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Recon process updates internal records used to pay insurance agent's commission
This medicare agency's (MA) team of insurance agents advocates on behalf of the customers to help them sign up for the right Medicare plan. Those insurance agents get paid commission over the lifespan of each policy they help sell.
In order to pay insurance agents the correct commission, MA's case management operations team compares their internal book of business (BoB) to those provided by the insurance carrier: Humana, Aetna, etc. Only the carrier knows if/when a policy holder cancels their insurance, so it's important to reconcile their internal BoB with the carrier provided data so that MA can correctly pay agents' commissions. If a customer cancels their insurance plan, the insurance agent continues to receive commission until the internal BoB is updated.
The slow Excel reconciliation process causes $10k's in unnecessary commission payments
With the medicare agency's Excel based reconciliation process, each member of the case management ops team can process no more than 1k records per day. This throughput is not where close enough to being able to keep up with the insurance carriers who provide a new book of business each week with anywhere between 1-20k records. Not being able to keep up with the most up to date insurance data meant MA routinely paid commission on insurance plans that were no longer active even with the ops team working over the weekends.
I love Mito. It’s one of the easiest softwares that I have used. Super easy to catch on how to do stuff. And it’s saved me so much time. I’m not working over the weekend anymore trying to keep up with new books of business.
- Stella Nancy, Case Manager, Medicare Agency
Mito reduced reconciliation time from 19 to 2 days
Within the first month of using Mito, each of MA’s case managers automated their BoB recon processes. Now, within 30 seconds of receiving a new BoB, Mito can automatically perform the checks and generate a report of discrepancies in MA’s internal records. This automation cuts a 19k record check down to just 2k records, equating to 17 days of time savings.
Since MA is now able to keep up with inflow of new books of business, they've saved tens of thousands of dollars in erroneous commission payments that they would’ve paid if they still used their Excel recon process
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