InsureAdvantage: The right private exchange solution
Backed by over a decade of health plan automation experience, InsureAdvantage provides a technology-focused platform to implement your private exchange. InsureAdvantage can be easily installed and seamlessly integrated with your existing internal infrastructure, or hosted and operated via a turnkey solution. InsureAdvantage for Private Exchanges is a one-stop shopping and enrollment portal that allows employers to make available to their employees a list of plans and benefits for consideration, pricing, selection and enrollment. Key to this offering, InsureAdvantage facilitates employee shopping, as well as broker and employer sales processes, for new business and renewals.
With employers looking for future, cost-related predictability, health plans now have an opportunity to accommodate for this in a relatively new private exchange marketplace by offering superior service, flexibility, and plan options to employers and their employees.
InsureAdvantage for Private Exchanges is the employer's tool when determining how to contribute to employee sponsored insurance, how much to contribute to employee's health insurance and what choices to offer employees based on health plan-specific coverage options.
InsureAdvantage for Private Exchanges provides benefits to all stakeholders:
- Health Plans can offer additional choices from different markets than were available in the past, while preemptively positioning themselves in a newer, competitive market - inclusive of retail options and state-based health insurance exchanges.
- Brokers are able to leverage employer modeling tools for the acquisition of new business and offer new alternatives to their current clients in real-time, web-enabled technology.
- Employers have increased functionality to review multiple proposals and compare the benefits of traditional plans against defined contribution models.
- Employees have the freedom and comfort of choice, giving them personal control over their money and the ability to select a plan that best fits their needs.
What's involved?
Private Exchanges are often viewed as a complex set of technology and services. With Connecture, you're backed by more than a decade of experience, a deep understanding of the health and benefits industry, and proven technology that's rooted in success; all of which ease the employer's and employee's understanding.
InsureAdvantage for Private Exchanges is broken into seven different components: Rating and Health Plan Management, Shopping, Quoting, Health History and Underwriting, Enrollment, Account Maintenance, and Billing. Each component has its own unique workflow, functionality and requirements, but all are built on the same technology platform; enabling straight-through processing and continuity of experience for your members.
Key Features
Enabling your brokers, internal and external sales team, and call center representatives to assist and act on behalf of employers and employees will help to support the full life cycle of new business, open enrollment, renewals, and off-cycle changes, as well as work and life events.
Generating proposals to compare defined contributions with traditional funding options will allow employers to understand the financial impact of their health plan decisions.
InsureAdvantage intelligently flows from the employer modeling experience to the employee shopping and enrollment process while utilizing decision support tools to assist and facilitate with plan and benefit selections. Employees can better understand and locate insurance that best fits their needs based on cost, provider coverage, plan attributes, expected utilization, risk tolerance, and more.
Adding to the decision support tools already available to InsureAdvantage for Private Exchanges, total cost calculators and "match my current plan" tools will help to increase employee education and decision assistance.
While InsureAdvantage seamlessly integrates with health plans' back-end systems for installation and ongoing member maintenance, it also provides support for multiple product lines:
- Health
- Dental
- Life
- Vision
- Disability
- HRA
- HAS
- Section 125 pre-tax funding
InsureAdvantage for Private Exchanges is readily available to accommodate co-branded sites - enabling health plans to offer a single marketplace to all groups - or by personalizing to each group experience with employer logos and content.
Want more information?
E-mail
info@connecture.com for a personalized demonstration, or call 866-274-6759 for more information.