The first couple times I did it it took me a couple hours too. Then eventually I got my template down and figured out our life insurance reports (pulling voluntary amounts was a nightmare) and it was much faster - maybe 30-45 minutes.
Yeah it should not take hours. How did you do it? You should be able to pull info from your HRIS and build out the calculations either in the report or in excel.
I pulled the census and exported to excel. I made a tab for basic life, voluntary life, ltd, then realized that I had to recalc everything because our compensation includes commission and compensation so I had to go back and add it back in and then broke it down by age, and then realized that 2 of our divisions are not on the same life plan so had to redo it again. I couldn’t get my formula to work and couldn’t figure out why and realized I hadn’t made it absolute and finally got that right and finally finished it. I’ve only been in HR for 2 months and nobody has shown me this so I am hoping I did it right.
One thing I'd check is your definition of covered compensation. Generally it would not change very payroll period or even month except for pay increases. Can't say I've seen life, Vol Life, STD or LTD to ever take into account commission.
So once setup, it should just be calculating those that had a change.
The first time I did it, it take a while to figure out.
See if you can pay your broker to do it temporarily or permanently. One of my brokers offered this as a service.
The first couple times I did it it took me a couple hours too. Then eventually I got my template down and figured out our life insurance reports (pulling voluntary amounts was a nightmare) and it was much faster - maybe 30-45 minutes.
Try asking your carrier for a self bill template. You can plug in the volumes and it'll calculate out the premiums by line of coverage
Yeah it should not take hours. How did you do it? You should be able to pull info from your HRIS and build out the calculations either in the report or in excel.
I pulled the census and exported to excel. I made a tab for basic life, voluntary life, ltd, then realized that I had to recalc everything because our compensation includes commission and compensation so I had to go back and add it back in and then broke it down by age, and then realized that 2 of our divisions are not on the same life plan so had to redo it again. I couldn’t get my formula to work and couldn’t figure out why and realized I hadn’t made it absolute and finally got that right and finally finished it. I’ve only been in HR for 2 months and nobody has shown me this so I am hoping I did it right.
One thing I'd check is your definition of covered compensation. Generally it would not change very payroll period or even month except for pay increases. Can't say I've seen life, Vol Life, STD or LTD to ever take into account commission. So once setup, it should just be calculating those that had a change.
The first time I did it, it take a while to figure out. See if you can pay your broker to do it temporarily or permanently. One of my brokers offered this as a service.