by Sidney Marr
Whether it is in your personal life or business life, transitions can be difficult and scary, especially with technology. It is easier for businesses to maintain the status-quo; however, they may not realize that their actions are inefficient in terms of cost, security, and productivity.
This is where Stop-Loss Insurance comes in...
Stop-Loss insurance, also known as Re-insurance, is an essential product that provides protection against unpredictable healthcare expenses for self-insured employers. This financial and risk management product is purchased by self-insured or self-funded Employers, who fully hold the responsibility for providing healthcare insurance for their eligible Employees. Since these Employers are fully responsible for all the bills, they rely on Stop-Loss Insurance to protect them from a catastrophic event that could result in a major financial burden or potentially bankrupt the company.
Since the introduction of Stop-Loss, the process for the procurement of these policies has changed very little from the manual process first initiated. In fact, many have compared the current manual process to the use of an abacus.
The good news is that the marketplace now has access to an automated system that reduces the complexity, improves the “time to quote” and significantly enhances the overall efficiency of the procurement process. The Ringmaster Technologies (RMT) transformative portfolio of products is revolutionizing the entire Stop-Loss procurement process for both the buy and sell side of the equation.
Eliminate the Hassle
Simply stated, by utilizing the RMT automated proposal interface, you can effectively say goodbye to manual submissions. Leo Garneau, RMT’s Chief Marketing Officer, adds, “the marketing, the binding, the administration and the renewal of Stop- Loss for healthcare has essentially been done manually since Stop-Loss was created. A revolution was needed, and we stepped into the ring."
RMT is a cloud-based healthcare solutions provider that creates efficiency and capabilities that cast a broader net across administrative processes by creating and deploying cutting edge technologies. Ringmaster’s solutions add efficiency into the procurement process by automating it from inception to end. By providing the first fully Automated Workflow Optimization solution, RMT reduces complexity and processing time while minimizing the turnaround time for Stop- Loss quoting, contracting, and accounting.
Through its technology and extensive marketplace relationships, Ringmaster Technologies brings together all the stakeholders enabling the connection of the Third-Party Administrators (TPAs) and the Brokers to the Carriers in a seamless way that’s all cloud based and highly secure. Thus, empowering the stakeholders to do their jobs more efficiently than ever before. From a Carrier perspective, this gives them the opportunity to instantly determine if they want to make a quote on a piece of business/solicitation that’s come in and enable them to market themselves to a greater audience than before because of the capabilities of the “real-time” electronic interface.
The Products -
By purchasing RMT’s products, TPAs and Brokers gain additional confidence and stability to provide the Employer Groups they represent with guidance specific to healthcare Stop-Loss purchases. Ultimately, the efficiencies in the system enable Employer Groups to realize better quotes from a marketplace that is highly interested in their block of business. Leo adds, “by utilizing our technology, the entities who quote, issue and administer the Stop-Loss insurance, will provide the Employer Group with an opportunity to have the best quote.”
RMT provides 2 products:Quote-LinQ® and Smart-LinQ®. Quote-LinQ is a product that improves the quoting process for Stop-Loss insurance, while Smart-LinQ enables the Third-Party Administrators and the Brokers to manage the Stop-Loss with significantly more efficiency.
The Benefits with Cloud Based:
Most organizations have switched to a cloud-based format, which is highly efficient from a cost and security standpoint, as well as from an entry and retrieval perspective. In addition, the cloud reduces the amount of space and maintenance that accompanies upholding a bunch of servers in a building.
Why Does This Matter?
Whether it is in your personal life or business life, transitions can be difficult and scary, especially with technology. It is easier for businesses to maintain the status-quo; however, they may not realize that their actions are inefficient in terms of cost, security, and productivity. RMT helps business discover the possibilities that technology affords. In this case, that there is a better, faster, and more efficient way to do things that is ultimately to their benefit. Whether you're on the buy-side or the sell-side, RMT is committed to deliver smarter automation to your existing workflow.
Ringmaster Technologies is proud to be featured on The Granite List. To learn more about the work we do, find us here.