When we talk to group insurers and brokers about the most painful process in group administration, plan renewals are almost always at the top of the list.
In the US, group health insurers have just completed open enrolment season. Now, it is a mad scramble to ensure that members are on the right plans, invoicing and any adjustments are sorted out, updated documents are issued, the list goes on and on.
At Sentro, we've already got the most efficient group renewals feature on the market. One-click renewals makes straightforward renewals a snap.
But we all know that every renewal isn't straightforward.
That's why we are so excited about the potential of AI technology to radically improve the plan renewal process.
ChatGPT has shown the world the potential of Large Language Model tools to synthesize information and provide cogent replies to complex questions. We believe that this capability can transform group administration, including plan renewals.
Let's look at the usual steps an insurer takes at renewal time:
- Remind the broker a renewal is coming up
- Review the pricing and claims experience
- Review the coverage and benefits offered
- Adjust pricing and plan benefits, advise broker, employer and plan members
- Ask the broker or employer to provide an updated employee census file
- Process membership and plan changes
- Process invoicing and any adjustments
- Issue updated plan and member documents
It is a complex sequence. There are a lot of steps where someone is asking someone else for information.
Today, that is usually an email with a request to 'send me a file', or an email with attachments. This is hard to manage and pretty error-prone - there are a lot of follow-ups required.
Now, imagine an AI-assisted renewal process:
It doesn't take much imagination to see how this could change and improve how complex processes could be invoked and managed. AI is still in its relative infancy, but at Sentro we are very excited about how it could make some painful things in group insurance administration a lot less painful for everyone involved.
We are working on some exciting new capabilities that group insurers, brokers, benefit providers and TPAs will find really beneficial to service their customers and plan members. If you'd like to learn more, contact us at www.sentro.co.