CHICAGO (PRWEB) April 22, 2020
WatchTower, a cloud-based platform that simplifies the process of buying and selling employer-sponsored insurance, announced today it has started supporting distribution of medical stop-loss coverage. The new offering makes the company’s platform a one-stop shop for employee benefit brokers representing mid-to-large employers, enabling them to run RFPs for dental, vision, life, disability, worksite and medical stop-loss insurance through a single user-friendly system.
“This is a key step in our continued system expansion, further empowering brokers with a robust, data-supported platform that drives better outcomes for their clients,” said Ryan Sachtjen, Chief Executive Officer of WatchTower. “Medical stop-loss coverage is an essential deliverable for brokers who serve mid-to-large employers. Our ability to digitize and bring data intelligence to this highly-specialized workflow will drive real value to our broker partners and certified carriers.”
Since 2016, WatchTower has been at the forefront of modernizing employee benefit sales. Its platform supplants manual, error-prone processes with technological tools that enable brokers to easily compare bids from multiple insurance providers and assess how they measure up to industry standards. By simplifying that analysis, the platform allows brokers to quickly provide employers with high-quality, cost-efficient benefits and data-informed advice.
WatchTower’s platform solves several prevalent problems specific to transactions of medical stop-loss insurance, a product which protects self-insured companies against catastrophic employee healthcare claims. The platform’s digitized “firming” stage during RFPs erases uncertainty about when stop-loss bids are explicitly finalized, allowing brokers to confidently assess offers. The system’s built-in, HIPAA-compliant encryption eliminates privacy concerns when sending sensitive employee medical records. And de-identified transaction data aggregates information about medical stop-loss sales, giving brokers up-to-the-minute insights into the marketplace.
"The fluid nature of the stop-loss market is unlike any other,” said Richard Perrott, Chief Operating Officer of WatchTower. “Until a carrier's bid is ‘firmed’, their offer is subject to change in concert with the underlying risk it's meant to insure. We worked hard to design a workflow that drives constant alignment between brokers and carriers, while providing the flexibility necessary for getting deals done. All of this helps employers obtain the best possible protection for their self-funded plans."
Sixty-one percent of American workers with health insurance are currently covered under plans self-funded by their companies. That rate is forecasted to increase in coming years as employers increasingly turn to self-funded healthcare plans to avoid ballooning insurance premiums. As that happens, the demand for medical stop-loss is set to grow proportionately.
About WatchTower Technologies, Inc.
WatchTower was founded to help employee benefit insurance carriers and brokers simplify the complex process of providing employers insurance.
More than $400 billion of employee benefit insurance is placed each year using manual, error-prone workflows and low-tech solutions. WatchTower drives connectivity and trust between brokers and carriers through the transparent exchange of information, enabling them to write better business faster and unlock insights to help employers offer the best possible benefits for their employees.
WatchTower's goal is to become the operating system for the employee benefits insurance industry so that they can better the lives of their customers and the millions of people who rely on them every day. For more information, visit watchtowerbenefits.com.