Lincoln Financial Group named Workday Innovation Partner to help bring ease and efficiency to employee benefits
The partnership will help provide joint Lincoln and Workday customers with increased access to Lincoln's benefit management solutions
Lincoln Financial Group (NYSE:LNC) today announced it has been named an Innovation Partner by Workday, Inc. (NASDAQ:WDAY), a leading provider of solutions to help organizations manage their people and money. As a Workday partner, Lincoln will help increase joint customers' access to seamless benefits administration and customized solutions from Lincoln's insurance technology (InsurTech) experience, LincSmart. LincSmart helps streamline benefits management experiences for Lincoln's employer customers, helping customers improve efficiency and accuracy while reducing administrative burden.
Through an integration built by Lincoln, joint Lincoln and Workday customers using Workday Human Capital Management (HCM) can benefit from innovative LincSmart capabilities, such as real-time data exchange, helping them maximize their use of the Workday platform and solutions, and simplify their most time-consuming tasks such as manual absence entry, carrier billing, and data reconciliation.
As a Workday partner, Lincoln's LincSmart technology helps provide joint customer benefits, including:
- Real-time absence updates: Automate claim and leave status in Workday through a real-time data exchange, including intermittent time tracking.
- Simplified billing: Automate monthly self-billing statements using Workday source election data to calculate premium.
- Enrollment optimization: Enhance the enrollment experience to promote employee engagement by empowering employees with product education on voluntary benefits, such as accident, critical illness and hospital indemnity insurance.
- Evidence of insurability: Streamline the employee experience and limit manual employer tasks through an end-to-end evidence of insurability process.
"Employers want simple, automated workflows, technology solutions, and a true, consultative partner. Our LincSmart InsurTech solution provides all three, and that support gives our employer customers time to focus on what matters most — their employees," said Jimmy Reid, executive vice president, president of Workplace Solutions, Lincoln Financial Group. "We're committed to meeting our customers' comprehensive needs, and we're proud to offer LincSmart's capabilities on Workday and partner to help our shared customers adapt and thrive in a changing world. This partnership will help bring these benefits to more of our employer customers while opening doors for our teams to develop new capabilities that deliver an even more seamless customer experience to our joint customers."
About 90% of workers value a personalized, digital experience as they select and use their benefits, and more than 90% of workers are comfortable with benefits guidance through digital channels, like websites and mobile apps. [1] Employers see that value, too, and many are looking for their benefits partners to lead on technology. Nine in 10 employers expect to either increase or continue their current reliance on third-party benefits technology in the next five years.[2] What's more, nearly 60% of employers select carriers based on the carriers' ability to connect with their benefits technology platform. [3]
LincSmart seamlessly integrates with employers' existing systems and offers access to digital solutions that can help enhance and automate day-to-day administrative tasks. Through strategic partnerships, employers have access to solutions that help them save time and optimize the benefits selection process for their employees using on-demand educational resources about the benefits offered.
Workday HCM is a unified system that helps enable organizations to make faster decisions, gain operational visibility, prepare for future talent shifts, and build effective teams. Workday, Inc. is not affiliated with Lincoln Financial Group.
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2024, the company had $311 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. Learn more at LincolnFinancial.com.
LCN-6807135-071824
[1] Harnessing Growth and Seizing Opportunity, 2023 Workforce Benefits Study, LIMRA and EY.
[2] Harnessing Growth and Seizing Opportunity, 2023 Workforce Benefits Study, LIMRA and EY.
[3] Harnessing Growth and Seizing Opportunity, 2023 Workforce Benefits Study, LIMRA and EY.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805125179/en/