Most organizations aren't optimized to administer all insurance plans, even when everything runs smoothly. It's costly, and the regulation and oversight required to administer plans is difficult to navigate. However, your company must provide essential functions for your customers and members, such as billing, claims, and customer service. That's why now is the time to explore cost reductions and efficiency gains with a third-party administrator.
In insurance, "Portability and Conversion" refers to the continuation options provided to an individual when he/she will lose or change group coverage due to a qualifying event. These insurance options allow an individual to keep his/her insurance even after leaving the group.
Your organization creates rules to streamline this kind of business, but it's always an exception to the rule that causes problems. Tricky situations demand resources and time to resolve. Unfortunately, this isn't where you want to expend your capital, and it isn't your core business. Get help with port and conversion.
Taking on the many functions of voluntary benefits administration can be complex and costly. We specialize in supporting the entire voluntary benefits process for you. Not only do outsourcing functions such as enrollment, commission allocation, and payroll deduction save you time and money, it allows you to pursue other strategic initiatives. Go forward, we've got your back.
If you're ready to discover savings and revenue opportunities, contact us today to discuss your specific solutions.
Beneficiary Management • Group Policy/Individual Elections • Alternative Payroll Deduction
Management • Premium Billing & Collection • Financial/Data Security • Conversion and Service • Combined Billing • Commission Management
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.