Chicago, IL (PRWEB) March 14, 2015
STEP Solutions Group today announced the release of Group Enrollment functionality that provides portals with workflow, document and task management capabilities for groups offering defined benefit and contribution plans along with supplemental benefits during the open enrollment period. The STEP group enrollment functionality extends the STEP “Product Configuration” tool and allows for product and plan definitions from different carriers and product lines to be assembled into a cafeteria plan that can be offered to group members from employer groups or affinity groups.
The cafeteria plans in the STEP group enrollment module inherit the product characteristics such as e-applications, e-signatures, reflexive questionnaires and automated underwriting from STEP’s new business platform. When these features are combined with the (rules based) underwriting engine, the ability to create plan options from the same product group offering can now be underwritten separately based on the underwriting parameters for the plan option. In addition, individuals within the same employer or affinity group can be risk-assessed on an individual basis. The individualized risk assessment can be automated to a large degree using the straight-thru-processing and reconciliation of applicant data with the external data sources such as MIB, MVR, identity, prescription and financial data.
Portals for employer administrators, third-party-administrators, carriers and agents facilitate the entire process based on template workflows for group enrollment. Group members can be invited electronically to enroll during specified enrollment periods or have access to the enrollment and self-service options based on any life events. Utilizing the Group Enrollment product templates, Group Benefits administrators and carriers can configure and deploy their Group products on the STEP SaaS (Software as a Service) web platform within 12-16 weeks.
About STEP Solutions Group LLC.
STEP (Straight-Thru-Enterprise-Processing) delivers a state-of-the-art new business acquisition, policy administration and claims processing solution for Life Annuities and Health (LAH) insurance products on a fully configurable rules-based web platform. Our Software-as-a-Service (SaaS) system for New Business Acquisition, Policy Administration, Agency, Provider and Claims management of ACORD LAH insurance products has integrated document and task management capabilities to provide an enterprise platform that the reduces cost and complexity of administration of LAH products. STEP Solutions provides a transformational capability to life, accident and health insurance businesses by controlling expenses, accelerating revenue growth, managing risk by providing end-to-end automation to manage the complete life cycle of LAH insurance products.
For more information , visit http://www.stepsolutions.com or call 312.263.6364 and follow us on Twitter, LinkedIn and Facebook.