18 Feb 2020

HCIactive Featured In CIO Magazine – Propelling Consumer-Centric Agility To Solve The InsureTech Puzzle

As digital modernization sweeps across the insurance industry, insurers are hindered by the inability of business models to quickly adjust to changing customer requirements and behaviors. Insurance purchasers are now demanding greater personalized engagement and clarity of the information to meet their unique needs and circumstances. This evolving business environment has obligated insurance companies to customize their products and services to “consumers” rather than merely pushing their offerings to the market. Furthermore, fragmented processes and siloed data between insurance ecosystem partners, like reinsurers, underwriters, brokers & agents, insurers, TPAs, providers, and employers, are hindering the ecosystem’s ability to adjust to the changing consumer and market trends. Operational excellence strategies and critical market-facing initiatives, which often require cross-ecosystem integration for implementation, fall short of desired financial and performance goals. The dynamic, consumer-centric insurance industry requires a business platform that delivers digital agility and innovation that can grow and scale to the market.

One company making great strides in delivering the required agility to the InsurTech market is HCIactive, the leading InsurTech platform for consumer-centric digital policy administration. HCIactive is at the forefront of offering a robust cloud-based, integrated Platform as a Service (iPaaS) to help the insurance industry deliver greater consumer engagement and ecosystem execution.

HCIactive’s platform aligns agile ecosystem process integration and high-powered analytics to the dynamic requirements of the marketplace. From customized recommendations of “shopping cart” insurance portfolio and personal financial savings to ongoing relevant portal content based on preferences and lifestyle patterns, HCIactive delivers a highly personalized and scalable digital consumer experience. “Our platform provides personalized consumer experiences across a wider portfolio of insurance products. Consumers efficiently receive the right benefits and engagement they need and insurers achieve greater consumer intimacy and loyalty,” says Henry Cha, CEO of HCIactive. Insurance companies benefit by selling products more directly and efficiently, while consumers are able to customize and personalize their benefits package to protect themselves.”

HCIactive’s ultimate objective is to support the platform required for the full insurance lifecycle process, managing all insurance products and services from ‘Quote’ to ‘Enroll’ to ‘Engage.’ The ‘Quote’ process involves the management of the insurance product portfolio and broker network to correctly quote employer and consumer insurance premiums. The ‘Enroll’ process spans member selection of insurance products and eligibility verification, which typically tends to be an arduous process with the proliferation of insurance products. Lastly, ‘Engage’ is focused on driving wellness and population health management, care coordination, and managing the provider network. HCIactive integrates all IT systems, processes, and information from ‘Quote’ to ‘Enroll’ to ‘Engage’ across the ecosystem stakeholders by utilizing a patented single-workflow engine to enable insurance 20 MOST PROMISING INSURANCE TECHNOLOGY SOLUTION PROVIDERS – 2019 Our platform provides personalized consumer experiences across a wider portfolio of insurance products. Consumers efficiently receive the right benefits and engagement they need and insurers achieve greater consumer intimacy and loyalty companies to create their own strategic improvement roadmap. Moreover, HCIactive has one of the only InsurTech platforms that is blockchain-enabled for wellness and population health management.

HCIactive has advanced analytics and infrastructure to create customer-centric capabilities—an analytics suite that uniquely leverages cross-ecosystem artificial intelligence & machine learning, intelligent process automation, natural language processing, and predictive modeling to create an adaptive consumer experience. Jeffrey Penn, HCIactive’s Vice President of Business Development, says, “Our strategy for agility is to get closer to the customer, have the right data insight into what the customers need, and to have the right platform to be able to engage them in the best way.”

There are three primary implementation approaches for HCIactive’s cloud platform. The solution can be implemented as a standalone platform for complete digital benefits administration. Secondly, the platform can be implemented into the existing application landscape to augment capabilities with additional features required. Lastly, HCIactive can be a platform “wrap” that can be used to integrate other applications and architectures, including vendor applications, to create a single, advanced user experience.

HCIactive has delivered significant benefits for clients. For one of the leaders in the insurance industry, HCIactive’s solution has resulted in the increased use of process automation from 40 to 86% of their processes and an additional 12% of process transactions now being partner self-service. Frank Kang, HCIactive’s Corporate Development & Alliances leader, states, “One of HCIactive’s core principles is to bring real operational and financial value for our clients. We have a metrics dashboard to continuously monitor client performance.”

Going forward, HCIactive plans to expand its footprint into international and public sector InsurTech and continue to develop its adaptive consumer experience capabilities and blockchain integration. In the current dynamic Insurtech business environment, innovation targeting consumer engagement and operational agility will remain at the forefront of HCIactive’s InsurTech roadmap

31 Dec 2019

Digital Engagement – The Future For Health Plans

All health plans and Payers, whether it be traditional health insurance carriers, third party administrators, Medicare or Medicaid plans, will begin to transform their business models so that they match the consumer experience found with Amazon, Apple and Google. The core focus will be to increase their efficiency and deliver far better value for members. A key element is to make the member experience hyper-personal. All health plans must improve engagement and influence members with a high touch experience. Instantaneous access to data and data interoperability will have an impact not only on the member experience but it will also improve wellness and care coordination.

HCI provides the most innovative and comprehensive platform that a health plan can utilize to transform itself into the digital age and dramatically elevate the member experience.   Members are conditioned through experiences with Amazon, Apple and Google and will expect a similar experience for their health care. The HCI solution is a member engagement platform that provides members with a digital experience that they have grown accustomed through using the products and services of Amazon, Apple and Google.

The disruptors in the health plan/Payer market will be data driven and member focused. The core of the process is enrollment and eligibility and this is what drives the overall experience for the member. The HCI platform enables accuracy and timeliness, which is critical for these key functions. The enrollment process can be completed on the web tool or mobile app. Costs are significantly reduced as there is no need for the traditional paper process. As such, the member experience is enhanced dramatically and implementation and launch is streamlined, efficient and based on accurate data. Members are provided complete continuity in the web and mobile app experience, which is unique to the HCI solution.  By mirroring the web and mobile functions it allows for a user experience that is unmatched in the industry.

You won’t see the word “portal” on our website. The word is like “rolodex” or “DayTimer”  – products that are part of history now due to technology. We offer a digital member engagement platform which provides a member experience well beyond a portal. This key component will drive the future success of any health plan/Payer and they will be viewed as innovative market leaders.

Contact Jeffrey Penn

jeffrey.penn@hciactive.com