How Health Insurance Companies Can Digitally Transform their Distribution Channel
As a company that keeps its finger on the pulse of the insurance industry, VUE Software is always aware of how the latest technology can help companies in the industry thrive and remain competitive by implementing the latest technology. VUE is currently modernizing the platform and processes of health insurers with digital technology. Digital refers to a broad range of technologies and applications that enable smooth and efficient automation. This results in better decision making, and improved customer/producer and stakeholder relationships.
VUE’s digital platform enables health insurers to
Give agents 24/7/365 access (anywhere, anytime, and on any device) to information on a responsive UI (User Interface) allowing them to focus on sales rather than administrative tasks and shadow accounting.
Onboard new producers expeditiously over the Internet, which reduces costs while expanding sales.
Manage multiple product types in commercial and senior markets (individual and group).
Provide flexible and dynamic hierarchy-management capabilities to manage relationships with captive agents, independent producers, distributors, navigators, and more.
Reduce corporate overhead and meet medical-loss ratios with simplified premium billing and process automation.
Insurance Agent Onboarding
Because of the continually changing legal framework, insurers need to be flexible. When the ACA (Affordable Care Act) was implemented, they needed to increase their workforce to accommodate the growing number of individual policy holders coming into the system. With the possibility of new legislation again, health insurers may need VUE Software to simplify the recruitment and onboarding process with a flexible web-based solution that automates the onboarding process, ensures accuracy, and eliminates human error, to meet compliance requirements and reduce transaction costs in an interactive environment.
Insurance SaaS (Software as a Service) Solution
New mandates can pressure carriers to reform their pricing and compensation structures, resulting in significant changes to the role brokers and agents play in the distribution process. The flexibility of VUE Software’s digital/automated solution can support any distribution strategy with a robust multitiered compensation solution that can be easily configured to accommodate all new compensation plans for all producers. Our SaaS solutions reduce implementation and maintenance costs for insurers.
Insurance Technology Platform
Reliance on spreadsheets for mission-critical functions and outdated technology such as homegrown and legacy applications—along with various disparate databases—are major obstacles for organizational growth and the ability to compete. VUE Software helps carriers and distributors automate business processes with a truly flexible SaaS platform with the scalable technology necessary for growth in today’s health insurance marketplace. Because VUE Software modules and tools work together to improve operational efficiency, the solutions reduce operational costs and increase the speed to react to new mandates, and changes in distribution strategy.
Health Insurance Exchanges (HIX)
VUE Software’s SOA (Service-Oriented Architecture) and protocol, combined with our Integration Manager tool, provides a robust and flexible framework to facilitate constantly changing federal marketplace and state-based exchanges. United Healthcare leveraged this framework to configure their system to upload, store, manage, and validate producer certifications in addition to adding an additional step in the producer-eligibility process to check for an “active” producer certification for each policy received.
VUE Health & Benefits Billing
PPACA (The Patient Protection and Affordable Care Act) has brought unique challenges to health organizations, especially in areas of premium billing and collections. With the introduction of healthcare exchanges, an increase in premium-billing processing created the need for an automated solution that could optimize this task while ensuring the accuracy of the amounts billed. VUE Billing & Collection automates and simplifies the premium-billing and collection processes, allowing insurance carriers and third-party administrators to reduce manual error, increase accuracy, reduce overhead, and meet their medical-loss ratios.
VUE’s Compliance Process
Being compliant has always been paramount for insurers. In this post-PPACA marketplace, where regulations are constantly changing, insurers and distributors can use tools from VUE Software to electronically recruit, onboard, and manage new producers; verify their licenses; appoint; and ensure producer C.E status is compliant with state rules. VUE Software’s solutions simplify and automate the distribution process for health organizations from onboarding to billing, ensuring full compliance with state rules while increasing the performance of the distribution channel.
Reliance on spreadsheets for mission-critical functions and outdated technology such as home-grown and legacy applications—along with various disparate databases—are major obstacles for organizational growth and the ability to compete, especially in this digital world. VUE Software helps carriers and distributors automate business processes with a truly flexible SaaS platform, with the scalable technology necessary to maintain a fluid organization in today health insurance marketplace. Because VUE Software modules and tools work together to improve operational efficiency, the solutions reduce operational costs and increase the speed to react to new mandates and changes in distribution strategy.