DENVER, Aug. 26, 2021 /PRNewswire-PRWeb/ -- Insurance tech provider Benelinx today announced the launch of multi-carrier level-funded quoting within its agency management solution. Powered by Vericred's Group Rating API, now employee benefits brokers can quote and compare level-funded plans from Aetna, United Healthcare / All Savers and Humana alongside fully insured medical plans.
"As a former agency owner, I am keenly aware of the industry shift to level-funded arrangements. When Vericred expanded into that market, we immediately started development to accommodate these new products," said Benelinx CEO & founder Rachel Zeman. "We are excited to provide our agency partners with the most valuable products across various markets and will continue to expand our quoting capabilities to ensure our clients have the most relevant products embedded within our solution."
Level-funded plans combine the cost savings of self-funding with the risk mitigation and fixed-payment structure of fully insured plans. Unlike fully insured plans, level-funded policies are generally not subject to state requirements or ACA rating and benefit standards.
"Vericred's industry-leading Group Rating API enables platforms like Benelinx to efficiently deliver innovative, multi-carrier quoting capabilities to its broker partners," said Michael W. Levin, Vericred's co-founder and CEO. "The addition of level-funded group medical plans to its platform demonstrates that Benelinx is at the forefront of market demand."
With employers increasingly concerned with the rising costs of health insurance, more small groups are turning to level-funded plans as a solution. The Kaiser Family Foundation's 2020 Employer Health Benefits Survey reported:
- Thirteen percent of small firms (3-199 employees) offered a level-funded plan in 2020, an increase from 7 percent in 2019.
- Thirty-one percent of covered workers in small firms are in a plan that is either self-funded or level-funded, an increase from 24 percent in 2019.
Powered by Vericred's Group Rating API, the Benelinx quoting engine enables instant access to carrier quotes from its built-in market plan library, which includes fully insured, level-funded, dental and vision plans. The quoting engine is seamlessly integrated with the embedded CONGA document generator, enabling brokers to deliver fully customized proposals and benefits booklets to clients in minutes.
Built on Salesforce, Benelinx is an all-in-one CRM, AMS and CPQ tool for the employee benefits industry. Benelinx offers a truly integrated solution to significantly reduce overhead, boost productivity, and grow revenue. Key features include an embedded quoting engine, email integration, stewardship reporting, turnkey market proposals, custom benefits booklets, and client self-service portals.
Powered by Salesforce, Benelinx is a complete agency management solution for the employee benefits industry. Benelinx bundles an AMS, CRM and CPQ into a single, secure platform that can be seamlessly integrated with any agency's existing systems. Visit benelinx.com for more information.
Vericred is the way health insurance carriers and employee benefits providers connect with new technology partners to deliver seamless quote-to-card consumer experiences. We are not the websites or apps you use to choose a plan or find a doctor. We are the infrastructure. We are the 'pipes' that simplify the complex exchange of quoting, enrollment and eligibility data between carriers and the technology partners responsible for delivering health and employee benefits to hundreds of millions of Americans every day. Our APIs transmit billions of data points between InsurTech and insurance carriers, powering digital distribution across the insurance industry. Come join the community of insurance geeks creating a seamless digital quote-to-card experience. Visit http://www.vericred.com.
Ashley Greco, Benelinx, +1 (719) 491-5510, [email protected]