4 posts tagged with "benefits"

The Game of Telephone​

For carriers, insurance applications can sometimes be like playing a dangerous game of telephone. Let's take voluntary group life insurance as an example. During this process, a BenAdmin system may get the applicant's intent of what type of insurance they want to apply for and how much coverage they would like. However, this intent can quickly get muddled and changed as the information is tossed across third-party vendors, and by the time the information comes back to the BenAdmin system could be totally changed, miscalculated, or worse - removed altogether.

This creates a sticky problem for insurance brokers and carriers who must rely on data accuracy for their businesses to flourish, especially as products like group voluntary insurance continue to become more popular. Here, speed and accuracy become the cornerstones of business growth and can only be accomplished with reliable and fast data exchanges powered by a central source of truth.

Inaccurate data is a problem that Uniblox simply does not tolerate, and at the core Uniblox removes this scattered game of telephone by becoming a central source of truth for insurance carriers. Let's dive into the details of how this works on a granular level for voluntary group insurance products that require EOI.

Step 1: The Applicant's Intent​

An applicant's intent is traditionally broken into two simple parts: what kind of insurance product do they want to apply for, and how much coverage they want. These two key pieces of information must be maintained throughout the EOI process for the carrier to adequately assess risk and provide the right decision and coverage.

While this initial intent seems fairly straightforward, there is actually a third component that is often missed throughout the industry and creates a huge loss for insurance carriers: deadlines. An applicant's true desire is to purchase a certain amount of coverage of a certain product before their enrollment period expires. In reality, many applicants in a group context simply don't understand or remember exactly when their enrollment deadline is.

This early stage is where Uniblox uniquely steps in to make sure the applicant's intent is honored. How is this done? Uniblox provides robust automation tools for reminding applicants to apply for their insurance products before the deadline. With 100% email deliverability at scale, Uniblox ensures that applicants are aware of their enrollment deadline and can complete their applications on time.

Step 2: Connecting to the Application​

Many employees and spouses struggle with how to access their group insurance applications. While we live in an age of technology and online-powered applications, this does not necessarily mean that applications have become easier to access. With complicated login portals, confusing credentials, and outdated links, simply accessing the right application for their intended purpose can be a headache for applicants in a group setting.

Enter Uniblox's magic link. Uniblox empowers applicants to quickly access their applications from their inbox or through BenAdmin SSO links with no additional steps. Simply clicking a button allows a user to enter into the right product with the right state form and the right information pre-loaded for them. Uniblox even allows carriers to lock-down pre-loaded coverages so information is never out-of-sync with a BenAdmin election. With Uniblox, both the applicant and the carrier can be confident that the correct form is being filled out from the beginning.

Step 3: Completing the Application​

Just because an applicant starts the right application does not mean that they finish the right one, or at all. Uniblox's powerful data analytics allows carriers to understand which sections may be blocking the completion of the application so forms can be refined over time. Moreover, Uniblox's robust email service sends intelligently-timed reminders with a magic link that automatically opens their application from where they left off. This allows the applicant to quickly finish the correct application, rather than starting and stopping many different applications and completing none of them.

Step 4: Electronic Data Transfers​

After an application is completed, the game of telephone becomes even more dangerous. Carriers traditionally have numerous third-party or disjointed systems that are all trying to receive the application data in various formats. Both manual and automated processes can be fraught with errors due to the complexity of all the connections that must be maintained.

Uniblox is dedicated to being the central source of truth for submitted applications and maintains active connections with all required carrier systems that need to receive the application data and status. In addition, Uniblox has the capability to alert brokers, group admins, applicants, and BenAdmin systems that an application is received so that all systems remain in-sync with one another and no data is lost.

Step 5: The Decision​

Group insurance applications can sometimes remain in an underwriting backlog for long periods of time, especially during peak season. These delays sometimes cause applications to be lost or canceled if too long of a period passes between status updates for an application. Uniblox has configurable auto-adjudication rules that can greatly decrease the need for manual underwriting and can also relay the status of an application at all times so that no application gets lost before a decision is made.

Once a decision is made, Uniblox updates the status of the applications across all connected systems, so that all systems including the BenAdmin system remains in-sync with the application decision and there is no confusion when it comes to billing.

Step 6: Informing the Applicant​

This is where the game of telephone circles all the way back to the original applicant. The applicant can only hope that their original intent was accomplished, and that their desired coverage and product were processed correctly by all systems so they can be confident of the real value of insurance - that they are officially covered and can take care of themselves and their families in times of need.

That is why Uniblox's core mission is directed towards providing a premium customer experience to the end applicant. Immediately when a decision is made on an application, Uniblox informs the applicant, and as the central source of truth gives all parties the security and reliability that the original intent of the applicant was received, processed, and delivered in a timely fashion. With Uniblox, carriers and brokers can put the game of telephone behind them and focus on business growth and reliability for all.

As a digital distribution technology for insurance carriers, Uniblox has a unique culture that we call our "no applicant left behind" policy. What this means is that we are hyper-focused to help every single individual applicant get through the application process from apply to bind.

