Expand Distribution, Simplify, Provide a Better Customer Experience.
The ancillary carrier marketplace is rapidly evolving due to changing regulations, rising healthcare cost, and out of pocket expenses. This market has shifted from providing basic group products to now offering a complex mix of group and voluntary products. These products are becoming increasingly valuable, and the carriers need efficient distribution and administration.
It is a difficult, ultra-competitive market for carriers attempting to meet the ever-evolving needs of employers. And with falling medical commissions, brokers have become increasingly more dependent on ancillary revenue.
Additionally, providing products to the very large and underserved small group market is a key strategy, yet it is difficult and expensive to access. With premium billing, reconciliation and administration of payroll deductions for core benefits being challenging enough, employers often resist adding new benefits due to the additional administrative burden that comes with having a new invoice to reconcile.
Lastly, collecting 100% of the billed premiums is a real issue. This is due to the timing of data transfers, premium statement creation, and receipt of bills. A majority of the time, the carrier is underpaid, never receiving the full premiums due. This problem results in significant lost carrier revenue.
At Vimly Benefit Solutions, we’ve been solving the barriers to entry between ancillary carriers and the small group market for more than two decades. With our platform, ancillary carriers can access small group markets efficiently, market aggregators (i.e., AHPs, General Agencies, PEOs, etc.) can offer more products, employers can pay a single consolidated bill, and employees can enroll for benefits anytime, anywhere, and on any device.
Our best in class enrollment experience guides employees through each product (e.g., medical, critical illness, dental, basic life, voluntary life, etc.) on any device to ensure they make the right choice for their family and future.
With our solution, everyone wins.