Online Insurance Procurement Process
Roller Consulting Company has a partnership with Insurance Brokerage Exchange (IBX), which utilizes a cutting-edge technology to offer large companies a first-in class online insurance procurement process.
The proprietary bidding platform was developed for Fortune 500 employers to manage the complexities involved with their Life and Disability RFPs. The developers of this technology have backgrounds in insurance management/underwriting and benefit consulting and have created a stream-lined RFP process on both the client and the carrier sides.
This has proven to be an effective spend management process in Fortune 500 companies including AT&T, Dell, Home Depot, and UPS, among many others. Since 2007, more than 800 contracts, covering over 2.5 million employees and $2 billion in premium have been negotiated using the IBX system.
Benefits Include Contracts
- Used for Medical Stop Loss, Dental, and Life and Disability Insurance
- Efficiency in request for proposal (RFP) cycle, regardless of complexities in plan design
- Transparency with respect to scope of services, administrative capabilities, and performance guarantees
How it Works
The initial step in the process is to gather, organize, and house the client’s in-force insurance data in the IBX system. The system can be customized for complex insurance contracts and ask specific questions of carriers based on each client’s individual needs. Roller Consulting Company has the opportunity to engage a larger market due to the efficiencies created by the IQ system.
Contractual Evaluation & Initial Pricing
In the second step, carriers review the in-force plan and evaluate whether they can meet the administrative, contractual, and “scope of service” requirements of the RFP.
At this point, carriers offer their initial pricing and disclose additional plan design features or deviations.
Financial Evaluation & Secondary Pricing
In the third step, Roller Consulting reviews the side-by-side technical evaluation and initial pricing provided by the market. In this step, we provide carriers feedback on proposed contract provisions and initial financial rankings.
Carriers selected for the secondary pricing phase can then re-bid in a transparent, online manner where they can see their current positioning. No rate data is ever shared with carriers.
Final Negotiation & Carrier Selection
In the final step, Roller Consulting reviews the final proposals submitted by each carrier and presents finalist presentations based on the best overall fit for the organization.