4 Must-Have Features You Need for Open Enrollment

Peak enrollment season is fast approaching, and insurance carriers are being asked to distribute products across an unprecedented number of enrollment channels. The increased sales opportunity is welcome, but you can't help lying awake at night thinking about the implications:

• Can you continue to support product build-out across so many third-party platforms?
• Can you trust them to get your business rules right for new business, reenrollments and evidence of insurability? Can you verify that they did so?
• Can you project and protect your brand across the multitude of channels?
• Can you get all the data you need for centralized member management, renewal underwriting and your reporting and analytics?

In our latest whitepaper, we identify the four "must-have" features for any enrollment solution offered or sponsored by insurance carriers.

1. Carrier-Centric Benefit Plan Design Rules Engine: Understanding employee benefits can be complex, as plan sponsors must ensure that employees only see eligible benefits. While many enrollment solutions effectively manage core health plans, they often struggle with the nuances of voluntary benefits. Initial enrollments may appear simple, but complications can arise in subsequent enrollments due to specific conditions and state regulations.
2. Automated Online Evidence of Insurability (EOI): The EOI process is crucial when employee coverage exceeds the guaranteed issue level, but it has traditionally been cumbersome. Automated online EOI systems streamline this by providing personalized applications that can be completed offline and integrate with third-party platforms for real-time processing. This innovation can significantly boost completion rates, with increases of up to 300%.
3. Single, Consolidated Premium Billing Reflecting Real-Time Enrollment Status: Employers often seek a streamlined, customizable invoice for benefits, but many current solutions fall short, causing reconciliation issues and delays due to EDI. Choose a solution that addresses these problems by generating real-time premium bills, providing accurate monthly invoices and enabling immediate corrections.
4. Flexible Carrier Data Exchange: Seamless data exchange is vital for integrating enrollment transactions into carrier systems. The right service should be able to transform and transmit election data based on specific carrier requirements. Insurance carriers need a solution that ensures timely testing, providing greater speed and flexibility compared to other solutions, which enhances operational agility.

With SS&C BRIX, you can rest assured that you retain control over your brand, your rules and your risk. Download a copy of our whitepaper to learn how you can build your own branded enrollment and/or evidence of insurability services and make them available across a wide variety of enrollment channels through syndication. Our BRIX clients have processed millions of enrollments and Evidence of Insurability (EOI) transactions and improved data quality, while reducing time to process and expenses.