Health Insurance
Health insurance carriers need a centralized system and efficient processes to manage commissions, bonuses, and processes within the producer lifecycle. Without a solution to onboard agents, track licenses and appointments, and manage commissions, insurers struggle with incorrect information, late or inaccurate commission payments, lack of agent and producer loyalty, and non-compliance with industry regulations.
Challenges
When health insurance companies lack a comprehensive solution to manage commissions and agency operations, they are unable to:
- design and manage competitive commission and bonus plans and quickly adapt plans as health insurance industry practices evolve
- collect all data necessary for commissions, such as licenses, appointments, policies, renewals, cancellations, and more, from multiple sources and systems without compromising data integrity and accuracy
- provide timely and accurate information about product and channel performance to executives, agency managers, brokers, agents, finance, and operations analysts
- efficiently administer processes across internal and external sales channels that include submitting, routing, reviewing, approving, and communicating policy, producer, hierarchy, commission, and other information
- accurately measure profitability by product and channel as well as remain compliant with benefit and premium regulations
Capabilities
Synygy’s solution for the health insurance industry enables companies to:
- support commission and bonus plans for all roles and channels, including internal salespeople and external agents, brokers, and producers, and easily modify plans to remain current with regulatory and business changes
- integrate, validate, and manage data from a variety of sources and channels, including licenses and appointments, agent and broker demographics, policies, members, and commission schedules, in a single, secure, and auditable repository, and ensure compliance with regulations such as SOX and HIPAA
- clearly communicate channel, agency, and producer performance, impending license expiration alerts, commission and bonus statements, ranking reports, and other information through meaningful reports, analytics, dashboards, and alerts
- easily automate and track business processes for managing the entire producer lifecycle, including licensing and appointments, broker contracts, hierarchies, commission schedules, and more
- forecast benefits and expenses as well as model commission plans to maximize profitability and comply with industry reforms
Synygy’s solution for the health insurance industry includes:
- Commission, Bonus, and Rewards Management
- Data Repository and Data Process Management
- Data Security Management
- License and Appointment Management
- Onboarding Management
- Hierarchy Management
- Broker Channel Management
- Reporting and Analytics Needs Assessment and Design
- Expense Forecasting and Plan Modeling
- and more
