Portability and Conversion refers to the continuation options provided to an individual that will lose or change group coverage due to a qualifying event. These insurance options allow an individual to keep insurance even after leaving the group and applies to a variety of Employer issued coverages including, but not limited to, Life, Disability, Long Term Care and Accident Insurance.
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Learn the step-by-step processes of how port and conversion are conducted, common pitfalls that threaten carriers, and solutions to these problems that ensure a seamless transition for the end user. Success with this aspect of plan administration allows carriers and plan sponsors to recoup revenue that otherwise would be lost. Here are four essential "must-reads."
Get an overview of what this process entails and what it means--in terms of revenue--for insurance companies.
- White Paper: "The Basics of Portability and Conversion"
- Client Story: Having Policy Administration Issues? We Can Help.
SelmanCo helps insurance carriers, employer groups, banks, credit unions, and associations across the United States administer insurance programs and fulfill their brand promises to their customers. In this blog post, we share the story of how we helped one of our customers, a life insurance company, increase the efficiency of their policy management.
- Case Study: Outsourcing Port & Conversion Process Efficiency
Learn how we increased the ratio of received applications to approved/issued coverages as well as increased premiums collected for ABC Insurance Company.
Recoup Lost Revenue
SelmanCo is contracted by insurance partners to perform various outsourced administrative services related to insurance port and conversion. We process thousands of records as part of our outsourcing business to help our customers retain premium that could otherwise be lost. Thus, portability and conversion business is an important revenue retention tool for an insurance carrier—if done correctly.
