Posted by
Arjun Somanchi
on
1/24/2012 at 5:41 AM
With technology advancements, every aspect of routine processes can be optimized, paving the way to streamlined and efficient methods that can make the difference between success and failure. Producer onboarding is one such functional process that insurance carriers, be it health, life, or property and casualty (P&C), need to focus on to improve.
The following six areas for improvement should be top on the list for carriers to examine in order to optimize their producer onboarding process.
- Onboarding Velocity: As a forward thinking carrier, you need to look at the timeframe that your process takes to onboard a single producer. Is this in line with your organizational planning and execution, or are there steps that could improve your onboarding velocity?
- Costs: Usually, carriers pay appointment fees to all new producers irrespective of their productivity. Add this to the Producer Database (PDB) license verifications and National Insurance Producer Registry (NIPR) service fees. Are there ways that you can reduce these costs in such a way that you can immediately see cost savings without losing talented producers?
- Producer Friendly: Many carriers require producers to fill out paper-based application forms, submit them via mail and do frequent follow up to understand the appointment status. Do you think this is the best experience you could afford to your potential producer? Does this present you as a carrier that prospects want to work with?
- Internal Adoption: You may require that licensing specialists spend time reviewing application forms to find the right information on each prospect, respond to follow up calls, and address application exceptions. Compare this with a process where licensing specialists intervene only for exceptions on the application forms. Which one suits your business?
- Paper Usage: Paperwork is rife with human errors. If prospect applications contain omissions or unclear handwriting, the same incorrect data could be entered into multiple systems. Imagine the effect this could have on completing onboarding in a timely manner if something important must be corrected in multiple places.
- Compliance: Does your process maintain audit trails that are easy to track and report, and to ensure regulatory compliance? If you find yourself spending hours in achieving this, then you may need to look for alternatives that can save you this extra effort.
Reach out to us on info@ecssi.com or call us at 1.877.488.3763 if you need additional information on the best practices in producer onboarding .We’ll be more than happy to help you. Or register here for a free VUE Producer Onboarding product demo.
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Posted by
Stephanie Castro
on
11/30/2011 at 12:24 PM
From November 14 to 17, 2011, San Diego was home to the 31st IRMI Construction Risk Conference. Representatives from VUE Software, a proud sponsor of the event, attended to participate in conversations about this year’s most important construction risk management issues.
Nearly 1200 attendees from the nation’s construction insurers, brokers, contractors, and construction management firms were present. It was a great opportunity for VUE Software representatives to meet with clients of its VUE Wrap-Up Management solution, the preeminent technology available for administering OCIP and CCIP programs. Client Turner Surety and Insurance Brokerage sponsored the popular internet café, where attendees could relax with a cappuccino and free WiFi. Alliant Insurance Services, the newest VUE Wrap-Up Management client, also attended and hosted a gracious after-hours invite-only networking event.
A major highlight of the event was the general session on rebuilding the World Trade Center. Representatives from the contractors, insurers and brokers for the insurance coverage on the building at the World Trade Centers were in attendance to discuss the risk management challenges this epic construction project, including terrorism risk, damage to public property, and the high level of pedestrian traffic around the job site. It was inspiring to hear from this highly talented group of individuals and the level of attention that went into to every detail of the project. And as an enduring symbol of American pride, the World Trade Center’s rebuild project signifies hope for the nation’s future prosperity.
In addition to the inspiring general session, two sessions of note focused on various issues of wrap-up programs. The Wrap-Up Debate got the audience’s opinion on major aspects of wrap-up binding and administration, including Program type, Enrollment, and Coverage. Deconstructing the Wrap-Up Pro-Forma was an in-depth exploration of the importance of an accurate pro-forma, or feasibility study, to ensure the program meets the intended goals.
Thank you to all speakers, IRMI representatives, attendees and sponsors who made this 31st conference a success. We are proud to be a part of this esteemed event and look forward to another valuable conference next year.
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Posted by
Stephanie Castro
on
11/30/2011 at 12:21 PM
On November 17, 2011, the Departments of Health & Human Services, Labor, and the Treasury (the "Departments") issued an FAQ document that addressed the concern of many health plans about being able to meet the proposed March 23, 2012 deadline for the summary of benefits and coverage (SBC) requirement that is part of the Patient Protection and Affordable Care Act (PPACA).
