- Connecture Providing Web-Based Sales Automation Tools -
- New System Simplifies Renewal Process -
TRUMBULL, Conn., Dec. 12 /PRNewswire-FirstCall/ -- Oxford Health Plans,
Inc. (NYSE: OHP) announced today that it has launched its newest online
renewal tool called the IDEA (Interactive Distribution & Electronic
Administration) Management System(SM). Through a multi-year agreement with
Connecture, a leading provider of integrated web-based sales automation
solutions for the health insurance industry, Oxford plans to expand its online
enrollment capabilities for brokers and employer groups. This system will be
released in several phases, the first targeting online renewals for Oxford's
small group accounts.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20001212/OXHPLOGO )
"The small group market is very transaction-driven, which can be very
time-consuming, especially for brokers who may have hundreds of Oxford
renewals a month," said Kevin Hill, executive vice president of sales and
business strategy at Oxford. "Working with Connecture, Oxford developed the
IDEA Management System to streamline and improve the purchase and renewal
process, enabling Oxford to improve broker satisfaction and customer retention
levels, while saving time and money for all involved."
Currently, Oxford processes several thousand small group renewals each
month, with approximately 25 percent of these requiring benefit design
modification. The IDEA Management System will provide brokers with a
comprehensive list of small group renewals 60 days prior to renewal dates.
Brokers then can log onto Oxford's website (http://www.oxfordhealth.com ),
enter their password and review their clients' current rates and plan designs,
along with the renewal rates. They can run alternative plan options and
present these choices to their small group clients.
Brokers then can deliver proposals to clients the way their clients
prefer -- by e-mail, fax or mail. The IDEA Management System also will enable
brokers to track the progress of each group's applicants and know the status
of a group throughout the sales cycle.
According to Oxford, brokers were among the first to conduct business with
Oxford through its website. Today more than 3,000 brokers use various web
transactions, including commission and billing inquiry. With the introduction
of the IDEA Management System, Oxford believes that brokers will renew a
significant portion of their small group accounts online. Oxford introduced
the IDEA Management System in early December 2002 and plans to release
additional modules throughout 2003 and 2004.
"Connecture is excited about the opportunity to partner with such a
forward-thinking organization that is so committed to using technology to
better service its constituents," said Scott Remley, president and CEO of
Connecture. "We are looking forward to working with Oxford in delivering the
metrics that our technology has achieved for other clients, including enhanced
broker loyalty, improved customer retention, improved back-office
efficiencies, lower customer acquisition costs and lower overall operating
expenses."
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 and are
based upon Oxford's current expectations and assumptions, 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 "Business - Cautionary
Statement Regarding Forward-Looking Statements" in the Oxford annual report or
Form 10-K for the fiscal year ended December 31, 2001.
SOURCE Oxford Health Plans, Inc.
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Related links:
http://www.oxfordhealth.com
http://www.connecture.net
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20001212/OXHPLOGO
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; or Joy Tu of
Connecture, +1-404-879-4683, jtu@connecture.net
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