Equitable Enhances EB360® Platform with Digital Onboarding

Rhea-AI Summary

Equitable Holdings (NYSE: EQH) announced enhancements to its EB360® platform, fully digitizing the benefits onboarding process for benefits brokers and employers. The new digital onboarding solution aims to reduce errors and streamline the insurance application process, potentially improving the client journey and increasing administrative efficiencies.

Positive

• Enhanced EB360® platform aims to reduce errors and streamline the insurance application process
• Digital onboarding solution can enable employers to complete the process in as little as 15 minutes
• Potential to drive administrative efficiencies and create richer service experiences for benefits brokers

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Equitable, a leading financial services company and principal franchise of Equitable Holdings (NYSE: EQH), announced today that the company’s Employee Benefits business has enhanced its EB360^® platform by fully digitizing the benefits onboarding process for benefits brokers and employers.

Each year as employers prepare for benefits open enrollment season, their brokers spend countless hours filling out paperwork and preparing documents for their employer clients to complete. Brokers also need to deliver those documents to several insurance carriers that work with their employer clients. This process is often time consuming for brokers given the nuances of each carrier, the amount of data they are required to collect for insurance applications, and the potential for human error due to manual input of data.

Equitable’s enhancements to its EB360^® platform are designed to mitigate some of these common pain points by fully digitizing the benefits onboarding process for benefits brokers and employers.

“Our new digital onboarding solution goes beyond simply turning a PDF into a fillable digital form,” said Stephanie Shields, Head of Equitable’s Employee Benefits business. “We’ve examined the areas that often cause the most friction during the onboarding process and have created a reimagined experience for our brokers and employers that facilitates greater transparency in the client journey, increases the speed to onboard clients and improves the accuracy of employer and plan information.”

Now, the digital enhancements to Equitable’s EB360^® platform can enable brokers’ employer clients to complete the insurance application process in as little as 15 minutes, helping to reduce errors that cause service and administration issues.

“The goal is to take a complex transaction and make it an intuitive, digital-driven experience for brokers, employers and ultimately, their employees,” said Alyssa Arellano, Head of Technology Strategy for Equitable’s Employee Benefits business. “Without cumbersome legacy systems, Equitable is able to quickly make technology design and process improvements based on real-time feedback from our team and our customers.”

According to the LIMRA and Ernst & Young 2023 Workforce Benefits Study¹, two-thirds of small organizations, 70% of midsize employers and 73% of large employers say they will rely more heavily on carrier-provided technology in the next five years.

“With more employers expected to depend on carrier-provided technology in the coming years, we believe benefits brokers will prioritize working with employee benefits carriers that are making the technology investments necessary to drive administrative efficiencies and create richer service experiences,” added Arellano.

Equitable’s Employee Benefits business is focused on small- and medium-sized businesses, with a core suite of insurance products including group dental, vision, life insurance, short-term and long-term disability, as well as supplemental health offerings, including accident, critical illness and hospital indemnity. Products are offered through Equitable Advisors and third-party distributors, including national, regional and local brokers.

For more information about Equitable’s digital onboarding solution, please watch this brief video.

About Equitable
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country.

Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company, and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN).

All group insurance products are issued either by Equitable Financial Life Insurance Company or Equitable Financial Life Insurance Company of America, which have sole responsibility for their insurance and claims-paying obligations. Some products are not available in all states. EB360^® is a registered mark of Equitable Holdings, Inc., NY, NY.

GE-6008486.1(10/23) (Exp.10/25)

¹ “Harnessing growth and seizing opportunity,” The LIMRA-EY 2023 Workforce Benefits Study, (July 2023).

View source version on businesswire.com: https://www.businesswire.com/news/home/20231107699099/en/

Media

Monique Freeman

mediarelations@equitable.com

(212) 314-2010

Source: Equitable

FAQ

What is the ticker symbol of Equitable Holdings?

The ticker symbol of Equitable Holdings is EQH, as per the press release.

What are the core suite of insurance products offered by Equitable's Employee Benefits business?

Equitable's Employee Benefits business offers group dental, vision, life insurance, short-term and long-term disability, as well as supplemental health offerings, including accident, critical illness, and hospital indemnity.

What study is referenced to support the need for carrier-provided technology?

The LIMRA and Ernst & Young 2023 Workforce Benefits Study is referenced in the press release to highlight the increasing reliance on carrier-provided technology by employers.