How We Uphold our Commitment to Leaving No Applicant Behind​

1. Obsession with the Customer Experience: First and foremost, we are dedicated to building a premium customer experience for all applicants. Uniblox is one of the few solutions on the market that provides a premium experience for both mobile and desktop users. In addition, we automatically save and update a user's application so they can return at any time and avoid filling out duplicate information. This is just the tip of the iceberg for our premium customer experience! We are updating components of the application nearly every day to enhance the experience for all.

2. Self-Healing Digital Platform: At Uniblox, we understand that the digital landscape is dynamic, requiring frequent updates and fine-tuning to stay ahead. That's why our platform is designed to be self-healing, ensuring that our applicants' journey remains uninterrupted, even as we make multiple releases per day or as our carrier partners adjust the application flow.

   This innovative self-healing capability means that Uniblox automatically preserves the applicant's state throughout the application process. Even when encountering issues, the platform is adept at recovering from a wide range of problems without disrupting the consumer experience. This resilience is crucial, especially when updates or modifications are made in real-time.

3. Email Automation: We have pre-set, AI-enabled drip campaigns to encourage new and existing applicants to complete their application so nobody is left behind. Uniblox's emails have industry-leading open-rates and deliverability, so applicants are not missing any emails associated with their applications. Compared to an industry-average open rate of 21.36% and click rate of 2.13%, Uniblox has an average open rate of 69.40% and click rate of 15.11%.

4. Real-time rates and decisions: Coverage rates and pre-approved decisions are updated in real time to keep the applicant engaged with the rates they are agreeing to. Users love when they are notified immediately that they are pre-approved for coverage.

5. Proactive Issue Resolution and Personalized Support: Internally, the Uniblox team conducts daily standups focused on proactive problem-solving. Each day, we review alerts generated by our system that pinpoint any issues applicants may encounter during the application process. Alongside these alerts, we receive detailed diagnostic data, providing us with a comprehensive understanding of the hurdles faced by applicants.

   For instance, if an applicant clicks on an outdated link or gets stuck at a particular step, our precision tracking immediately flags this. During our standups, we leverage this insight to troubleshoot effectively and create targeted action plans. This approach ensures that each applicant receives personalized support to smoothly navigate and complete their application process.

Why We are Hyper-focused on the Customer Experience​

Uniblox is committed to helping every applicant succeed because we believe that everyone deserves the opportunity to apply for and purchase great insurance products that have been built by our carrier community. By focusing on every individual and every edge case, we are able to build a frictionless experience for all users - no matter where, when, or how they want to apply for insurance. This culture of attentive, data-driven support is truly what makes Uniblox stand out as a digital distribution platform.

The wave of digital transformation is reshaping the insurance sector. As carriers undertake system modernization, migrating from legacy frameworks to the cloud emerges as a primary concern. Within this digitization narrative, email delivery's importance is paramount. By leveraging streamlined, digitized processes, it offers unparalleled efficiency gains and significantly reduces paper-intensive workflows from the initial quoting process, through application, policy issuance, servicing, and even claims management.

Why Email Delivery is Central to Core Modernization?​

The task at hand for insurance carriers is clear: to consistently earn their place in the inbox. It's not just about sending an email; it's about building and maintaining a trustworthy channel of communication with policyholders and stakeholders.

So, why is this emphasis on email deliverability crucial for insurance carriers amid their digitization efforts?

1. Trust & Reliability: Emails can fortify the bond between carriers and their clients. Prompt and accurate communication, be it about policy changes, claims status, or premium reminders, signals professionalism and reinforces trust.

2. Operational Efficiency: Integrating effective email communication into modernized processes can significantly expedite operations. Instantaneous digital communication means faster policy issuance, claim updates, and responses, leading to satisfied customers and streamlined operations.

3. Environmental Responsibility: By leaning into digital communication, insurance carriers can substantially reduce their paper trail. This not only means cost savings but also aligns with environmentally friendly practices, a growing concern for many modern consumers.

Complexities of Email Deliverability​

However, with the enormous benefits of integrating email delivery into the modernized infrastructure come inherent challenges. As an email sender, insurance carriers must navigate three distinct friction points to ensure their messages are effectively reaching their intended recipients:

1. Email Sender Reputation: The journey of an email begins even before it lands in the inbox. Internet Service Provider's (ISP) assign email sender reputation score to organizations that send emails. The higher the score, the more inclined an ISP is to deliver emails to the recipients' inboxes on their network.

2. Bypassing Bots: Modern inbox systems employ sophisticated bots to categorize incoming emails. These bots continuously evolve, adapting to new spam patterns, marketing tactics, and junk mail identifiers. For insurance carriers, the challenge is two-fold: ensuring emails provide value and making certain they aren't erroneously categorized as spam or junk by these bots.

3. Earning the Recipient's Trust: Finally, once the email lands in the user's inbox, the real test begins. The content must not only be relevant and timely but should also resonate with the recipient's needs. Whether it's a clear call to action, an update, or policy details, the content should foster trust and spur engagement.

