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Artivatic, an insurance tech firm, has launched a data analytics-focussed Employee & Group Health Benefit Placement System (EBHS) called Aspire Health, designed to enable brokers, employers and carriers (insurance company) to better manage the entire employee benefit placement process through a centralised automated and shared system.
According to Artivatic, employee health is critical to the success of all organisations, yet all employee benefit management systems belong to the dark ages, with manual processes. Even as brokers are saddled with these legacy processes that depend on manual collection of employee data and policy documents while forbidding online payment or product customisation options, over 90% of employers depend on them to manage the latter’s employee benefit programmes. As a consequence, inordinate delays and errors occur regularly.
Layak Singh, Co-Founder & CEO of Artivatic.AI said, “with Aspire Health, we recognise this productivity gap and know what’s lagging is an efficient way for brokers to collaborate with employers, carriers and vice versa. Hence, we developed the first AI-focussed EBHS that enables brokers and carriers to manage the entire placement process in one shared system, thus resulting in time and cost efficiencies."
Singh added, “as a full-stack automated API-based business insurance platform, Aspire allows all its stakeholders a bouquet of services in one place. On one hand, customers can onboard themselves into the system to create accounts, buy policies digitally, connect to 3rd parties, have access to digital documents’ vault, file and track claims and settlement, with no help. So, while users carry out all transactions on their own from the safety of their homes, on the other hand, businesses benefit from being able to digitally track employees’ wellness, endowment, claims, receipts, etc. while also being equipped to personalise insurance schemes based on risk, business, and location insights."
This Data Analytics-driven system is expected to be a one-stop-shop for all things related to employee benefits. The company believes it is a centralised automated, shared platform that offers SMEs a unique option to connect with all insurance-related stakeholders on one channel efficiently.
“Not only them, Aspire will also connect brokers, TPAs and insures on this shared, central system thus creating a multi-way digital platform for all stakeholders in the employee benefits programme to connect seamlessly," Singh continued.
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