Top-Tier Health Insurance Carrier Replaces Six Technology Systems With the VUE Distribution Management Suite From VUE Software
Insurer Modernizes the Agent Experience for 350,000 Producers, Automates and Accelerates Onboarding and Streamlines Compensation Processing
Coconut Creek, Florida, 11/06/2013 — VUE Software® today announced that a large national health insurance carrier has gone live with the VUE Distribution Management Suite, which consists of VUE Producer Compensation, VUE Producer Onboarding™, VUE Producer Self Service Portal and VUE Producer Management & Compliance. The successful deployment modernizes the carrier’s distribution infrastructure, replacing six systems, providing a single source for agent records and simplifying numerous business processes. System implementation involved converting approximately 900,000 policies and millions of payment hierarchy arrangements with a remarkable conversion accuracy rate of approximately 99.5 percent.
The insurer focuses on consumer and small-employer health insurance products and has approximately 2,000 employees and 350,000-plus agents. With no master source for agent information and records spanning three disparate technology systems, the company was forced to perform multiple updates to help keep data current and consistent. In addition, hundreds of agents were being onboarded each week using time-consuming manual processes. Channel communications were also manual, and the reliance on phone calls, faxes, email and traditional mail detracted from the ability to compete for new agents. The carrier’s cost/benefit analysis revealed the savings that would result from consolidating six technology systems into one.
VUE Software’s enhanced technology strategy exceeded the insurer’s requirements. The recently deployed solution provides a comprehensive distribution management system that sources all agent records from one location, automates onboarding and supplies a 24/7 agent portal with an analytics dashboard. Reducing the number of distinct licensing and commission interfaces by approximately 50 percent has made the insurer’s technology system and business processes simpler and more straightforward.
“Many insurers can benefit from the time and cost savings that accompany distribution modernization implementations like this one. The impact is particularly clear across departments where certain bottlenecks and inefficiencies exist,” said Abhinav Dave, executive vice president of VUE Software. “For example, automated onboarding speeds licensing and appointments. Commissions specialists can process payouts with certainty and accuracy due to rate-table transparency and automated capabilities such as retroactivity calculations. The Finance department benefits from precise general ledger accounting and advanced reporting tools. Our goal is to provide the right out-of-the-box features with customizable components to deliver revenue growth.”
VUE Producer Compensation gives the carrier a flexible system for paying compensation and bonuses on variety of parameters that include goal- and performance-based criteria. Agent and sub-agent payment hierarchies are maintained with user-defined roles by product and channel. The carrier can configure rate tables, modify compensation structures and use out-of-the-box reporting for real-time analyses. A single source of agent records gives current, accurate data to systems requesting agent information. VUE Producer Management & Compliance supplies built-in regulatory compliance across the entire solution.
Today, the carrier offers a vastly improved, modernized agent experience. A rapid onboarding process includes automated licensing and appointments with fee processing via credit card. Once onboarding is complete, the online agent portal gives agents continuous access to commission statements, transaction notifications, forms, change requests, new incentive programs, license and appointment renewals, and more. Agents can readily locate real-time information and send communications to the carrier at any time.
VUE Software is a leading provider of distribution, incentive compensation and sales performance management suites. Backed by over 20 years of insurance experience, VUE Software solutions are built for the insurance industry to meet the unique needs of the life, health, property and casualty, distribution and non-carrier verticals. VUE Software is a doing-business-as (DBA) name of Computer Solutions and Software International, LLC (CSSI). For more information about VUE Software, please call 1.877.488.3763 or visit www.vuesoftware.com.
954-419-1008 ext. 2394
4800 Lyons Technology Parkway, Suite 4
Coconut Creek, FL 33073
VUE Software is a registered trademark and VUE Producer Onboarding is a trademark of Computer Solutionsand Software International, LLC. All other registered trademarks, trademarks or service marks belong to their respective companies.