Health insurers reduce time for new business processing with automated underwriting software
New Business Processing in Health Insurance is typically a manual paper intensive process with a heavy volume fluctuation due to Open Enrollment which often causes insurers to hire temporary sales and support staff. Timing is critical in that once the sale is made, the new business issuance needs to follow as soon as possible. With most sales happening door to door, effective field operations are imperative to meet processing requirements. Typical health insurers who use OnBase to manage their open enrollment process are able to reduce time to issue a new policy from what previously took seven days to less than 24 hours.
The OnBase Insurance Solution provides health insurance companies with the ability to automate the capture of applications from the point of receipt, regardless of file format or point of origin. The Field Enrollment Solution is ideal for this segment of the business. Managing missing and required supporting documents is simplified with OnBase because it provides the ability to monitor required information and improve the quality and timing of the new business process. Automatic notifications can be generated and sent to sales agents when items are missing or do not pass the validation requirements.
OnBase provides the ability to dramatically decrease processing time by allowing for parallel processing and automation of many points within the business process. OnBase provides access to all business documents directly from the core line of business applications, saving Customer Service rep more than five hours per week. OnBase provides management with an automated approach to monitoring service level agreements and production levels, allowing them to spend their time more effectively in making underwriting decisions.