5 Steps to Secure 100% Email Deliverability​

Achieving 100% email deliverability in insurance's digital context isn't merely an added bonus—it's an essential component. Here’s how insurance companies can ensure it:

1. Implement Email Authentication Protocols:

• Use standards such as SPF, DKIM, and DMARC to validate the authenticity of emails. This not only builds trust with email service providers but also assures clients that the email is genuinely from their insurer.
• Understand the sender IP address as a pivotal factor; ISPs evaluate email credibility using this digital fingerprint. Regularly review IP reputation to ensure you're in good standing.

2. Maintain a Pristine Email Database:

• Update email lists to remove inactive subscribers or outdated addresses. Automate this flow to make it work at scale.
• Incorporate a double opt-in mechanism, ensuring that clients genuinely wish to receive digital correspondences.

3. Deliver Tailored and Relevant Content:

• Given the sensitive nature of insurance, it’s imperative to ensure email content is both relevant and personalized to the recipient's needs.
• Craft subject lines that are clear and compelling, avoiding phrases that might seem overly promotional or spam-like.

4. Rigorously Test Emails Before Dispatch:

• Check emails across multiple platforms and clients to ensure uniform display.
• Regularly validate the functionality of links, especially those leading to claim forms, policy documents, or payment portals.

5. Monitor and Analyze Deliverability Metrics:

• Consistently track delivery rates, open rates, and engagement metrics. Such insights can guide refinements in the digital communication strategy.
• Be alert to changes in bounce rates, addressing any anomalies promptly to maintain email integrity.

For insurance carriers in the throes of digital transformation, email delivery is more than just a communication tool—it's a linchpin in the modernization process. As systems shift from legacy to cloud-based setups, the dynamism of email communication complements this transition, ensuring efficiency, reduced paperwork, and a direct line of communication with policyholders. But, as with all digital tools, the challenge lies in mastering its nuances. By understanding and addressing the three levels of friction, insurance carriers can harness the full potential of email delivery, making it an asset in their digital arsenal.

In an increasingly digitized world, the group insurance industry has remained in the analog era, particularly in the realm of voluntary benefits. Too often, the process still involves either physical paper forms or digitized web forms. Yet, converting paper forms to web forms is not true digitization, and it falls short of what customers expect from a modern digital experience. Such practices lead to inefficiencies and deter participation. It's high time we move beyond the era of paper forms and pseudo-digital solutions. This is where Uniblox's platform provides a real shift from these dated practices to a comprehensive, user-friendly eCommerce experience.

Delivering a Modern Customer Experience​

Uniblox provides a customer experience that aligns with today's digital landscape. The platform leverages out-of-the-box templates that cater to eCommerce-like experiences, with customization options to match specific branding and marketing needs.

Furthermore, Uniblox harnesses real-time data collection and analysis to provide actionable insights to insurers, helping to create a frictionless journey for employees. The result? A dramatically improved customer experience that matches the best in eCommerce.

Streamlining Operational Efficiency​

Uniblox's real power shines through in its ability to streamline operational efficiency for all parties involved. It doesn't just convert a paper-based system to digital; it redefines the entire process to create a more efficient, user-friendly, and cost-effective ecosystem.

Brokers​

By enabling same-day onboarding and providing real-time insight into the conversion funnel, Uniblox empowers brokers to offer proactive and efficient service. Additionally, the platform's integrations with numerous enrollment and benefit administration platforms turn brokers into problem solvers for their clients. This transformative approach improves retention and participation rates and establishes brokers as forward-thinking professionals in the digital era.

Employers​

Uniblox not only simplifies and automates the enrollment process but also integrates seamlessly with existing payroll processes, leveraging industry standards or through customizable automated daily/weekly reports. Employers can receive data feeds tailored to their preferences and systems, reducing administrative burden and enhancing efficiency. The platform's user-friendly interface enhances the employee experience, reflecting positively on employers' commitment to employee wellbeing.

Insurers​

Uniblox serves as a comprehensive solution that enhances operational efficiency, reduces overhead costs, and improves customer service. With its back-office integrations, carriers can deliver quicker decisions, reduce paperwork, and scale during peak enrollment resulting in significant cost savings and better customer experiences.

Boosting Participation Rates​

Uniblox's impact extends beyond simplification; it actively enhances the enrollment experience. The platform's AI engine harnesses data analytics, identifies points of user disengagement, and effectively encourages them back into the application process. These intelligent nudges ensure users stay on track, effectively raising engagement and ultimately improving participation rates. This tailored, intuitive approach enhances the overall employee experience, setting a new standard for digital interactions in the benefits enrollment process.

A Future-Ready Insurance Industry​

Insurers hold the keys to transforming the group insurance industry. With a platform like Uniblox, Insurers can deliver superior customer experiences, boost operational efficiency, and significantly increase participation rates. Embracing comprehensive digital transformation is not just about preparing for the future, but about actively shaping it. The future of group insurance begins with you, the insurers. It's time to lead the revolution.