In a world of ever-evolving technology, embracing innovative carrier technology isn’t just advantageous. It’s necessary.
Brokers who recognize the importance of better carrier technology can position themselves to help provide the best workplace benefits experience to clients and members.
With that in mind, what questions should you ask your carrier partners to gauge whether their technology is modern and flexible?
In this blog, you’ll learn what brokers should ask to better understand a carrier’s technology and avoid the pitfalls associated with dated processes and technology.
1. How old is your insurance administration system, and what updates have been made?
The first question to ask carrier partners provides insight into the current state of their technology. Many carriers still use administration systems that are decades old, and in today’s era of technology and innovation, these systems often struggle to keep up. A current system that is regularly updated is far preferable to a system built fifty years ago and retrofitted for today.
For example, Wellfleet launched its all-in-one administration platform, Lighthouse by Wellfleet, in 2021. Since then, we have updated the system at least 68 times – and continue to perform regular updates at least every three weeks.
2. Is your entire policy lifecycle stored in one system of record, one that captures data in real-time?
Modern, technology-forward carriers like Wellfleet use one system that facilitates quoting, enrollment, claims, billing, and more. This means member data is immediately available across the entire ecosystem, simplifying and expediting the voluntary benefits experience for everyone involved.
Having a single source of truth enables better, more efficient data transfer, higher accuracy, and ease of use because member data is available across the whole system in real-time.
3. If not, how many systems are interconnected?
Many carriers use a silo approach — using one administration system for enrollment, another for claims, another for billing, and so on. Having to patch together disparate platforms adds time and headache while also increasing the chance for errors.
Asking a carrier partner how many different systems they use can give you a look into their efficiency. Having only one system is best; the more you increase that number, the more problems can arise.
4. How do you handle data integration?
Data integration is another key piece of the voluntary benefits carrier technology puzzle. This question looks at the transfer and communication of data from one place to another. Many carriers rely on only electronic data exchange (EDI), which can be a less efficient way to transfer data.
Carriers more aligned with modern technology incorporate application programming interfaces (APIs) into their system, which transfer data almost immediately with no manual input. For example, our system uses many APIs across a variety of areas, including quoting, case setup, enrollment, coverage changes, billing, claims, and more. To learn more about the role of APIs in VB, read our whitepaper.
Look for a carrier that incorporates a variety of APIs; this will help ease your clients’ data transfer headaches.
5. How long does it take for you to onboard customers?
This question is important because it speaks to the efficiency and ease of case setup and enrollment technology. With many carriers, it takes weeks and even months to onboard new clients because their technology is so outdated that inefficiency and delays are the name of the game.
However, with an advanced system and efficient data exchange, carriers like Wellfleet can onboard clients in a matter of days – thanks to optimized technology.
6. How is the data collected and stored?
Asking your carrier partners about data provides much-needed insight into whether you can trust them with your clients’ and members’ data. You want to be sure that all data will be secure and protected.
Data collection may occur through many modalities, including APIs and various forms of secure electronic data exchange. Data storage should ideally take place on a secure cloud platform, such as Amazon Web Services (AWS), where data can be stored securely and accessibly.
7. How do you track the customer experience to ensure your customers are receiving the quality service required?
The customer experience is a key driver for the best carriers. A carrier should focus on creating a positive broker and client experience, as well as a simple and streamlined member experience.
This includes an intuitive claim filing system and the ability to have customer data available across every part of the system without delays. A few ways carriers can provide the best member experience – and track it – include having a single administration platform, synchronized data, and accessible digital resources like web-based user portals.
8. How efficient is your claims process, and can it support medical claims integration?
The claim experience is the primary time members interact with their voluntary benefits carrier. Providing a smooth experience increases satisfaction for members and clients and simplifies your job as a broker.
Let’s discuss a few points regarding claims. First, ask your carrier partner how members can submit claims. Can it be done electronically, and are members given multiple options for submitting them?
Additionally, ask about whether the carrier supports medical claims integration. This technology connects the member’s medical claims to their voluntary benefits, alerting the member when they receive care that is eligible for a voluntary benefits claim.
Furthermore, ask the carrier whether they use event-based claims handling. This means that when the carrier receives a claim, it is automatically reviewed under all the member’s coverages. So, if a member’s hospital indemnity claim is shown to also be eligible for their critical illness benefit, the carrier will provide payment for both.
Learn more about Wellfleet Workplace
Dated carrier technology leads to many broker and client challenges. Brokers spend too much time correcting errors in billing, enrollment, and commissions – taking valuable time that could be spent on consulting work that yields bigger results for their clients.
By asking these questions, you’ll save time, effort, and energy and align with carriers who not only talk the talk, but also walk the walk when it comes to adopting modern and efficient workplace benefits technology.
Explore Wellfleet Connect to learn more about how API technology leads to better benefits solutions and a smoother VB experience.
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