Summit is a cloud-based benefits administration platform that is designed to help TPAs (third-party administrators) manage and carry out employer-sponsored benefits within the United States. Summit integrates account administration with streamlined financial processes, and provides brokers with secure, online access to data on shared clients.
The full-service solution enables administrators to design a variety of account-based plans, simple and complex, including medical, wellness, dental, vision, and more. Summit helps manage differentiated deductibles, variable employee/employer responsibility, co-insurance rates, and roll-over. Summit provides users with customizable templates for plan designs, reimbursement schedules, contribution schedules, and other repetitive tasks.
The solution supplies an end-to-end card processor that streamlines financial processes including electronic payments, debit cards, investment services, and custodial banking. Summit learns every user’s most frequent daily functions and automatically directs them as they navigate the platform. Dashboards, statistical analysis, and data modeling tools provide users with ‘big data’, as well as a drag-and-drop report writer.
Summit also helps facilitate firm consolidation and outsourcing processes by providing integration tools that facilitate data migration, from payroll imports to carrier feeds. White label branding lets organizations customize the admin and participant portals to reflect their branding, as well as create a custom web URL address.