Voluntary Benefits/Worksite Solutions
IBU’s online underwriting service significantly increases enrollments and reduces turnaround time with no software to buy, easy implementation, and low per case pricing.
Here’s how it works. IBU’s Voluntary Benefits/Worksite Solutions fit into your existing enrollment system, enhancing it by moving the EOI process online so that underwriting decisions are rendered faster with fewer human touches. IBU interfaces with enrollment vendors such as ADP, EB, Business Solver, Seridian and others, or directly with the employer, so that applicants requiring EOI are redirected to IBU to complete their application (see below for a description of how data exchange is accomplished).
Applicants provide their health history and eSignature within the IBU system. Underwriting rules allow IBU to instantly approve a large proportion of healthy applicants meeting maximum benefit criteria. In 2013, 50.1% of all applicants enrolled were approved without a touch by a human underwriter. Cases not approved by the rule sets are handled by an IBU underwriter. The IBU underwriter’s primary method of obtaining additional evidence is to contact the applicant directly using their underwriting experience to obtain the information necessary to make their decision. This significantly compresses the underwriting decision cycle. Cases with automatic paramed/lab/APS requirements are electronically ordered with underwriting decisions being made by IBU underwriters.
IBU's underwriting services are easy to implement and do not require carrier IT resources. For small market employers, IBU offers the ability to enter employees individually into our underwriting system via web portal or in batches by uploading a standardized Excel Spreadsheet template. As IT or size requirements increase, we offer increasingly sophisticated data exchange methods ranging from exchanging batch data via secure FTP or at the highest level using Single-Sign On (SSO) methodology to seamlessly and in real-time incorporate applicant data exchange into the existing benefits selection process. Employers are provided with a branded portal from which they can obtain underwriting decisions and real-time status reports.
IBU offers an entire solution; or any component of its underwriting service can be utilized on a stand-alone basis to enhance a carrier’s current underwriting process.
Client Examples
This IBU client was looking to increase enrollments and attract employer groups by providing online submission of EOI to generate faster underwriting decisions. In addition, they wanted to relieve some of the strain caused by their paper enrollment/underwriting process. Using IBU's on line underwriting service they have doubled enrollments and significantly improved turnaround time. In 2013, 80% of decisions were generated within 7 days and 60% were generated within 24 hours of submission.
