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Short Term Insurance Solutions

Web 2.0 meets Process Management.

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Short Term Insurance

BPM Success

For accounting, OISA tracked sales by agent and provided detailed reports of what was sold, when, and how much commission was due as a result. Vela took OISA one step further and provided the ability to print commission checks directly from the accounting module.

After 30 days online, OISA recouped the cost of the project threefold and in the next 120 days online sales of short term insurance become a million-dollar line of business for the insurer.

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The Challenge:

How to test new product lines without making a significant upfront investment in system enhancements?

A national health insurance company wanted to try and sell short term medical insurance. However, they did not have a sales force in place to sell it, and their back end administrative systems (Claims, Customer Services, Accounting) were not configured to support short term health insurance. The cost required to retrofit their systems was prohibitive with an untested ROI in the short term health insurance market.

How to test new product lines without making a significant upfront investment in system enhancements?

Web-based store front with back-office administration

The Vela solution was a comprehensive online insurance sales and administrative suite, OISA, totally web based, with an affordable total build cost.

To the consumer, OISA was a short term insurance website, offering an efficient and simple online enrollment, easily accessed policy details and cost, and offering an online account space to print ID cards, review coverage details and insureds, update personal information, make a premium payment, view and change payment information and submit claim information.

To the insurance company, OISA provided automatic affiliate functionality that allowed independent agents to sign up to sell the product, and then design their own short term insurance site, including using the agent’s preferred logo. OISA also support a subagent system so that large brokers would be able to offer short term insurance online, and track their sales and resulting commissions online.

OISA also included a streamlined web-based customer service module that provided central access to account information, including effective and termination dates and payment periods and methods of payment.

OISA produced an eligibility list that the company was able load into a third party administrative system to facilitate claims processing and payment.

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