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“We are witnessing consumerism in the health insurance space, a shift to a consumer driven consumption of healthcare through data empowerment,” says Chad Hogan, SVP, Quotit Corporation. The insurtech space is also grabbing immense traction, triggering innovations to keep pace with the need to improve consumer experiences. Hogan emphasizes that the insurance agents who are at the heart of these insurtech companies— distributing insurance products— often encounter latency in delivering consumer experience due to the slow adoption of technology in the healthcare industry. They are faced with challenges to display an effective and strong health plan data—rates, plans, benefits, provider data, and drug formularies or enroll consumers online. The industry also lacks the provision of decision support capabilities to purchase the best insurance plans for the consumers. Being the vanguard of innovations, Quotit brings a platform for the insurtech companies, which acts as an intermediary to deliver health plan data and create a world class consumer experience. Quotit serves as the clearing house for enrollment information between agencies and the health plans.
Quotit is enabling the insurtech vendors to build decision support tools and consumerism applications behind the scenes. The company comes in as a facilitator for numerous firms that are developing recommendation engines that require solid information about the available health plans. Quotit’s software enables insurance organizations to increase productivity and reduce costs by precisely monitoring how insurance is distributed through insurance agents and brokers.
Quotit is enabling the insurtech vendors to build decision support tools and consumerism applications behind the scenes
To interact with consumers, agents can use QuotitGO—a mobile app that puts widened information about health plans in the agents’ hands to interact with consumers anywhere, enhancing sales.
Another capability is QuotitONE, which is designed for in-house agents and call centers, to enroll people into products of federal or state markets. Further, to allow the agents to manage their book of business efficiently and work with consumers for cross marketing, another key offering from the company—QuotitPRO—incorporates the elements of CRM. Taking its product suite a level up, the company delivers Quotit Enterprise Solutions (QuotitES), an enterprise solution that brings data, analytics, and enrollment connectivity on API or white label basis to meet the unique needs of insurance businesses. QuotitES is a purpose built CRM directed towards B2C market, assisting in health insurance transactions. This offering is dedicated to insurtech companies that themselves operate as insurance brokers but build their own technologies for consumers.
Implementing Quotit’s capable solution suite, a large base of customers has gone from small enterprises to one of the fifth to sixth industry leading companies. For instance, HealthCare.com, a lead generation company serving the health insurance industry, wanted to build its own data, but soon realized this would require a massive infrastructure. Partnering with Quotit allowed the client’s team to scale more quickly and focus on its core mission of providing information to consumers to help them opt for the right health plan. Quotit’s comprehensive plan selection, data reliability, and fair pricing helped the firm grow immensely. The accuracy of Quotit’s data improved the customer experience tremendously. Quotit continuously works towards delivering solutions that align with the evolving healthcare sector. In this attempt, Quotit offers an option called family elect, where consumers can pick individual policies for every family member being enrolled. Another unique concept introduced by the company is consolidated enrollment, which allows consumers to enroll for multiple insurance products from disparate companies in a single transaction.
Witnessing the industry’s demand to connect the backend and frontend processes, Quotit’s innovation lab is currently working to bring two major disruptive technologies into the space— one for reconciling and managing agents’ commission and the other for transacting and validating insurance enrollment information from the insurance distribution side. “We see opportunity to innovate in these areas as these technologies traditionally do not exist today,” concludes Hogan.