Be prepared to integrate with exchange technology from day one
State based exchanges will require new points of integration for passing plan and rate data through these new distribution channels. It will also require the need to seamlessly install the business coming through these channels.
Having technology in place that can be easily integrated with public and private exchanges will be critical to a health plans’ success post-reform. This integration will allow for rapid deployment of products and rates, as well as facilitate straight-through processing.
Additionally, the creation of broad plan categories – bronze, silver, gold, and platinum will necessitate the creation of new plans, filing and getting approval from the states, and implementing these plans into distribution and administrative systems.
Technology will create a fundamental platform to allow for flexible reach and to provide a single point of configuration for product information, availability, and packaging rules for rating, display, and plan selection.
Another important condition for creating successful new products, aided by a strong technology platform, is the ability to quickly test and release the product into the marketplace.
Connecture can help
Connecture’s InsureAdvantage product suite is built to integrate with these exchanges, and can not only streamline the process of incoming data, such as applications, but also offers centralized product and rate engines. This centralization allows for fast and easy rate and product updates to one system. These updates are then pushed to both internal and external systems, thereby, reducing the administrative cost burden of multiple rate and product updates across multiple systems.