Enrollment options are expanding. With dozens of third-party vendors (including the emergence of new market places that include public and private exchanges) the opportunity for carriers to successfully increase their enrollment rates and get their products out to the various markets has never been greater.
Connecting to these enrollment providers is the key to growth and it all comes down to the ease of doing business.
In reality, employers often settle on a particular enrollment platform because it’s where they’re putting their healthcare benefits. Working with a single platform simplifies things and allows their employees the ease of having all of their benefits (including ancillary benefits) in one place. With this approach, there’s no concern over a confusing enrollment process that can increase administrative duties or even deter individuals from signing up for coverage. Unfortunately, I’m seeing too many carriers losing business because they’re limited in their ability to adapt and connect to the multitude of enrollment platforms that are available to employers.
Now, consider the opposite scenario where the “connected” carrier has integration with multiple enrollment platforms and the connectivity reaches all the way down to the carrier’s policy administration system. In this case, the carrier may already be connected to the employer’s enrollment systems of choice or can connect with relative ease. A carrier who can eliminate enrollment as a roadblock to winning new business will expand their reach to new markets and be viewed as a flexible carrier that is easy to do business with. In this scenario, the right technology is an enabler for the carrier to win new business.
From a business perspective, this is an illustration of why connectivity is so important. For carriers with upgraded business models and platforms capable of supporting multiple enrollment providers the benefit is clear—gaining the flexibility to intake and interchange data. This alone presents a significant advantage over the competition that has yet to onboard this “connected” model.
So what’s enrollment nirvana? Pre-mapped and out of the box ready integrations, with an integrated administrative platform that can consume the enrollment data and leverage it across policy administration, billing and claims.
Feel that you have a connected administration platform? Is it an enabler of winning new business? Let me know.
To read more about connectivity, be sure to download our new E book: “Eliminating Barriers to Connectivity.”