By: Russ Petrucci
Over the last few years, SS&C participants in the LIMRA Enrollment Technology Strategy seminars have noticed vendors of enrollment and private exchange solutions are pressuring group benefits providers to simplify plan designs, offer only guaranteed coverage, and eliminate the evidence of insurability (EOI) process.
This seemed to conflict with the needs of the providers. In response, SS&C surveyed 77 carriers about their current practices for enrollment and evidence of insurability (EOI). The results of the survey, along with a case study of a top-five national carrier that was an early adopter of online EOI, were recently presented in a webinar by Michael Volpe, general manager of the SS&C BenefitsXML business unit.
Key findings from the survey, along with one top-five national carrier’s experience, include:
- Group benefits enrollments are taken via paper and online, through self-service and with enrollers, and across a wide variety of technology solutions.
- 90% of the carriers participating in the survey offer one or more coverages above a guaranteed issue, but on average, only 33% of employees complete the EOI process.
- Of the employees submitting EOI, an average 43% submitted via paper; the case study carrier increased submission rates by more than 300% when they offered an online EOI solution.
- Less than 20% of carriers surveyed report an online EOI solution that integrates in real time with enrollment platforms using single sign-on; the case study carrier achieved an average EOI submission rate of more than 80% by integrating with more than forty enrollment solutions.
The webinar was recorded and can be viewed on demand here.
SS&C BRIX provides carriers with online enrollment and EOI solutions that can be integrated with third-party enrollment platforms and branded by the carrier. For more information on how BRIX improves efficiencies, engagement, and submission rates, download our brochures about online EOI and our full enrollment and benefits administration platform, request more information or a demonstration.