Kofax Issues a “Glowing” Case Study on Health Insurance Innovations

Kofax, a leading provider of process automation software, issued a comprehensive review of Health Insurance Innovations’ (HIIQ) new compliance process in a recent case study.

Entitled “Success Story for Healthcare”, the study examines the challenge, solution and results that Kofax Customer Communications Manager™ software has produced for HIIQ’s compliance specialists.

To ensure every customer fully understands the coverage they’re purchasing through a contracted agent or broker, Health Insurance Innovations utilizes sales verification scripts. The agents or broker reads through the script with the customer before their purchase is finalized. Scripts often contain important information like whether the policy meets the requirements of the Affordable Care Act, and which conditions the policy does or does not cover.

With nearly 50 policies ranging from dental care to emergency treatment—and a required script for each one—HIIQ’s compliance department was tasked with managing all updates, revisions, and version control of every script. In the past, this was done manually. But, as Health Insurance Innovations experienced unprecedented growth over the last two years, this manual process became a time and cost-intensive challenge.

That’s when Health Insurance Innovations chose to employ the Kofax Customer Communications Manager™. This software now serves as a single source of up-to-date and accurate information (including sales verification scripts) on all policies distributed via the HIIQ platform.

Furthermore, it automatically maintains a record of document and script edits with an author and date attributed to each change.

“Maintaining consistency across scripts is so much easier than before. Previously, I had to open numerous Microsoft Word documents and PDFs to ensure that the same language was used throughout,” said Dominique Meitzen, Lead Verification Specialist at HIIQ. “Now, I can search our entire script collection at the touch of a button. And if I need to modify a certain block of text, I can make the update once and automatically apply the change to all scripts. The solution is a huge time-saver, enabling me to work more productively.”

The results? Script updates that used to take hours or days are now completed in minutes; agents are happy to work with Health Insurance Innovations knowing they’ll be equipped with timely and accurate product information; and carriers are too, trusting that their policies will be correctly represented to consumers seeking affordable health insurance, ancillary health care plans and more.

Click here to download the full case study on Health Insurance Innovations by Kofax.


3 Reasons to Follow Health Insurance Innovations on Social Media

Health Insurance Innovations has been fortunate to experience a lot of growth this year – growth that informs the content we produce and share on our social media accounts.

Our approach is simple: to provide our agent network with actionable information and resources to empower relationships with clients.

Building a successful health insurance business takes time, effort, and diligence. No one else understands that more than us; we’ve grown exponentially over the last few years to become a market leading cloud-based technology platform and distributor of innovative health insurance products such as short-term health insurance, and we couldn’t have done it without our agent and broker partners!

Here are three different subjects we regularly share on social media that help our agents build their brands and provide value to clients:

1. Healthcare Information and Technology

Information has played a vital role to our success. We believe in sharing what we know with our agents to help them expand their business and provide value to their clients. Our informative content ranges from different insurance options to offer clients, such as those that include preventive care like immunizations to advancing healthcare technologies likes telemedicine.

2. Health Tips For Clients

Each month we focus on something in healthcare. We diligently research the best statistics and tools for your clients to achieve and maintain good health. Healthy clients are happy clients, and happy clients make strong businesses!

3. Health Insurance Open Enrollment Period Preparation

In October, we begin posting Open Enrollment Period-related content to empower agents with the knowledge needed to not only meet but also exceed the needs of the many new clients you’ll acquire during this timeframe. While we’re on the subject, take note: the 2019 Open Enrollment Period begins November 1, 2018, and ends December 15, 2018.

We share these resources on all the social platform listed below so go ahead and follow us, share your thoughts, and get the most you can out of your journey with HIIQ:


Final Rule Makes Short-Term Medical Insurance Renewable for Up to 36 Months

The Trump administration has issued a final rule that will allow short-term, limited-duration insurance to be purchased in increments of up to 364 days (or 12 months).

The final rule will also allow this type of insurance to be renewable with a maximum duration of up to 36 months. However, “States remain free to adopt a definition with a shorter maximum initial contract term or shorter maximum duration (including renewals and extensions) for a policy to meet their specific market needs,” according to the final rule documentation.

These new term limits will go into effect in October according to CNBC. This comes just before the 2019 Open Enrollment Period which will run from November 1 to December 15, 2018.

This follows a proposed ruling by the Department of Health and Human Services, the Department of the Treasury and the Department of Labor published for public commentary back in February of 2018. Much in line with the Trump administration’s concerns over the rising costs of health coverage today, this final ruling is expected to increase consumer choice, competition, and affordability in the individual health insurance market.

The Centers for Medicare & Medicaid Services (CMS) projects that approximately 600,000 people will enroll in short-term limited-duration plans in 2019.

Click here to view the final rule in full courtesy of the CMS. Stay tuned for updates on how this change will affect Health Insurance Innovations (HIIQ), contracted agents, brokers and the American public at large.

Health Insurance Innovations smart investment

UPDATE: HIIQ Deemed “Smart Investment Option” on SeekingAlpha.com

In a financial review of Health Insurance Innovations published recently, Andrew Roberts of the financial blog Seeking Alpha writes, “HIIQ Management has achieved vigorous organic growth in recent years. Current guidance for FY2018 implies 51% earnings growth and 18% revenue growth this year.”

The article goes on to extol the future outlook of Hiiquote’s financials and fundamentals.

Health Insurance Innovations was praised for its stock performance in the article “Why Health Insurance Innovations (HIIQ) Is A Smart Investment Option” on seekingalpha.com.

Among the numerous reasons mentioned in the piece, writer & analyst Maddi Salmon writes:

“Trends in the healthcare industry are favorable for a company like HIIQ. Much like we’re seeing in the Life Insurance space, where higher employment and a stronger economy have lifted the potential companies in the space. Health Insurance Innovations offers simplified and affordable individual healthcare options with a viable business model. Even relative to the industry average, HIIQ is especially well-positioned.”
Read the full post over at SeekingAlpha and keep up with all things investor-related on the HIIQ Investor Relations Page.