Finch has unveiled its new Finch Benefits API, extending its unified payroll, HR, and benefits platform. The Finch Benefits API enables insurance carriers, TPAs, and benefits technology platforms to access employee enrollment data. It offers programmatic access via Human Capital Management (HCM) systems.
This development will enable Finch to expand its support for more than 250 payroll and HR systems. Now, it is offering this support in benefits administration. Currently, Finch Benefits API supports ADP Workforce Now and Workday.
Finch will offer support to other vendors by the Open Enrollment season of 2027. According to Finch, the increased connectivity will make it easier to manage the benefits data. The benefits space still operates with manual data procedures. These include CSV uploads, EDI feeds, and SFTP. However, such systems are often not very efficient since they make companies work with obsolete information.
Accordingly, the decisions regarding eligibility and claims may be made based on outdated data by carriers and TPAs. API integration may be quite resource-consuming too. Finch Benefits API offers an opportunity to use only one API connection authorized by employers instead of all those feeds.
“Every carrier, TPA, and benefits platform we work with is trying to solve a similar challenge: find a faster way to onboard clients and act on their data before it goes stale,” said Jeremy Zhang, CEO of Finch. “Combining benefits enrollment with the payroll coverage they already trust us for is the closest this industry has come to a single source of truth for employment data.”
Finch Benefits API Connects Benefits and Payroll
Finch states that the Finch Benefits API is the first integrated API that can both read and write. It can read enrollment data for benefits and write deductions and contributions into the payroll. This allows connecting workflows that usually relied on two separate file-based systems. One connection would allow platforms to obtain employee coverage details. It would also allow validation of dependents and modification of pay line items that fund benefit programs.
So, the API could potentially help enrollment data to streamline benefits administration and payroll integration. Connectivity has become increasingly significant in the insurance and benefits industry. Namely, technology integration might affect insurers’ ability to compete.
“We’ve heard from our top sales executives that it’s not the rates that sell our coverage or even our products anymore. There’s not that much differentiation. Life insurance and disability coverage, those things are somewhat standard. So it’s really who can connect, who can do it well, who can exchange their data and make it smooth and easy for their HR team,” said Sherri Bycroft, Director of Benefit Technology Relationships at Prudential.
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News Source: Businesswire
