Bothell, WA – September 15, 2014 – Vertafore, the leading provider of software that transforms the business of insurance, today shared significant updates to its industry-leading BenefitPoint® solution. Vertafore has almost 15 years of experience helping independent agencies increase profitability and streamline benefits management– tenure that others simply can’t match. The company is proud to introduce the enhancement of its longstanding solution by enhancing ease of use, creating efficiencies in workflow and continuing support for healthcare reform compliance and data capture.
With these capabilities, BenefitPoint helps customers adapt to requirements in the Affordable Care Act, streamline benefit plan updates, and allows customers to integrate with Sagitta®, AMS360® , the Vertafore Agency Platform™, and other non-Vertafore management systems. With integration to existing P&C systems, Vertafore customers have a single view of all agency revenue for all lines of business.
Employee benefits coverage can be highly profitable. Unfortunately, many existing insurance technology solutions force agencies to manage benefit-specific data and policies within their existing P&C architecture. As a result, agencies are unable to capture complex information about benefit plans which severely limits reporting and customer service capabilities.
"Since implementing BenefitPoint, we are regularly collecting $30,000 each month, in missing or short-pay revenue. It has been a great help to our bottom line," said Sally Boston, Director of Administration at PSA Insurance and Financial Services.
BenefitPoint has been adopted by 72% of leading independent agencies that provide employee benefits coverage. BenefitPoint helps solve the operational inefficiencies tied to employee benefits management. Vertafore offers an open API for customers to easily integrate BenefitPoint with existing agency management systems and other third-party systems such as enrollment vendors.
Enhancements to BenefitPoint include:
Homepage & Renewal Calendar: BenefitPoint quickly organizes all pending workflow activities and associated follow-ups. BenefitPoint highlights all activity on the homepage dashboard, providing additional filtering options to help brokers identify top priorities and next steps.
Revenue Tracking: With fluctuations in enrollment, payments in the benefits world can be hard to track. BenefitPoint offers sophisticated commission tracking and e-statements to reconcile carrier payments, ensuring the agency is paid all revenue they are owed, allowing them to accurately pay commissions.
Carrier Requests: BenefitPoint gives agencies an intuitive and consistent navigation flow and RFP tools to gather more options and negotiate with carriers to create the best rates and plans.
Healthcare Reform Alignment. BenefitPoint supports clients with Healthcare reform changes, including tracking metal levels of plans and member-based rates.
For more information on Vertafore’s BenefitPoint solution, visit www.vertafore.com/.
About Vertafore
Vertafore’s comprehensive insurance management software solutions lead brokers and carriers to adapt to an evolving insurance industry to efficiently scale their businesses through deeper access to information and insights. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on Twitter, Linkedin, and Facebook.
About RiskMatch
RiskMatch is a business intelligence and analytics company that delivers a suite of web-based solutions for insurance brokers and underwriters throughout the U.S. Its patented platform delivers an array of portfolio management, analytic and data management services designed to enable brokers and underwriters to enhance performance, reduce costs, facilitate growth, and improve their client service capabilities. For more information, visit the RiskMatch site.