, during and after implementation.
Superior savings
What does eBenefits Edge mean to the bottom line? Savings. You save both time and money
multiple ways:
•Lesstimespententeringbenefitsinformation
•Lesstimespentfaxing,mailingandcalling
•Fewerforms,documentsandletterssent
•Lesstimespentpreparing,distributingandcollectingpaperforenrollment
Add these together and you get hard dollar savings on supplies, postage and printing. Plus, you’ll realize
soft dollar savings as your HR staff finds time to work on new programs, employee education and project
work. In fact, an online enrollment system may reduce benefit administration costs for each employee.
Superior pricing
eBenefits Edge is competitively priced for new or existing clients:
•It’sexclusivelyavailableforcustomerswithPrincipalLifeproducts.
•RatesarebasedonthenumberofPrincipalLifeproductsyouhaveandthenumberofbenefiteligible
lives covered.
•Themoreproductsyouhavewithus,thebetterrateyoureceive.
•Theup-frontfeeislowerthanmanysimilarservices.
Superior reporting capabilities
You can customize reports for your specific needs or run a standard report:
•Censusreports–Employeehistory,employeecensus,dependentcensus,newhires,terminationsand
dependent over-age
•Billingreports–Summarydeductionsbyemployeeandsummarydeductionsbyoption
•Administrativereports–EvidenceofInsurability(EOI)andlifeevent
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Notifies insurance carriers/third-party administrators via a weekly electronic feed
Benefit Specialistupdates and manages:
•Benefitsdata•Systemdata•Employeedata•Reporting/billing•Communications•Newhires/terminations•Transfers•Deductions
Employeesaccess and update information online:
•Enrollment •Beneficiarychanges •Communications•Addresschanges
Health
Dental
Vision
Flex
Life
Disability
How eBenefits edge worksHaving online access to benefits information is an advantage for both benefit specialists and
employees. eBenefits Edge serves as a connection between employees and benefit specialists.
This online service also regularly provides insurance carriers, third-party administrators and
payroll services with the most current information.
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Payroll
eBenefits Edge
Consolidated online benefits
service
Notifies payroll services about deductions, address changes, new hires/terminations and transfers via weekly electronic feed
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employer benefits
Withaneasylearningcurve,yourhumanresourcesteamwillquicklyadapttothemanyadvantagesof
using eBenefits Edge. Even after implementation, you receive the same high level of service and support
by the team that created your system.
Your human resources team can easily access the administrator database.
Using eBenefits Edge, benefit administrators have a comprehensive management tool to meet your
company’s needs. Your benefit records are kept up-to-date using the latest technology. Carriers, payroll
vendors and third-party administrators receive eFile updates weekly.
The Administration tools allow you to:
•Viewandupdateyouremployees’currentbenefitand
demographic information
•Approve,pend,ordeclineLife Event elections made by
your employees
•Makebenefitelectionsonbehalfofyouremployees
through Administrator eElect and keep track of who
made the changes
The Reports tools allow you to:
•Viewahistoryofalltransactionsemployeeshave
completed and compare them to previous elections in
Employee Output
•TrackthedailystatusofyouropenenrollmentinActivity
•Runcensus,billing,andadministrativereportswith
Report Wizard
Oncecreated,reportsaresavedforfutureuse.
Pre-built reports fulfill the most common reporting
requests.Becauseeachemployerhasdifferentneeds,
eBenefits Edge allows you to customize reports to satisfy
yourrequirements.
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employee benefits
Employees appreciate the convenience eBenefits Edge provides. Their benefits information is available
24/7viatheInternet,allowingthemtoupdateinformationatatimeandplaceconvenientforthem.
employee site
Employees access information, enroll
in benefits and update their benefits
information using the employee site.
New Hires – Information about new
hire forms and when to complete
benefit elections are found in this
section.
Benefit Highlights – Detailed
information about the benefit options
an employee is eligible to select is
featured.
Benefit Toolkit –FrequentlyAskedQuestions(FAQs),calculators,frequentlyrequestedformsandlife
event information help employees make informed decisions.
Update Info/Enroll – A strong rules-based enrollment tool allows employees to:
•Enrollinandchangebenefitsforannualenrollment,lifeeventsandnewhires
•Changepersonalinformationsuchasaddressesandemergencycontacts
•Updatedependentandspouseinformation
•Updatebeneficiaryinformation
Summary and confirmation statement
Each employee sees only the benefit options
and rates he/she is eligible to select. At the
conclusion of enrollment, the employee
receives a complete benefit summary and a
confirmation statement.
