Ringmaster® Technologies Named a Most Promising Workflow Solutions Provider by CIOReview
Stop-Loss marketing, procurement, and administration workflows are incredibly complex and grueling. On the one hand, brokers and third-party administrators (TPAs) send out flurries of secure emails with multiple attachments, trying to obtain the best possible coverage at the best possible price on behalf of their employer groups. On the other hand, managing general underwriters (MGUs) or carriers inundated with these emails must retrieve the information and perform laborious data entry tasks to decide whether or not to submit a quote. Often, the RFPs sent by the broker or TPA are a poor match for the business goals of the carrier or MGU, which hinders the growth and profitability of Stop-Loss professionals on both sides of the transaction. For too long, this inefficient process has been accepted as the status quo.
But change is on the horizon.
Ringmaster Technologies (RMT), a healthcare and technology expert, is disrupting the industry with its cutting edge, cloud-based, fully automated Quote-LinQ® application and Smart-LinQ® account and settlement solution. Together, they facilitate a streamlined workflow that improves connectivity and enables administrative efficiencies for TPAs, brokers, MGUs, and carriers.
With its workflow optimization solutions, RMT integrates with dispersed systems, normalizes the data, and completely removes the manual data entry tasks from the process. By bringing TPAs, brokers, and underwriters to a single pane of glass where everything is logged, tracked, and audited, RMT enables all parties to collaborate and interact in a way that’s never been done before. Spreadsheets or share drives are now worries of the past. RMT provides clients with complete visibility into win/loss ratios, decline-to-quote percentages, and current quote status across all new or existing groups in one single dashboard.
“Our claim to fame is: we integrate with everything. We haven’t seen an influx of technology in theStop-Loss space in over 15 years. Most of our customers don’t even know what is possible. We automate tasks that they thought were impossible to automate,” shares Jeremy Martin, CTO, CoFounder, and Chief Architect.
With 75-80 percent of policies renewing on New Year’s Day,Stop-Loss professionals spend the final months of the year racing the clock. What’s the most common refrain Martin hears from new clients? “I’m not going through another January 1st like this.” With RMT’S workflow solutions, they don’t have to.
Powered by a proprietary mathematical formula, the Matchdex feature of their Quote-LinQ application reverse engineers carrier risk profiles, allowing producers (TPAs and brokers) to target the carriers most likely to write the requested coverage for an employer group and avoid overwhelming them with numerous mismatched RFPs. Producers can align group specific characteristics with underwriters and their unique risk using Matchdex, transmitting Stop-Loss RFPs to underwriters that fulfill the needs of each employer group.
On the carrier/MGU side, Matchdex helps prioritize their workload and save significant time by showing RFPs that directly correlate with their own internal quoting specifications.By focusing on RFPs that are the best match for their business goals, MGUs/carriers can increase their win rates and earn higher profits.
“Our mantra is to make Stop-Loss professionals thrive and help them become better at what they do. As proud as I am of our technology and our workflow, I’m equally proud of the relationships we have with the people in the market,” says Martin.
Through those relationships, RMT has achieved outstanding results. One client, a large national broker, used the Quote-LinQ solution to gain visibility into all 45 of their nationwide offices. Quote-LinQ saved the client significant time and money previously spent on creating and generating RFPs. After performing a time study, the same client found that RMT’s solutions reduced RFP turnaround time by 40 to 50 percent. With this aggregation of buying power, the client discovered they were leaving hundreds of thousands of dollars of uncollected override commissions on the table.
RMT is already making administrative reporting and the quoting process more efficient, streamlined, and profitable, but Martin looks forward to transforming the industry from top to bottom. Keep an eye out for announcements in the coming months about RMT’s expansion into additional services and markets.
Story excerpted with permission from CIOReview from CIOReview ISSN-2644-237X