Our company provides insurance administration functions for a variety of clients, such as brokerages and insurance carriers. However, an essential aspect of administration includes up sell and cross sell to the members of the groups we serve. Recently, Selman & Company won a prestigious industry award that recognizes our success as marketers of insurance products. While it's great to bask in the glow of recognition, the real significance of these PIMA awards is what they symbolize for our clients; The embrace of digital marketing for insurance products.
Important changes are ahead for TRICARE, the government’s health insurance program for military members and their families. Effective 10/1/2017, the Defense Health Agency (DHA) will be extending the TRICARE 2017 plan year to 1/1/2018. As of 1/1/2018, the new plan year for TRICARE will be on a calendar year, from January 1st to December 31st. All plans will be extended and deductibles will not re-set until January 1st. We think most employees who participate in the TRICARE Supplement Plan will welcome this one-time change.
What makes a great company? Is it the amount of revenue a business makes? Or, how about the ROI, that's important, too, right? We value these aspects of insurance administration, but these aren't the only elements that make a great company. A company is a place run and operated by professionals to make a business successful. We pride ourselves on our amazing employees and the contributions they make. Twice a year we highlight outstanding contributors with a special Half Year Award. This year's first half winner was Patrick Gacka, accounting manager. Even though he has only worked with us for a little under ten months, he has made a huge impact on our company. We spoke with Patrick to learn more about how he makes a difference for our clients.
In this video webinar, Laurin Bieker, a TRICARE Supplement account executive, explains why brokers should take a hard look at offering TRICARE Supplemental insurance for their groups. Watch to learn:
- What is TRICARE Insurance?
- What is a TRICARE Supplement?
- How do brokers win? How do groups and employees win?
Over the last 20 years, Selman & Company has developed a process for managing insurance administration clients that differs somewhat from how other companies interface with thier accounts. The unique way in which we get work done results in tangible results, like greater efficiency. There are other benefits, like trust and partnership, which are unquestionably good for both parties, that take time to cultivate. Today, we're diving in to the nuts and bolts of how two companies align their insurance work to achieve the same goals.
We're hiring for the position of Client Manager at Selman & Company. This is one of the best jobs in Cleveland for a person who enjoys lots of variety and problem solving. Take a look at this video, "A Day In the Life," to get a taste of what it's like to work as part of a great team. Then, apply online or refer a friend.
No one likes losing customers! Whether you are a restaurant, a retail store, or an insurance carrier, losing customers is a pain point that you want to avoid. Luckily, the port and conversion business presents an opportunity for insurance carriers to retain customers and premiums that might otherwise be lost. If you want to capitalize on this opportunity, you need to have a streamlined process that makes it easy for the insured to apply for and enroll in a new plan. We have recently posted a blog about the basics of portability and conversion, but this time we wanted to highlight a specific example of how outsourcing this business process to an experienced TPA like SelmanCo can genuinely add value to the service you provide your customers.
Business Case Background Information
SelmanCo is contracted with ABC Insurance Company to assume administration of their Portability and Conversion business. After initiating the contracted services, SelmanCo noticed that two issues were arising in the application and initial payment processes that were driving down the ratio of received applications to approved/issued coverages, as well as decreasing premiums collected for ABC Insurance Company. SelmanCo researched and presented options for how these problems could be managed more efficiently for the administrator and the carrier, while making decisions that would be in the best interest for the insured end-user and increase customer satisfaction.
Our new video discusses some of the security and compliance concerns companies have when they decide to outsource their non-core business, and how SelmanCo can help ease those concerns.
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Today’s sales funnel looks very different than in years past. We know that buyers are inundated with information, yet starved for knowledge. This means people in our target market require more marketing touches than they did before, across a variety of channels such as email, mobile device, website, or social media. Plus, when a consumer is considering the purchase of an insurance product, we know they are more likely to conduct their buyer research on the internet. Digital marketing has a better ROI and is less expensive to deploy and track.
Are you a product manager for an insurance carrier concerned premium dollars are falling through the cracks instead of staying on the books with your company? Are you worried your systems are not up to the task of coordinating all the moving parts involved when insureds are eligible to continue their group coverage post-employment? Are you staying compliant in the ever-changing regulatory environment of the insurance industry that seems too complex and taxing? If you have ever had these thoughts or asked yourself these questions, then understanding the basics of the portability and conversion business is a must for you and your organization.
In past articles we've discussed how TRICARE Supplement insurance makes sense for employers. However, the real value of this employee supplemental benefit is that it goes both ways. The employee may discover a strong financial incentive to participate, too. Let's examine a hypothetical case of how cost sharing works for an employee who works for an employer who offers this unique benefit.