Health Insurance applications require data to be collected from the applicant, an insurance application to be filled out and then submitted to the underwriter.
The conventional approach is for the broker agent to collect hundreds of responses from the applicant against queries from the insurance company. These answers are then entered into the application form which is unique to each insurance provider. So, Prudential may have its own form, AIG has another form, Banner has third form and so on.
A rapidly growing health insurance broker came to ARDEM with this opportunity. Their customer service representatives were collecting the information over the telephone from the applicant. Then they were taking the collected information and placing it in the correct places on the insurance application form. After that another person would review the completed application form and determine if all the required information had been provided on the application form and had the application been completed correctly. Then they were sending the application to the insurance provider. This was being daily for 10-15 different insurance providers and a total count of 200-300 applications for health insurance from these different providers.
What had originally started at 30-40 minutes to process an application was now taking 5-10 minutes of effort. Lower processing cost, faster cycle time and higher accuracy all contributing to higher profitability at the health insurance broker.