Consolidated billing service provider Advice2Pay has announced that it will focus on the group insurance market to address the “onerous process” of invoicing and claims calculation, which affects a multitude of stakeholders.
Iowa-based Advice2Pay said in a statement that it uses proprietary technology to simplify carrier premium calculations and improve insurance administration and servicing for the client, broker, and carrier alike.
“We saw a significant pain point within the market and recognized a need for employers, brokers and carriers to have access to a solution,” founding partner Don Calahan said in the statement.
The firm further explained that the difficulty of accurately accounting for changes such as life events and new hire enrollments in a “timely and fiscally responsible manner” arises in billing and claims calculation. Such a situation “creates a manual, error-prone and time consuming process,” Advice2Pay also noted.
“The demands of running a business, coupled with a matrixed management infrastructure, present challenges associated with key initiatives and the expenditure of scarce IT budgets. These internal challenges create real-world roadblocks (to) continuous improvements,” Calahan added.
The firm also has plans to expand its service to the provision of financial analytics targeting human resource professionals.
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