Ringmaster_Match Index_Article

L i n Q ’ d • F a l l 2 0 2 1
L L i i n n Q Q ’ ’d d • • F Fa a l l l l 2 2 0 0 2 2 1 1
TECHNOLOGY
HERE’S A SIMPLE EXAMPLE
A TPA or Broker may have sent out RFQ’s for a 200-group life count to Underwriters whose threshold for writing business is a minimum of 500 lives. Oops, time and money wasted! Or using the former, highly manual process, an Underwriter would have
to slog thru a large volume of RFQ’s to find appropriate matches to their quoting guidelines. Once again, oops, time and money wasted! The“win,win”meansanincreasedlevelofefficiency,an improvement in time to quote, better matches and ultimately, cost avoidance and savings. And lastly, our “Match Index” tool offers a complete array of analytics that will help all users of Quote-LinQ® make more informed business decisions.
Match
their business guidelines or needs has always been a challenge. Our “Match Index” is the perfect tool to help the afore men- tioned stakeholders place or write business based on a group’s risk profile. For TPA’s and Brokers, the technology enables you to send RFQ’s to underwriters that can fulfill the needs of a specific group. More definitively, you can align specific characteristics
with Underwriters and their unique risk profile through a series of whitelist and blacklist parameters. You will never accidentally send a non-matching group to your underwriting partners again. And for Underwriters it helps to prioritize their workload by showing them RFQ’s that match their own internal quoting specifications.
As you know, partnerships in every aspect of a
business are critical to success. And as Todd pointed out, in his “CEO Connect” piece, they
are fundamental to the Ringmaster philosophy of business development and growth, but they also have great relevance to product de- velopment and enhancement.
In December of last year, we announced a license agreement with David Young Consulting, Inc. (DYC) to connect its Proprietary EDI transaction set(s) for medical Stop-Loss with
our Quote-LinQ® Stop-Loss solution.
As of this printing, I’m pleased to announce that the integration is complete and fully operational. This automatically enables the creation of the case in ESL Office without any data entry by the underwriter and it automates a market spread analysis with 100% data
JEREMY MARTIN
Chief Technology Officer
Our new technologies are built to significantly improve the Stop-Loss procurement process.
Index
accuracy with no data entry required by the TPA or Broker. Additionally, lasers, terms and conditions and liabilities are automatically extracted from the underwriter proposals for comparative purposes.
Ultimately, the integration significantly improves the efficiency of the Stop-Loss procurement process by reducing errors and time spent to quote and to conduct rework, in what was a formally, highly manual process. In fact, our initial Clients are reporting a 40% savings in time to quote. The result is a significant improvement in operational efficiencies that decrease administrative costs driving positive, bottom-line gains in your business operation.
Turning to another one
of my favorite topics, the “Match Index” feature of our Quote-LinQ® product. For Underwriters, TPA’s and Brokers alike, finding the right market or the right partner for a specific group based on
4
© 2021 by©R
rgmTea
nec
.
© 2021 by Ringmaster Technologies, Inc. All rights reserved.
5 5
2
1 ba
cst
chg
lo,
s,.
InA
igt
d
in
0
R
n
Te
n
i
c
A
h
s
e
e
g2m
ys
tie
hen
ro
lo
ie
os
gI I
l.
l r
il
gl rh
str
ers
eser
rv
ve