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RFP Processing
The Problem: Employee benefits brokers and carriers face increasing pressure to process a growing volume of RFPs and renewals while maintaining accuracy and speed. Manual data extraction and data entry processes are error-prone and take up valuable time, preventing teams from focusing on strategic, high-value tasks. With market pressures and the demand for faster turnarounds, traditional methods are no longer enough to stay competitive.
The Solution: matchRFX for Employee Benefits Insurance automates the RFP process, allowing both brokers and carriers to process more RFPs with greater accuracy and efficiency, enabling teams to focus on what matters most — growing the business.
For Employee Benefits Brokers
- Generate comprehensive RFPs for life, short-term disability, long-term disability, dental and vision plans
- Leverage AI to extract data from client and carrier documents, facilitating carrier processing
- Utilize pre-built requirements and question libraries for streamlined RFP creation
- Collaborate with the project team to track and manage the RFP process effectively
- Create a content library and store historical data on RFPs and carriers
- Evaluate carrier responses, comparing rates, schedule details, product features, and question responses across multiple carriers
- Leverage AI to evaluate and score carrier responses, identifying key differentiators quickly
For Employee Benefits Carriers
- Process RFPs for life, short-term disability, long-term disability, dental and vision plans
- Automatically retrieve RFP documents from email, file store, Salesforce, or other online sources
- Extract relevant policy information from RFP documents in multiple formats
- Automate the census build
- Post data automatically to carrier's rating system for review, analysis and pricing
- Add additional lines of employee benefits according to your business needs
Medical Data Processing
The Problem: Insurance providers need to summarize and process volumes of patient data spanning multiple encounters to aid in medical underwriting. Dozens of key medical topics must be included in the summary, yet the source documents can be arbitrarily long, typically spanning hundreds of pages.
The Solution: Our platform streamlines the process of summarizing patient data while ensuring all required topics are covered.
- Summarize medical data from patient files including diagnoses
- Automatically post data to adjacent, integrated systems
- Improve performance as system continuously learns with each transaction
- Meet or exceed quality assurance and validation standards
- Utilize Validation Station for Human-In-The-Loop interactions
Financial Data Processing
The Problem: Insurance providers must extract relevant information from bank statements that list transactions and summaries on multiple institutional investment accounts. There is significant variability in these statements as they originate from multiple sources, contain diverse sets of transactions and may consist of hundreds of pages. Statement processing is subject to strict SLAs for accuracy, turnaround time (TAT), and ability to handle peak volumes.
The Solution: Our platform provides fast processing with high accuracy while scaling to accommodate peak volumes.
- Extract data from bank statements from multiple financial institutions in multiple formats
- Post data automatically to adjacent, integrated systems
- Scale efficiently, horizontally or vertically, to handle peak volumes
- Meet or exceed processing accuracy requirements
- Improve performance as system continuously learns with each transaction