Vertafore Enhances BenefitPoint with AI for Brokers' Efficiency
Enhancing Efficiency for Benefits Brokers
Vertafore has taken a significant step forward in modern insurance technology with the enhancement of its leading benefits solution, BenefitPoint. This innovative upgrade employs artificial intelligence to automate the importing of Summary of Benefits and Coverages (SBC) data, freeing brokers from tedious manual data entry. As benefits season approaches, brokers can rejoice as this advanced technology significantly reduces the time spent on processing medical plan data, allowing them to focus more on client needs.
Streamlining the Data Entry Process
By harnessing the power of AI, BenefitPoint can now convert information from SBC documents into the necessary fields within the system in just about a minute. This automation leads to considerable time savings—up to 45 minutes per plan—allowing brokers to enhance their overall data quality and efficiency. As many know, SBC documents are vital for outlining a health plan’s costs and coverage details, making accurate data entry essential.
Benefits of Automated Data Importing
With the new automated features of BenefitPoint, brokers not only save time but also improve the accuracy of their data. The system meticulously maps out essential details from benefits documents, benefitting brokers through enhanced analytics and improved benchmarking capabilities. This means brokers are equipped to provide their clients with better-informed decisions regarding their coverage options.
Industry's First Benefits Solution with Time-Saving Technology
BenefitPoint proudly holds the title of being the industry's first benefits solution to leverage this time-saving technology. As the busy benefits season kicks off, users will experience the benefits of quicker data mapping and enjoy a system that learns and grows more proficiently over time.
Testimonials from the Field
Melissa Wade, a senior training associate consultant at Connor Strong & Buckelew, commented on the significance of this enhancement: "The BenefitPoint OCR SBC auto upload is an extremely helpful enhancement. This feature saves our employee benefits account team time and it's a great solution to a previous pain point." Such endorsements from industry professionals reinforce the practical benefits of this innovative solution.
New Features for Improved Performance
The latest update from Vertafore includes more than just automated SBC data uploading; it also introduces a range of smart features. Among these are streamlined NAICS code entry and an Applies to Rates section that enhances how users manage and track rates. A new View Audit Log feature is included for comprehensive tracking of attachment-related actions, ensuring that every step is recorded and easily accessible.
Meeting the Needs of Independent Agents
James Thom, chief product officer at Vertafore, elaborated on the solution's impact, stating, "Tens of thousands of independent agents and benefits brokers rely on BenefitPoint to connect their clients with the coverage options they need to be an employer of choice. As our benefits customers prepare for their busiest time of the year, this latest release delivers even better product performance and efficiency to streamline their operations." This highlights BenefitPoint’s alignment with the needs of its users during critical times.
Conclusion: The Future of Benefits Management
BenefitPoint stands out as the only agency management system tailored specifically for benefits brokers, driving efficiency through innovative features. For those seeking to enhance their operational capabilities, learning more about this robust platform is essential.
Frequently Asked Questions
What is BenefitPoint?
BenefitPoint is an agency management system designed specifically for benefits brokers, enhancing their ability to manage and process benefits data efficiently.
How does the new AI feature benefit brokers?
The new AI feature automates data entry from SBC documents, saving brokers up to 45 minutes per plan and improving data accuracy.
What other features are included in the latest update?
The latest update includes streamlined NAICS code entry, an Applies to Rates section, and a View Audit Log for detailed tracking of actions.
Why is accurate data entry important in benefits management?
Accurate data entry is crucial for ensuring that health plans' costs and coverage details are correctly represented, ultimately aiding clients in making informed decisions.
How long has Vertafore been in the InsurTech industry?
Vertafore has been a leader in the InsurTech industry for 55 years, focusing on modernizing the insurance life cycle for better client and agent experiences.
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