The feature leverages artificial intelligence technology to identify and map data from benefits and coverage documents, populating the data directly into BenefitPoint. With this simplified and automated process, brokers can 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, outlining a health plan’s costs, covered services, and other important information for end-insureds. Traditionally, benefits brokers must manually enter SBC data into their systems or outsource data entry at a significant cost.
The AI capabilities in BenefitPoint address these challenges by converting 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 prepare 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 continues to learn.
Melissa Wade, Senior Training Associate Consultant at Connor Strong & Buckelew, said: “The BenefitPoint OCR SBC auto upload is an extremely helpful enhancement. 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” for comprehensive tracking of attachment-related actions.
James Thom, Chief Product Officer at Vertafore, commented: “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. As our customers prepare for their busiest time of the year, this latest release delivers even better product performance and efficiency to streamline their operations.”
