Leading Ancillary Carrier Sees Measurable Improvements with Limelight

Leading Ancillary Carrier Sees Measurable Improvements with Limelight

As the digital transformation of insurance begins to happen, the differences have become measurably clear that what worked in the past for decades was holding carriers back. Increased sales and revenue is only one of the benefits of automating their quoting and underwriting.

 

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Leading Ancillary Carrier

Customer A is a worldwide leader in financial protection strategies and wealth management, providing stability and reliability to their clients since 1859.

Their employee benefits division provides expertise to customers in 64 countries and has been a top-ranked global insurance brand for almost a decade.

  • Top 2 Global Insurer
  • 64 Countries Served
  • 100+ Million Customers

The Challenge

This carrier had struggled with cumbersome manual processes that took days, sometimes weeks, to provide clients with plans and rates and help them get their employees enrolled in health insurance.

Their enrollment process involved gathering rates from the insurance carriers and manually compiling census data from the employer. Quotes were then compiled into a proposal. If the client wanted changes, the process was repeated, expending more time and resources for everyone involved.

They were looking for ways to differentiate themselves, provide faster service, streamline the process, and gain a competitive edge.

It takes 7 days on average to build a quote, make adjustments, and deliver a clean proposal to clients.

The Solution

The carrier concluded they needed an automated plan distribution, underwriting, quoting, enrollment, and renewal process across the US They knew this would never function properly until it could be integrated with their internal systems, potentially a daunting amount of work.

In 2015 they decided to partner with Limelight Health to create an integrated technology platform to provide flexibility and efficiency throughout the quoting and enrollment process.

This platform needed to save time, provide flexibility, and help their sales team to differentiate their approach to client service.

“I was blown away the first time I saw Limelight’s technology in 2014 and still think it’s vital and a forward thinking application for the employee benefits business.” – Senior RVP (Western Region)

Most insurance providers have book rates predetermined, with rate sheets based on zip code and type of business. These rates are static and do not allow for sales reps to make changes or provide personalized pricing or packaging for their clients.

Limelight’s platform allows the team to improve the quoting experience and reduce turnaround time from days to minutes, offering the flexibility to make changes on the fly and immediately see the impact of a client’s choices on the bottom line.

“Quoting is the first judgment on anything. How can you prove you’re hungry for my business when you’re still taking a week to turn a quote around?” – Senior Sales Executive

Brokers have the ability to look at options, price, apply discounts and strategically quote on the spot, and they have the ability to show clients alternative packages on short notice, giving them a competitive edge.

“Limelight helps us differentiate ourselves in a realm of competitors where service has been the big differentiator. Limelight adds a level of high touch branding and turnaround time that impresses clients.” – Senior Sales Executive

Limelight’s Group Suite

  • Saves time by reducing the quoting/enrollment process from several days or weeks to a same-day turnaround for small groups.
  • Provides flexibility by allowing employers to make changes and see the impact of those changes instantly via an easy to read dashboard.
  • Differentiates Client from other carriers through a high touch personalized experience for the customer.

The Results

Innovation is part of the mission statement for this Carrier, and Limelight’s platform is helping them to lead the way in discovering and developing new technology that is revolutionizing the insurance industry. As of 2018, this Carrier has their entire sales and account management team plus their underwriting team using Limelight’s platform, and they are thrilled with the results.

Their team is able to close more business by gaining the trust of brokers that now want to do more business with them because they can now realize:

  • 1 Day Quote Turn-Around
  • 300% More Efficient
  • 150% Reduced Overhead Costs

“Limelight more than doubled our revenue while greatly reducing our overhead costs.” – CTO

“Limelight increased our productivity and accuracy because there are no manual edits, everything is in the tool.” – Field Service Consultant

This client’s team has also improved accuracy by being able to quote consistently on an ongoing basis within Limelight’s platform, ensuring that cases are implemented smoothly.

“I’m able to run a proposal in as little as 15 minutes, which builds credibility with brokers and makes us more productive on the account management side, especially rerunning instant quotes and new rates for changes.” – Field Service Consultant

The software has proven itself to be easy to implement with third party software, and simple to train employees to use. When this carrier brings on new hires, they are ready to begin quoting after just a day or two of training.

“It’s very user friendly, easy to learn and very savvy, you just follow the steps! It’s a testament to the strength of this software.” – Senior Sales Executive

Limelight’s Group Suite

  • Reduces turnaround time for quoting and enrollment
  • Provides a high touch personalized customer experience
  • Increases efficiencies and reduces overhead, resulting in more closed sales
  • Leads the way in a digital transformation of the insurance industry

Could Limelight Health’s Group Suite be the right solution for your company?

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