How a Leading Ancillary Carrier Simplified Their Quoting Process

How a Leading Ancillary Carrier Simplified Their Quoting Process

As a worldwide leader in financial protection strategies and wealth management, the carrier in question has been 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

Looking for a Competitive Edge

Despite their many successes, this carrier was struggling with cumbersome manual processes that took days, sometimes weeks, to provide clients with plans and rates to help them get their employees enrolled in health insurance.

The carrier’s 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. 

On this lengthy process, a Senior Sales Executive at the carrier said, “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?”

They were looking for ways to differentiate themselves, provide faster service, streamline the process, and gain a competitive edge. On average, it was taking 7 days to build a quote, make adjustments, and deliver a clean proposal to clients.

A Modern Solution

The carrier concluded they needed an automated plan distribution, underwriting, quoting, enrollment, and renewal process. This solution needed to save time, provide flexibility, and help their sales team to differentiate their approach to client service. They knew this would never function properly until it could be integrated with their existing internal systems, potentially a daunting amount of work.

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

Limelight’s Group Product 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 the individual client from other carriers through a personalized experience for the customer.

Recalling their first impression of Limelight Health in action, a Senior RVP from the carrier’s western region said “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.”

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 group product suite offers the flexibility to make changes on the fly and immediately see the impact of a client’s choices on the bottom line. The carrier’s teams are empowered to improve the quoting experience and reduce turnaround time from days to minutes. Brokers have the ability to show clients alternative packages on short notice, giving them a competitive edge. 

Lasting Results 

Innovation is part of the mission statement for this carrier, and Limelight’s technology is helping them to lead the way in revolutionizing the insurance industry. As of 2018, the carrier’s entire sales, account management, and underwriting teams have been using Limelight Health products, and they are thrilled with the results. 

When asked about using Limelight’s Product Suite, a Field Service Consultant at the carrier said “Limelight increased our productivity and accuracy because there are no manual edits, everything is in the tool.” The carrier’s CTO added “Limelight more than doubled our revenue while greatly reducing our overhead costs.”

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

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

The carrier’s Field Service Consultant also commented “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.”

Limelight Health’s products proved to be easy to implement with third party software, and simple to train employees to use. Using the Limelight Health product suite helped this carrier to gain the competitive edge they were seeking. According to a Senior Sales Executive, “Limelight helps us differentiate ourselves in a realm of competitors where service has been the big differentiator.”

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