The document states that health plans are not required to comply with the regulation until final regulations are issued. As of today, the Departments have not yet issued final regulations, and there is no word on the final release date. While the Departments’ FAQ may have eased concern over the tight deadline, they may have raised additional questions for health plans on how they should implement given an extended timeframe.
Most health plans have come to the same conclusion about the SBC regulation: as one recent prospective VUE Software client put it, “This is a software issue”. Plans have recognized that in order to comply with various aspects of the SBC, an automated solution is necessary. Previous to the deadline extension communication, many health plans were scrambling to find a vendor who could assist, feeling pressured into making hasty decisions on important investments.
Now, plans have more time to figure out how to go about acquiring the right software for the SBC. Many who were considering building a solution in-house may have the time to do so with a looser deadline. Still, with no final regulations, many development efforts may be wasted trying to hit a moving target. And, since the Departments have stated neither the final regulation release date, nor the duration between time of issue and new deadline, health plans who wait to begin implementation until after the regulations are issued may find that they still don’t have enough time to meet the new deadline.
With such uncertainty, smart health plans will take the extended deadline lightly, and move forward on implementing a flexible infrastructure that will allow them to comply with the final regulations, no matter what their final form. For more information on VUE Benefit Summary Tool, which functions both as a flexible infrastructure for storing plan data and creating benefit summaries – and comes out-of-the-box with the current format for SBCs and includes free updates to future formats – register now for an informational call with a product consultant.
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Posted by
Joseph Westlake
on
10/25/2011 at 5:44 AM
The need for insurers to offer online services that appeal to consumers is picking up momentum, and could well become the differentiating factor between success and failure in strengthening customer relationships.
“Customers—particularly Gen X and Y customers—want online services and they expect your company to offer a range of services online,” noted Mary Art LIMRA research director, technology in marketing and distribution research. According to the research titled “Connecting for Service Online: Customer Service for Life Insurance”, customers are interested in obtaining a wide variety of online services, with billing information, e-mail and mailing address updates, forms access and policy information high on their list.
Billing Information
Superior user experience is one of the primary requisites of the current generation of policy holders. VUE Software now offers a dynamic solution that automates the premium billing and collection process, and allows insurance carriers and third-party administrators to deliver online billing, while offering a great user experience: VUE Billing & Collection Management.
The solution enables greater control over your company’s billing statements and enrollment processes. You’ll have the ability to seamlessly retrieve policy information and generate and disseminate accurate bills with one integrated technology platform. Online access for policyholders and third-party administrators reduces dependence on in-house customer service personnel and improves client satisfaction.
Apart from ensuring accurate and timely billing, the solution provides additional value through:
- Reduced operation costs
- Improved customer service
- Higher retention rates
- Superior medical underwriting performance
Learn more about VUE Billing & Collection Management here on the website, or register here for a free product demo.
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Posted by
Arjun Somanchi
on
10/21/2011 at 11:41 AM
2011 is turning out to be a busy and exciting year for VUE Software. New products like VUE CRM for Insurance, VUE Benefit Summary Tool and VUE Producer Onboarding have seen great momentum in the life, health and P&C insurance segments. The company also added data entry as an optional service to clients of its VUE Wrap-Up Management platform. Moving forward as we launch newer products and services, VUE Software is looking forward to further enhancing its clients’ abilities to be highly competitive in the insurance marketplace.
While the product teams have been busy architecting cutting-edge distribution management technology platforms, the marketing team was notified that Computer Solutions and Software International (CSSI), parent company to VUE Software, was named to Software Magazine’s exclusive Software 500, a list of the World’s Largest Software Companies. In addition to this, we received the Inc. 5000 recognition again for the third consecutive year. These awards and honors indicate to us that our products are successfully meeting the market’s demands. By using VUE Software solutions, our clients and thousands of end-users are more effectively managing their operations and processes to achieve faster time-to-market and increased profits.
In addition to these accolades, VUE Software also won recognition for providing high-quality communications by winning a Society for Technical Communication (STC) International Award of Merit for its white paper focusing on Compensation Management for MGAs and an APEX Award for Publication Excellence in Technology & Science Writing for its technical whitepaper on VUE Compensation Management.
There are quite a few positives that we could take from this year that encourage us in both strengthening our client and partner relationships, and expanding our offerings to impact the industry. We plan to keep the momentum going.
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