Medical insurance requests speed up
Fidelity Life says it is the first in New Zealand to increase insurance efficiencies by using Konnect SureMed, a new electronic service that radically speeds up medical insurance requests.
Friday, November 27th 2009, 9:30AM
by Jenha White
Fidelity Life chief executive Milton Jennings says the prospects are very exciting as the SureMed technology increases business quality, policy closure rates and improves customer satisfaction.
He says the quickest Fidelity Life has had a form back so far with SureMed has been in 51 minutes compared to the old process where some forms take on average three weeks to come through.
Konnect SureMed automates the process from the point where an insurer requests information from a health provider through to the delivery of information to the insurer and payment for that service. It significantly cuts the average time for process.
The SureMed technology has also been delivered as part of the most recent update to Medtech's Practice Management System which is used by around 80% of New Zealand practices.
Jenning's says Fidelity Life is in the early stages of using the technology, but the benefits are huge.
"SureMed will help our advisers assess the 3,500 policy requests they receive per annum much faster, while utilizing a staandardised approach to collecting medical information from GPs."
The SureMed process starts when information requests are made by the insurer through the Konnect website, using standard forms tailored to a particular insurers requirements.
Brokers and insurers are then able to track the progress with information requests at any point in the process.
Health providers receive the requests and collate the medical information using an electronic form.
SureMed then delivers encrypted information to the insurer for use with the underwriting policy to determine pricing, exclusions or to decline the application.
Automated payment is then made to the health provider for the information.
Fidelity Life says the process enhances business quality because insurer decisions are made on robust and comprehensive information.
Jenha is a TPL staff reporter. jenha@tarawera.co.nz
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