SelmanCo helps insurance carriers, employer groups, banks, credit unions, and associations across the United States administer insurance programs and fulfill their brand promises to their customers. Today, we’d like to share the story of how we helped one of our customers, a life insurance company, increase the efficiency of their policy management.
Pain Points
Our client had a few key pain points they wanted to resolve through our partnership.
Limited Billing Options:
- They were only able to bill monthly.
- Checks were the only method of payment they could accept.
- The client didn’t have the resources to set up a self-service portal for insureds to manage their policies online.
Administrative Issues:
- Manual processing for sending notifications to insureds, eligibility updates, and the lapse & termination process resulted in inefficient policy management.
- There were multiple places for member information within their existing systems. They were looking for a way to consolidate this information from different systems into one location.
- Their systems were not sustainable or scalable. They were even turning away clients due to a lack of functionality.
SelmanCo’s Solution
SelmanCo worked in partnership with the client to convert the policy administration from manual processes and unsupported legacy systems to a more robust policy administration solution. Our system gave the client the option to explore billing flexibility beyond the restrictions of check receipt only as direct-bill, EFT/ACH/PAC, credit card, list bill, combined billing, and self-administered billing are all choices available through our system. We are also able to produce bills within multiple timeframes, so we were able to give our client options outside of the monthly billing that they were required to do before including modal flexibility of monthly, quarterly, semi-annual, and annual. Lastly, all relevant information for their insureds was centralized within our system, making tracking and managing information for their insureds significantly easier.
Throughout our partnership, the client was also able to have their insureds utilize our eService site to manage their policies at times that are convenient for them. Our eService portal gives insureds access to live chat with SelmanCo Customer Service Representatives, online premium payment options, and 24/7 policy management tools. You can learn more about our eService site by reading this blog.
The Human Touch of SelmanCo
Working with SelmanCo gave this client access to not just our administrative system, but the assistance of various employees within SelmanCo. Our employees that work in our direct billing and customer service departments were crucial to assisting with their manual processing issues.
Our customer service representatives can respond to all telephone and written inquiries. Examples of inquiries include product availability, application status, billing or payment status, explanation of benefits, beneficiary changes, claim filing instructions and claim payment status, reinstatement requests, duplicate policy requests, and coverage changes.
Through direct billing and administrative services, SelmanCo’s capabilities include application processing & eligibility verification, premium billing/collection & carrier remittance, customer service quality & monitoring, fulfillment issuance, claims support, and/or full claims adjudication.
With our administrative system and the people that comprise our company, we were able to help this client get back on track and relieve them of all the repetitive and redundant tasks that kept them from putting time into growing their business further.
To learn more about SelmanCo’s capabilities, please reach out to us here.
