Vertafore introduces AI automation in industry’s leading benefits solution, reducing medical plan data entry by up to 45 minutes.
DENVER, Sept. 5, 2024 /PRNewswire/- Vertafore, the leader in modern insurance technology, announced its latest innovation to empower benefits brokers: automated importing for SBC data into BenefitPoint. The feature leverages artificial intelligence technology to identify and map data from benefits and coverage documents and populate the data directly into BenefitPoint. With this simplified and automated process, brokers save up to 45 minutes per plan and increase overall data quality.
Summary of Benefits and Coverages (SBC) documents are essential components of the benefits process, laying out a health plan’s costs, covered services and other information important to end-insureds. Traditionally, benefits brokers must manually enter SBC data into their system or outsource data entry at a significant cost.
The AI capabilities in BenefitPoint address those challenges by converting the information from SBC documents into the correct fields in the system in approximately a minute. Brokers benefit from improved data accuracy, faster data entry, enhanced benchmarking and overall analytics.
BenefitPoint is the industry’s first benefits solution to offer this time-saving technology, just as brokers gear up for the busy benefits season. Users will see immediate value with faster data mapping and will experience even greater speed and accuracy as the technology learns.
“The BenefitPoint OCR SBC auto upload is an extremely helpful enhancement,” said Melissa Wade, senior training associate consultant at Connor Strong & Buckelew. “This feature saves our employee benefits account team time and it’s a great solution to a previous pain point.”
Vertafore rolled out medical plan upload automation during its most recent BenefitPoint release. Other new features include streamlined NAICS code entry; an Applies to Rates section, enabling users to select, move and track rates seamlessly; and a View Audit Log, allowing comprehensive tracking of attachment-related actions.
“Tens of thousands of independent agents and benefits brokers rely on BenefitPoint to connect their clients with the coverage options they need to be an employer of choice,” said James Thom, chief product officer at Vertafore. “As our benefits customers prepare for their busiest time of the year, this latest release delivers even better product performance and efficiency to streamline their operations.”
