JANUARY 18, 2017 (Des Moines) – Today, Advice2Pay (A2P), a consolidated billing service organization that supports group insurance products, officially launched after a successful introduction at the 2016 Employee Navigator Users Conference.
A2P utilizes proprietary technology to eliminate the onerous process of reconciling insurance carrier detail invoices for employers, simplifying the carrier premium calculations procedure and saving clients money. The premium calculation process impacts the client, broker, benefits administrator, and carrier alike, and can create unnecessary financial hardships and reduce synergy among stakeholders.
“We saw a significant pain point within the market and recognized a need for employers, brokers, and carriers to have access to a solution,” said Don Cahalan, a founding partner at Advice2Pay.
Human Resources professionals are responsible for an array of administrative issues including new hire enrollments, life events, and enrollment changes at each carrier across their employee population. Ultimately, these changes impact premiums. Given the difficulty of accurately accounting for these changes in a timely and fiscally responsible manner, employers are often held at the mercy of a carrier’s detail invoices when paying premiums. This “billing hostage” situation creates a manual, error-prone, and time-consuming reconciliation process for the HR department.
A2P leverages cloud-based, proprietary technology to analyze a client’s enrollment data in order to calculate an accurate, monthly carrier invoice. A2P’s process complies with all carrier reporting, retroactive, and wash rules.
“We have transformed a very tedious and aggravating reconciliation loop that never seems to end into a 15-minute monthly process for the benefits manager,” said Cahalan. “Having one system that uses the same enrollment data to calculate premiums accurately and provide full backup to all carriers, is a huge advantage for the HR department.”
“It is increasingly difficult for leadership within organizations to step back and re-imagine processes or new opportunities,” said Cahalan. “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 for continuous improvements.”
A2P recognizes the reality of doing business today, and has established a cost-effective solution for the group products marketplace to address the billing, collection, and the reconciliation merry-go-round that many employers, brokers, and carriers deal with on a regular basis.
Given increased competition among carriers, the market trend to true group self-administered products, and the gaps within the enrollment technology marketplace, the A2P solution becomes essential.
A2P was first introduced at the 2016 Employee Navigator Users Conference and was met with positive feedback across the industry. As A2P continues to grow, the system will also provide critical financial analytics to HR decision makers regarding all benefit costs.
Advice2Pay (A2P) is a consolidated billing service organization that supports group insurance products. The A2P leadership team has more than 50 years of experience within the benefits administration marketplace – working as consultants, brokers, enrollment firms, third party administrators, and carriers.
A2P’s mission is to empower employers, brokers, and carriers with a streamlined billing experience that accurately and efficiently addresses premium billing and payment needs. A2P is putting the power of data on your side to ensure accurate premium calculation. For more information about A2P, please visit www.Advice2Pay.com or contact a representative at (515) 240-9309.