RADNOR, PA — Lincoln Financial Group (NYSE: LNC) has been recognized as an Innovation Partner by Workday, Inc. (NASDAQ: WDAY), a leading provider of people and money management solutions. This partnership improves benefits administration and delivers customized solutions through Lincoln’s InsurTech platform, LincSmart.
LincSmart aims to streamline performance management for Lincoln’s employer customers. The platform helps improve efficiency and accuracy and reduce administrative burden. The integration developed by Lincoln enables joint customers using Workday Human Capital Management (HCM) to access real-time data sharing and other innovative features.
As a Workday partner, Lincoln’s LincSmart technology offers joint customers several key benefits:
Real-time absence updates: Automate entitlement and leave status in Workday through real-time data sharing, including intermittent time tracking.
Simplified billing: Automate monthly self-billing using Workday source selection data to calculate premiums.
Enrollment optimization: Improve the sign-up experience to encourage employee engagement. Employees receive product training on voluntary benefits such as accident, critical illness and hospital daily allowance insurance.
Proof of insurability: Optimize the employee experience and limit manual employer tasks with an end-to-end proof of insurability process.
“Employers want simple, automated workflows, technology solutions and a true, consultative partner. Our LincSmart InsurTech solution delivers all three capabilities, and this support frees up our employer customers to focus on what matters most – their employees,” said Jimmy Reid, executive vice president and president of Workplace Solutions at Lincoln Financial Group. “We are committed to meeting our customers’ comprehensive needs, and we are proud to offer LincSmart’s capabilities in Workday and partner to help our mutual customers adapt and thrive in a changing world. This partnership will help bring these benefits to even more of our employer customers, while also empowering our teams to develop new features that provide our mutual customers with an even more seamless customer experience.”
About 90% of employees value a personalized, digital experience when selecting and using their benefits. More than 90% are comfortable with guidance through digital channels such as websites and mobile apps. Employers see this value too, and many expect their benefits partners to help guide them with technology. Nine in 10 employers plan to either increase or maintain their reliance on third-party benefits technology over the next five years. In addition, nearly 60% of employers select providers based on their ability to connect with benefits technology platforms.
LincSmart integrates seamlessly with employers’ existing systems and provides digital solutions that improve and automate everyday administrative tasks. Through strategic partnerships, employers can save time and streamline the benefits selection process for their employees with on-demand training resources.
Workday HCM is a unified system that helps organizations make faster decisions, gain operational visibility, prepare for future talent transitions, and build effective teams. Workday, Inc. is not affiliated with Lincoln Financial Group.
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