A
B
B
C
D
CA
D
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The savings can add upexamples of the type of savings a company may experience
Example One
Company with 150 employees
COST SAVINGS: Over $30,000
TIME SAVINGS: Almost 1,800 hours
A company this size, with one benefit administrator and six benefit programs (medical, dental, vision,
life, disability and flexible spending account), can anticipate many annual changes:
•10%turnover(15terminations,15newhires)=30changes
•7%qualifiedlifechanges=10changes
•Annualopenenrollment=150changes
•20%addresschanges=30changes
Totalannualestimatedchangesfor150employees=220.Sendingthosechangestoallcarriersand
updating your payroll could result in as many as 1,540 separate transactions.
* Based on one benefit specialist at $16/hr; average employee salary at $15/hr; 150 lives
Activity Potential Annual Savings*
Money Time
Administration
•Dailybenefits $3,600 225 hrs
•Newhiresandterminations $2,880 180 hrs
•Openenrollment $2,656 166 hrs
Employee productivity (8 hrs per employee per year) $18,000 1,200 hrs
Printing and distribution ($2.50 per employee per month) $4,500
TOTAL $31,636 1,771 hrs
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Example Two
Company with 600 employees
COST SAVINGS: Over $100,000
TIME SAVINGS: Almost 6,000 hours
A company this size, with two benefit administrators and six benefit programs (medical, dental, vision,
life, disability and flexible spending account), can anticipate many annual changes:
•10%turnover(60terminations,60newhires)=120changes
•7%qualifiedlifechanges=42changes
•Annualopenenrollment=600changes
•20%addresschanges=120changes
Totalannualestimatedchangesfor600employees=882.Sendingthosechangestoallcarriersand
updatingyourpayrollcouldresultinasmanyas6,174separatetransactions.
* Based on two benefits specialists at $16/hr; average employee salary at $15/hr; 150 lives
Activity Potential Annual Savings*
Money Time
Administration
•Dailybenefits $7,200 450 hrs
•Newhiresandterminations $5,760 360 hrs
•Openenrollment $5,312 332 hrs
Employee productivity (8 hrs per employee per year) $72,000 4,800 hrs
Printing and distribution ($2.50 per employee per month) $18,000
TOTAL $108,272 5,942 hrs
* Based on two benefit specialist at $16/hr; average employee salary at $15/hr; 600 lives
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it’s easy to get startedimplementation
The focus of the eBenefits Edge team is to ensure a smooth and successful implementation. Working
closely with you, we’ll:
•Gatherrequirements
•Design,buildandtestthesystemandelectroniclinks
•Trainandcommunicatewiththeusers
implementation checklist
Ourchecklistprovidesdetailedinstructionsregardingyourimplementationprocess.Requested
information may include:
•Employeehandbook
•SummaryPlanDescriptionsforallproductbenefits
•Password-protectedemployeecensusfrompayrollfile
•Listofcompanypaydatesforeachpaygroup
•Deductionreportshowingemployeesandtheiractualdeductions
•Signedcarrier/third-partyadministratorbenefitauthorizationform
Afterreceivingtherequesteddata,we’lldiscusstheimplementationtimelineanddeadlineswithyou,as
well as project roles and responsibilities.
Example: Five-week implementation timeline
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53DAYS
Project begins
Begin system build
Go live
Requirements defined and signed off
Finalize system
messaging
Begin carrier/payroll file
builds
Employee site
complete
System testing
complete
Data scrubbed
and loaded
All carrier census data
received
Administrator training and
process discussion
Data testing complete and final sign-off
Electronic file transmission
beginsReport training
Implementation timelines vary by complexity and integrity of data necessary for loading the system.
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Service and supportWhen you work with the eBenefits Edge team, you receive our experience in HR, benefits and related
technology.
Ourongoingsupportteamassistsyouwith:
•Dailybenefitsprocessing
•Weeklyfiletransfermanagement
•Reportingandretraining
•Annualoropenenrollmentimplementation
•Systemupgraderesponses
Afterimplementation,youreceivethesamehigh-qualityserviceandsupport.We’recommittedto
working closely with you to help achieve your goals.
Let Principal Life and the eBenefits Edge team help simplify your
administrative tasks to save you both time and money.
FOR MORE INFORMATION
Contact your local Principal Life sales representative.
we’ll give you an edge®
Principal Life Insurance Company, Des Moines, Iowa 50392-0001, www.principal.com
GP 56240-1 | 06/2009 | ©2009 Principal Financial Services, Inc.
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