Concentrix Insurance Administration Solutions is a wholly-owned subsidiary of Concentrix Corporation, which is focused on supporting the North American and LATAM (mostly Caribbean) individual and group life, health, and annuity insurance markets. At Concentrix Insurance Administration Solutions, we are a commercial software firm and have been for over 40 years, but we offer much more to our customers driven by our domestic and global experiences and the capabilities we offer beyond our sophisticated, modern technology platforms. Unlike most of our competitors, we are a fully licensed US-based 3rd party administrator for life, health and annuity insurance carriers and we use our own software solution, GIAS to service these clients. As such, we know how an insurance company operates along with what it takes to implement, service and support the day to day activities in a production setting. Based on the needs of our clients, we do provide flexibility to deploy our technology directly to our clients, operate it on a software-as-a-service basis, or provide full or partial back-office services yielding a dynamic and flexible set of offerings to our insurance clients.
Our GIAS solution suite provides a modern contemporary architecture for the insurance industry by supporting the following business functions for Individual, Group Employee Benefits and Group Worksite administration:
- Product and Benefit Configuration
- New Business and Policy/Certificate Administration
- Billing and Premium Application
- Agency and Commissions
- Claims Entry and Adjudication
- Provider and Network Configuration
- Payout Administration
The suite also provides additional integrated solutions that clients can leverage to extend policy administration system.
- Self-service Portal access for Agents, Customers, Providers, Plan Administrators, and Customer Service Representatives
- Reporting & Analytics solution with standard reports, dashboard view, and adhoc query
- eDelivery to support opt-in/opt-out of electronic notification and delivery of documents
- Chat/Chatbots to provide virtualization for self-service portals and automated responses to frequently answered questions
Our solution can support a wide breadth of products across Individual, Group Employer Benefits, and Group Worksite, which include:
- Endowments, Equity Indexed, ISWL, Pre-need, Term Life, Universal Life, Variable UL, Whole Life
- Cancer, Critical Illness, Dental, Drug, Hospital Indemnity, Major Medical,Medicare Supplemental, Personal Accident, Specialty, Vision, Student Health
- Fixed, Flexible, Single Premium-Deferred, Single Premium Immediate, and Variable Annuities
- AD&D, Short-Term or Long-Term Disability
At Concentrix, we leverage the our software and technology division, TPA resources, clients, and partners to develop an investment roadmap in order to continue to deploy a sophisticated and contemporary suite of technology solutions and business services for the modern insurer.
- GIAS provides an end-to-end policy administration system supporting a wide breadth of individual and group insurance administration for life, health, and annuity products.
- GIAS supports out-of-the-box plan, group, rating, claim edit and claim adjudication rules that allows the business user to easily configure the policy administration system without dependency on IT resources. Concentrix would like to limit customizations by clients, focusing on an approach that includes requirements as part of the Base platform and reduces the pains and costs of upgrades and ongoing maintenance.
- Integrated self-service solution to provide end-customer experience for insurance agents, group plan administrators, policy owners, group members, insurance providers, and customer service reps that includes chat and electronic delivery & display of insurance documents.
- A robust analytics tool that provides a variety of standard reports and dashboards and allows our clients to create their own custom dashboards, reports, and ad-hoc queries.
- As a licensed TPA in all 50 states, Concentrix leverages the technology we build to operate the back office for 20+ insurance programs.As such, we know and understand the day-to-day challenges our clients face running an insurance ecosystem.We leverage that knowledge and those deep, long-term relationships to drive the roadmap and innovations of our platforms.
- We offer a flexible deployment model including on-premise, SaaS, and full or partial third-party administration giving our clients unprecedented flexibility and choice of how best to leverage our technologies throughout the entire duration of our relationship.
- GIAS provides a consolidation platform for multi-line carriers that write individual, group and group voluntary business thereby allowing our clients to consolidate multiple platforms into a single instance gaining the insight, consistencies and efficiencies of have one system for their life, health and annuity lines of business.
- GIAS supports the majority of a clients products out of the box, leveraging our plan, group, or rating configuration rules, a unique differentiator compared to our competitors.
- Concentrix is always looking for new partners or acquisitions to integrate into our ecosystem that can easily support and configure to our clients' requirements.
- Concentrix has a product and ecosystem vision for the future to position our clients for an incredible operations and end-customer UX, enhanced configuration for speed-to-market of product launches, increased implementation speeds, and leveraging process automation to reduce the costs and effort to manage their business.