Ellement automates processing of employer pension contribution reports reducing 90% time required using Nanonets

Ellement is a Canadian benefits consulting firm that specializes in designing and managing employee benefits and retirement programs. Based in Winnipeg, Canada, they serve organizations across Canada with a unique blend of traditional consulting expertise and modern technological solutions. The company's approach focuses on creating personalized benefit strategies that align with each client's organizational goals and workforce needs.

Founded in 1996, Ellement stands out for its commitment to both innovation and personal service, helping employers navigate the complex landscape of group benefits, retirement planning, and wellness programs. Their team of consultants, led by Brandon Ellement, Partner and CEO, works closely with clients to develop comprehensive solutions that support employee wellbeing while managing costs effectively. Through their integrated services platform, they assist organizations in streamlining benefits administration and improving employee engagement with their benefits programs.

• Location: Winnipeg, Canada
• Year of Establishment: 1996
• Leadership: Brandon Ellement (Partner and CEO)
• Industry: Consulting
• Employee Count: 51-200 employees
• Revenue: US$ 10-50 Mn.

The team at Ellement follows a process for delivering their customers (employers) with customized investment strategies for pension and benefit plans, endowment funds, and other funds, targeted at optimizing their employee wellness and retirement benefits programs. There is a structured process followed by Ellement to understand the current scenario before making any recommendations. To understand the challenge faced by them, we must take a deeper dive into the process.

1. A customer (employer) submits Pension Contribution Reports.
2. They have a team which manually gathers data points such as employee name, SSN number, number of hours worked, amount contributed to their pension fund, etc. and enters them in a tabular format, such as Excel spreadsheets.
3. These spreadsheets then undergo careful analysis and based on the insights gathered, a custom policy is curated and a recommendation is made to the customer.

The most crucial and time-intensive step in this entire process is the data gathering and manual data entry step which leads to delayed speed-to-value.

The team at Ellement was in search of a vendor that can optimize this step, thus enhancing the customer experience.

They tried Microsoft’s Power Automate but it offered limited accuracy, even for structured data. This is where Nanonets stepped in with our highly-accurate and powerful, AI-based workflow automation system.

The solution? It was simple. We automatically import the employer pension contribution reports from the cloud storage, extract all relevant data points with high accuracy and map the final data into an Excel spreadsheet to be utilized downstream. This cuts down on the time taken for this crucial step by 90% and leads to an enhanced overall end-customer experience.
Let’s take a look at the entire automated process that Ellement has implemented:

1. Import: Nanonets provides a one-click integration with OneDrive to automatically import all employer pension contribution reports from a customer into Nanonets.
2. Data Extraction: Our powerful one-shot model extracts all relevant data points, such as employee name, SSN number, number of hours worked, amount contributed to their pension fund, etc. with high accuracy and minimal training.
3. Post-Processing: The extracted data then undergoes post-processing to remove any special characters and whitespaces from multiple extracted data points.
4. Export: The clean extracted data then gets exported to a pre-configured excel sheet with columns automatically mapped to their counterparts.