- New Business Quoting Capabilities -
TRUMBULL, Conn., Aug. 19 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (NYSE: OHP) announced today that it has expanded the functionality of its
IDEA (Interactive Distribution & Electronic Administration) Management System
to include web-based new business quoting for groups in New York, New Jersey
and Connecticut. Oxford developed IDEA and the expanded functionalities with
Connecture, Inc. The system was initially launched in December 2002 with an
online renewal tool for small groups.
Through the IDEA Management System's new business quoting tool, brokers,
general agents and internal users can generate, save and modify new business
quotes for the small group market. Using this tool, brokers no longer need to
call Oxford or use an aggregator tool to generate a small business quote. The
quotes are fast and accurate, and reflect the entire spectrum of available
Oxford products and benefit designs, including Oxford's newest products --
Freedom Plan(R) Access(SM), Freedom Plan(R) Classic(SM) and Freedom Plan(R)
Direct(SM).
"Increasing our breadth of product offerings with varying price points and
simplifying the new business quoting process should make Oxford a more
attractive offering for brokers looking to provide their small group clients
with affordable health plan options," said Kevin Hill, executive vice
president of sales and business development for Oxford. "We are simplifying a
very transaction-driven process, especially for brokers who may have hundreds
of new group quotes and renewals with Oxford each month. This not only
improves broker satisfaction, but saves time and money for all involved."
Since introducing the IDEA Management System's online renewal tool for
small groups, more than 60 percent of small group renewals with benefit design
modifications have been completed through this web-based application.
Oxford's emphasis on gaining rapid market adoption of its technology solutions
is also evidenced by the more than 3,000 brokers who utilize other on-line
tools and functionalities available on Oxford's web site
(http://www.oxfordhealth.com).
"The new group business quoting project, following the successful renewal
business project, is the second in a long series of sales automation
functionality to be released as Oxford continues to enhance and extend
Oxford's IDEA sales and service automation platform," said Scott Remley,
president and chief executive officer of Connecture. "The relationship we
have with Oxford reflects Connecture's commitment to deliver on our promise of
providing best-of-class sales and service automation solutions for the health
insurance industry."
Connecture is solely focused on delivering integrated web-based sales and
service automation solutions to the insurance industry, automating elements of
the insurance sales process for more than 50 health and life organizations.
Its solutions encompass the wide spectrum of multi-channel insurance sales and
services for group and individual products. For more information, visit the
company's website at http://www.connecture.net .
Founded in 1984, Oxford Health Plans, Inc. provides health plans to
employers and individuals in New York, New Jersey and Connecticut, through its
direct sales force, independent insurance agents and brokers. In 2002, Oxford
was recognized by several organizations for its web site, receiving
eHealthcare Leadership awards and a WebAward. Oxford's services include
traditional health maintenance organizations, point-of-service plans, third
party administration of employer-funded benefits plans and Medicare plans.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain comments that are considered
forward-looking statements within the meaning of applicable federal securities
laws, which are subject to a number of risks and uncertainties that could
cause actual results to materially differ from those anticipated. A
discussion of those risks and uncertainties is included in the discussion
under the caption "Cautionary Statement Regarding Forward-Looking Statements"
in Part I, Item 1, of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2002 and Part I, Item 2, of the Company's Quarterly
Report on Form 10-Q for the period ended June 30, 2003.
SOURCE Oxford Health Plans, Inc.
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Related links:
http://www.oxfordhealth.com
http://www.connecture.net
Company News On-Call:
http://www.prnewswire.com/comp/104612.html
CONTACT:
Maria Gordon Shydlo of Oxford Health Plans,
Inc. +1-203-459-7674, mshydlo@oxfordhealth.com; Joy Tu of
Connecture, Inc., +1-404-879-4683, jtu@connecture.net
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