Wellfleet Workplace sees the need for more customer-centric, digital capabilities in the employee benefits market and is developing the resources with EIS Group to get there.
Addressing customer pain points
It’s common that brokers and their clients work with multiple systems when implementing voluntary insurance coverage. They also struggle with integrating carriers’ patchworked legacy systems. The expectation is administrative excellence, and unfortunately seemingly simple requests, like billing accuracy, can be unattainable. From quote to policy issuance, all the way to claims handling, countless hours are lost manually reconciling coverages and billing due to system limitations.
With all that time lost, it’s no surprise that employers are looking for a better solution. In fact, insurers told Eastbridge Consulting in a 2018 survey that “97% of employers are expecting better administrative solutions and processes.”
That’s why Wellfleet Workplace and tech leader EIS Group are partnering to create exactly that for Wellfleet customers: a next-generation administration platform that gives users an reliable, customer-centric experience.
What this means for the broker
“As a company with roots as a third-party administrator, Wellfleet is cognizant of the demands brokers face from their clients and the desire to exceed their expectations,“ said James Ocampo, Executive Vice President and head of Wellfleet’s Workplace division.
Wellfleet is also keenly aware of how common it is for carriers to have separate systems for quoting, billing, claims and commissions. Undeniably, it can be a struggle to communicate with these disjointed systems or even know which to reference as the single source of truth. Not having that “North Star” leads to delays in quoting, misquoting, challenging commission structures, delayed claims handling and poor customer service experiences.
Enrollment with Wellfleet Workplace is simple. Plans can be tailored to meet client needs on any enrollment platform. Currently, we’re enhancing our systems to ingest enrollment files in multiple formats, while improving the ability to quickly identify and correct errors, enabling us to issue coverage faster.
“Our customer-centric design and open architecture will allow for ease of quoting for standard and customizable products. This level of flexibility will enable brokers to meet customer needs and raise expectations,” said Ocampo.
Wellfleet Workplace – Your digitally-enabled carrier
“A major benefit Wellfleet has over the competition is that we have no legacy systems or ways of doing business. It’s our mission to be the digitally-enabled carrier of choice. Partnering with EIS Group helps drive this differentiation by creating an application program interface (“API”), cloud-based software system that can support lifecycles from quoting and census, to policy and claims management,” said Ocampo
Imagine a high-velocity insurance platform with a seamless user experience – free of the integration hassles that brokers and employers face when working with carriers’ patchworked legacy systems. Imagine one that has a single source of truth from quote, all the way to claims –a system that enables more accurate and timely interactions throughout the value chain to save you time, energy and effort. That’s what we’re building.