SelmanCo contracts with insurance partners to perform various outsourcing administration services. Outsourcing can help reduce expenses related to administrative tasks and free up resources so that you can focus on the tasks that directly make your business successful. SelmanCo offers port and conversion management, servicing for open and closed blocks of business, full-service administration on unsupported legacy systems, and billing flexibility support. If you don’t want full-service administration, you can choose services a la carte to ensure you receive what you need and nothing additional.
Full-service administration from SelmanCo includes a variety of services designed to help make managing your product offerings easier. A typical full-service administration request includes the following services.
SelmanCo has administrative options to explore if an individual would like to continue coverage. These options include notification management, quoting & application processing, eligibility verification, fulfillment issuance, claims support, full claims adjudication, premium billing & carrier remittance, and customer service quality & monitoring.
SelmanCo can provide a variety of services for open blocks of business that continue to grow through new business and closed blocks that need to be supported but will no longer offer new business options. You can choose services a la carte to best suit your specific needs, or we can take on full-service administration for the blocks of business. Services offered for open blocks include but are not limited to portability & conversion, customer service, claims, new business processing, billing administration, fulfillment, and reporting.
An example of some services we would be able to complete for a client looking to convert policies on a closed block would be as follows.
We know that retiring legacy systems can be a logistical and financial headache for organizations trying to convert policies on systems that are inflexible or unsupported. SelmanCo has the experience and technological proficiency to convert a wide array of insurance policies and keep your insureds’ data safe while we complete the conversion.
We have Information Security policies which include data security requirements for data storage, appropriate equipment use, and incident response. The physical server of our administrative system is located at a state-of-the-art facility that provides maximum protection for customer information. Multiple firewalls, regular network scanning and a full array of intrusion-detection sensors ensure security. Employee access is controlled at role level based on privileges assigned and functions performed. In addition, SelmanCo maintains a Business Continuity Plan and receives an annual SSAE 16 SOC1 audit.
Another function of our administrative services is to provide premium billing to insured individuals and Sponsoring Groups. Billing options include Individual ACH billing, Individual Premium Direct Bill notices, and List Bill services for Sponsoring Groups. We have flexibility to bill and collect on an annual, semi-annual, quarterly, and monthly (ACH) basis. Collected premium is reconciled every month, and premium is remitted to the carrier along with the required supporting documentation.
Billing flexibility is another service we offer. Our robust administrative system allows us to calculate premium rates in virtually any conceivable way including, but not limited to, level premium rates, composite rates, age-banded rates, smoker/non-smoker rates, primary/spouse/family rates, state and zip code rates, rates based on the older age of primary insured or spouse, gender-based rating, and unit rating.
We also have a variety of billing methods at our disposal, which include the following: direct-bill, EFT/ACH/PAC, credit card, list bill, combined billing, and self-administered bill.
Through a partnership with SelmanCo, you have the option to utilize our Customer Service Representatives to assist your insureds. Our representatives can respond to telephone and written inquiries regarding product availability, application status, billing or payment status, explanation of benefits, beneficiary changes, claim filing instructions and claim payment status, reinstatement requests, duplicate policy requests, and coverage changes.
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SelmanCo is one of the largest, privately-held US life and supplemental health insurance administration firms that specializes in reducing cost and increasing efficiency for associations, credit unions, banks, employers, and insurance companies. Our workforce of 200 professionals is headquartered in Cleveland, OH, with offices in Keene, NH and Baltimore, MD.
