Interested in saving time during the open enrollment period?

With another hectic open enrollment period approaching, this company designed…

Insurance News

By

Agents, brokers, carriers and consumers alike, there is a new innovative technological solution available to help you save time and stress during this year’s undoubtedly chaotic open enrollment period. 

Picwell, the first predictive recommendation engine for health plan selection, simply asks individuals 4 to 5 questions and is then able to run algorithms to search through a massive database, placing subjects into particular sub-sets. After placement, the software then matches various healthcare plans to your particular needs and presents meaningful predictions aligned with what is available.  

“What it does is by taking the input of the 4 to 5 different questions, to processes approximately 900,000 variables simultaneously. It sorts the plans into red, yellow and green, green being the ones that are recommended,” stated Jay Silverstein, CEO at Picwell. “This is one of the largest purchases people make every year and yet even the most sophisticated of people still are only as good as throwing a dart at a dartboard.” 

Designed by some of the leading minds in insurance, behavioral economics, predictive analytics, machine learning, and big data, Picwell assesses multiple relevant factors established by these industry experts. 

“We all got together and said this is fundamental towards the long-term success of having every one enrolled, we have to optimize their healthcare selection,” explained Silverstein.

Now, agents and brokers may be worried about being squeezed out of the purchasing process but the idea is to achieve downstream optimization with carriers by aligning consumers with plans that can do the most for them given their specific needs. 

“Our mantra is to enable people to make better decisions, more confidently. We’ve had numerous discussions with agent and broker platforms. An agent sitting in front of a Medicare beneficiary has to go through 2 hours of worth of discussions, at a minimum. This moves us away from the model where an agent is sitting across from someone, where now that agent is able to focus with that individual on the plans that are recommended.” 

You may also like: 
"What to expect from the open enrollment period"
"Questions surround premium increases
"The 10 most uninsured states post-Obamacare

Keep up with the latest news and events

Join our mailing list, it’s free!