e123 Expands its Leading Insurance Technology Platform into the Medicare Advantage Marketplace
e123 Team
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3 minute read
David Thompson, Tech TimesJune 10, 2022
Over the past several decades, digital technology has revolutionized the way business is done. The impact can be seen in every aspect of our lives, from the use of online services and smartphone apps for shopping and paying bills, to the availability of streaming services for new entertainment options.
Among the industries leveraging the power of today’s most advanced technologies to elevate their businesses, few have benefited as much as healthcare and insurance. As a result, companies in these massive, multi-trillion-dollar sectors have gained tremendous operational efficiencies and streamlined the issuance of policies and payment of benefits, all in service of improving the customer experience.
At the forefront of this insurtech revolution is e123, a leading provider of software services for insurance underwriters, agencies, and brokers. Established in 1999 by co-founders Steve and David Jaeger, the firm’s solutions add value to their customers’ businesses by making it easier and more cost-efficient to manage their products, people, and payments.
A dominant insurtech platform, e123 processes $1 billion worth of payments for insurance agencies annually. Their customizable, cloud-based platform covers more than 1.6 million policyholders and helps 250,000 agents access information about 14,500 products. The company prides itself on providing their clients with powerful tools to help them launch their business for maximum growth and profitability while better serving the customer.
“We’ve been a leader in helping insurance providers automate and streamline their businesses for over two decades,” says Brendan McLoughlin, President of e123. “Our enterprise insurtech platform securely manages over $1 billion in payments, including revenue from 1,493,000 policies and commissions to over 236,000 agents on over 14,500 products. The touch points where we deliver the greatest value start with the selling process and streamline the entire insurance ecosystem, from enrollment, billing, and administration to commission-tracking, and customer communications between agents, members, and employees.”
Leveraging their expertise in insurtech, the company is now bring- ing their award-winning platform into the Medicare Advantage market. Functioning like a private HMO, Medicare Advantage is a Medicare plan which provides Medicare Part A and Part B coverage to millions of Americans. From a standing start just a year ago, Enrollment 123 has established an easy-to-use and web-accessible system which covers the key elements of accessing this enormous market of 64,000,000 customers.
“Medicare Advantage is particularly complicated for companies to administer because it’s a private/public partnership,” McLoughlin states. “It serves as an alternative to traditional Medicare A, B and D, so requires the same skill set we have helping providers streamline operations, reduce costs, and better serve the seniors who rely on these providers.”
With the new Medicare Advantage Platform, agencies can automate life-cycle management of individual policies, track enrollments, manage multiple levels of commissions and advances, and ensure correct payments to and from various carriers and partners.
By streamlining the complex and often arcane tangle of private insurance policies and federal requirements, e123 is opening the popular Medicare Advantage to millions of more seniors by helping agencies to offer it while simultaneously reducing the overhead required by insurance carriers to underwrite it.
“Now that we’ve brought this insurtech platform online, it simply makes sense for carriers and other stakeholders participating in the Medicare Advantage marketplace to integrate it into their existing operations,” McLoughlin adds. “Anyone in the insurance industry looking to reduce administration expenses relevant to Medicare Advantage will benefit instantly, empowering them to pursue other possibilities in the market.”
He adds that customers seeking a more intuitive way to access a broader range of Medicare Advantage programs will also notice an improvement. In fact, the company says their ultimate goal is to help government regulators responsible for administering Medicare Advantage to gain greater cost-efficiencies and provide more leverage advocacy groups representing the interests of senior citizens, the disabled, and others relying on Medicare for their health services and medications.
During recent conversations with e123 clients, two users of the company’s software solutions praised the platform’s strengths: “We manage everything we do with Enrollment 123, from enrollment and invoices to customer relationship management,” said Jon Karlin, CEO of Neo Insurance Solutions, a Miami, Florida-based insurance agency that provides marketing, administrative, and management services to agents, associations, and carriers nationwide. “We’ve been able to operate in a fully automated fashion. We’ve simplified our processes and eliminated mistakes.
“e123 gives us a common system for all our employees and clients,” commented Lauren Becerra-Gongora, VP of operations at Global Benefits Administration Services, a Houston, Texas-based provider of software solutions to improve consumer enrollment, product fulfillment, and data management for insurers.
About e123
e123 is the leading insurtech provider for independent sales organizations to manage their business, agents, and customers. Our enterprise platform provides an environment for selling, enrollment, billing, administration, commission-tracking, and customer communications for agents, customers, members, and employees, giving our clients the tools to help launch and grow their businesses. Customers that benefit from e123 solutions include multi-level sales organizations, independent health insurance agents, field marketing organizations (FMO), third party administrators (TPA), call centers, direct marketing organizations, managing general agents (MGA), and travel agencies. We help our clients from start-up to scale and have a track record of helping closers become entrepreneurs, building successful, thriving companies.
Insurtech. easy as 1-2-3.
