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2 minute read
Open enrollment is the most critical time of the year for carriers to increase insurance distribution and motivate FMOs and agents to sell their plans. Carriers spend the preceding year creating plans that they believe will meet the market's needs. And, once open enrollment begins, they face two choices: gamble that the plans they spent years and resources developing will resonate with consumers and generate the desired enrollment numbers, or they can proactively monitor sales and adjust strategies based on actual results generated during open enrollment. Obviously, the latter is preferable, but it’s only possible if carriers have access to accurate, transparent data in real time.
Why Data Visibility is Critical for Brokers and Agents
carriers and the entire member experience. Agents need a single source of data during open enrollment to provide the best information to potential members and maximize their chances of securing an enrollment.
Enrollment errors due to poor or inaccurate information can create time-consuming policy adjustments, cancellations, and compliance issues. If agents are spending excessive time fixing data errors during this short period, that means they are spending less time focusing on sales and new enrollments.
Carriers that provide agents necessary product training, real-time member status reports, and the ability to flag erroneous enrollments through accurate, transparent data, facilitate a quick enrollment process, increased member satisfaction and retention, and improved agent retention.
For example, if an agent can see that a member’s application is pending or rejected after enrollment with Book of Business management, they can promptly follow up with the member to correct the error and avoid that member having to be re-enrolled, potentially through a competing agent.
Transparency Matters Downline and Upline
Agents and brokers need accurate data to maximize enrollments during open enrollment. Similarly, carriers need visibility into real-time enrollment data to get immediate insights into the market. A single system that can report on all data across all plans enables carriers to easily see what plans are performing well in which regions.
A comprehensive book of business and commission management system provides additional insight into agency and agent performance. Access to this type of real-time data means carriers don’t have to wait until open enrollment ends to see which plans resonated with policyholders.
Real-time enrollment data means plan providers can make real-time decisions, such as updating incentives or promoting certain plans in specific geographic regions due to higher sales.
Carriers that strategically leverage data during open enrollment have the opportunity to surpass those that don’t have similar visibility both in terms of new enrollments and retention.
How to Improve Data Quality Across the Distribution Management Ecosystem
Visibility into accurate data across all aspects of a carrier’s business is challenging when it’s spread across multiple legacy systems. With carriers often acquiring different books of business over time, they can struggle to integrate multiple CRM platforms, enrollment systems, claims systems, and provider networks. Data conflicts and gaps are common and cause problems during open enrollment.
Carriers need systems with automated validation tools, standard data formats, audit trails, verification checks, and automated quality checks. Investing in data quality can reduce operational costs, improve sales efficiency, and provide enhanced business intelligence to boost market competitiveness.
Maximize Your Data Visibility During Open Enrollment
If you want more transparency into your performance, as well as your downline agents’ performance during open enrollment, contact us to set yourself up for success for next year’s open enrollment.
