Benefits HCM Extract on the basis of life events processed

Summary

Extract the Employee & it's Dependent Data

Content

There is a requirement to fetch the Employee and it's dependent data for COBRA file. This file is in a certain file format which will be sent to the vendor on the event of few of the life events.

Is it possible to achieve this with HCM Extracts? Or BI is better? 

And if via HCM Extracts, is there some guide or sample file which is there to follow?

Version

20B