Case Study: Product Evaluation and Selection Services

A Southwest-based health insurance company contracted Madison Advisors to help it determine the best strategy, products, and processes for a high-end policy production and finishing technique. The Insurance Company's network of life and health insurance providers and agents is available in 49 states.

Strategic Issues

The Insurance Company established a strategic goal to produce bound policies for its customers. Prior to reaching this goal, however, it needed guidance and recommendations related to the procurement of necessary technologies (hardware and software), adoption of new processes, and the development of strategies for implementation, integration, and launch of the final solution.

The Solution

To help the Insurance Company determine the best strategy and solution for the production of bound policies, Madison Advisors first assessed its current capabilities and resources by conducting a production facility tour and numerous strategy interviews. We researched a variety of options and alternatives available from vendors, as well as outsourcing providers. Based on this information, we prepared a comparative analysis of six different options for the organization, including the cost, integration requirements, compatibility considerations, pros and cons, and an overall analysis of each option's ability to fulfill the Insurance Company's short- and long-term goals. These options also took into account the procedures required to ensure compliance with the privacy requirements of the HIPAA act.

We identified the option and respective technologies that would best enable the organization to achieve its goals. Next we defined and prioritized best practices, including process changes that needed to take place prior to the implementation of the recommended solution. Portions of our recommendations fell outside of the scope of our engagement, but were included due to their impact on the efficiency of the overall workflow and success of the overall initiative.